Research Methodology on Smart Textile Market
Research methodology is an important factor while researching Smart Textiles. It represents the investigation that this research would be undertaking to get the answers to the research questions. This study adopts a combination of primary and secondary research methods to prepare a smart textile market report. The research methodology comprises of following considerations:
Objective:
This research takes into account the recent conditions of the Smart Textiles market, with special emphasis on the executives and decisions taken by participants. This research aims to obtain an in-depth understanding of the market by analyzing the market dynamics comprehensively. To achieve the research objectives, the following research methoPrimary Researchdologies are adopted.
Primary Research
For primary research, we used surveys and interviews to understand the effective actions taken by the participants in the Smart Textiles market. The primary data was collected through interviews with potential experts from the market with special attention to their career and market experience. This enabled us to obtain the most current information from industry professionals.
Secondary Research
We analyzed multiple resources such as white papers, company websites, industry reports and financial reports to identify and examine the current scenario of the Smart Textiles market. The secondary research was conducted to enable us to gather data on the market and possible developments in the industry at present. Relevant websites and press releases were also examined in detail to collect the news and information to gain insights into the market.
Approach used:
The data collected from the initial research was analyzed to collect the required insights by using various approaches such as bottom-up approach, top-down approach, factor analysis, time-series analysis and market share analysis. The bottom-up approach was used to estimate the market size from various segments and sub-segments. The top-down approach helped in estimating the total market size and confirming the numbers with the bottom-up approach. The factor analysis was used to assess the strengths, weaknesses, opportunities and threats for the Smart Textiles market. The time series analysis was also used to understand the historical trends in the market and to make predictions on possible developments in the future. The market triangulation approach is used to collate the secondary research findings and primary findings while using the supply side and demand side data.
Data Analysis
The data collected from primary and secondary research was further analysed using Porter’s five forces model. This model helped us to analyse the competitive environment of the Smart Textiles market. After the data analysis, multiple summaries were made to present the researched findings most effectively.
Validation
The research validated the collected data through data triangulation and cross-validation.