The study undertaken by Astute Analytica foresees a growth in revenue of the Global Technology Scouting Service Market from US$ 1,069.43 Mn in 2021 to US$ 1,813.36 Mn by 2030. The market is registering a CAGR of 6.25% over the projection period 2022-2030. The market is majorly driven by the rising demand from various end-use industries. Technology scouting is an element of technology management in which emerging technologies are identified and technology related information is channeled into an organization. Technology scouting combines expertise, research, and proven processes for road-mapping innovation that can impact businesses. It is a starting point of a long term and interactive matching process between external technologies and internal requirements of an existing organization for strategic purposes.
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The various segments considered to analyze the market are based on deployment, services, enterprise size, end users, industry and region. In terms of deployment, the cloud-based segment holds the highest market share in 2021. Based on enterprise size, the large enterprises have the highest market share in 2021. Furthermore, based on end users, corporates occupy the majority of the market share in 2021. North America is the highest shareholder region in the Global Technology Scouting Market in 2021.
Market Dynamics
The growing impetus of the market is attributed to the rising demand from various end-user industries. Technology scouting services are essential as even major organizations are at risk of being left behind by their competitors, startups, or scaleups, due to the rapid pace of technological advancement. Industries such as electronics & communication, packaging, architecture, computer science & IT, food & beverages, metallurgy & material science, agriculture, telecom, chemicals, and others are propelling the demand for technology scouting services. Moreover, many prominent firms such as IBM, BAE Systems, and so on are already utilizing technology scouting to address current difficulties such as market volatility, fast changing client expectations, and increased rivalry as a result of the rapid speed of technological advancement. Furthermore, the development of AI based technology in the technology scouting market is expected to present a lucrative opportunity for market growth during the forecast period. However, the number of players in the technology scouting market are significantly high, creating an intense rivalry among the players.
Regional Analysis:
North America dominates the Global Technology Scouting Service Market in 2021
North America is the highest shareholder region in the Global Technology Scouting Market in 2021 and is projected to continue its dominance over the projection period. The regional dominance of North America is attributed to the presence of key market players. The US is the highest shareholder country in North America technology scouting service market in 2021. Further, based on industry, computer science & IT holds the highest share in the North American market in 2021.
Germany leads the Europe technology scouting service market in 2021
Europe holds the second highest share in the Global Technology Scouting Market in 2021. Further, Germany is the highest shareholder country in the technology scouting service market of Europe in 2021 owing to the rising technology adoption in the region. In terms of end users, corporates have the highest market share in 2021. Based on enterprise size, the large enterprises have the highest share in the technology scouting service market of Europe in 2021.
Asia Pacific holds the highest CAGR in the Global Technology Scouting Service Market
Asia Pacific registers the highest CAGR in the Global Technology Scouting Service Market in 2021. This is due to growing businesses in the region and rising internet penetration. China holds the highest share in the technology scouting service market of APAC. Further, India registers the highest compound annual growth rate over the projection period. In terms of industry, computer science & IT holds the highest market share in 2021.
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Saudi Arabia dominates the technology scouting service market of MEA
Middle East & Africa technology scouting service market is led by Saudi Arabia. Further, South Africa registers the highest CAGR over the forecast period 2022-2030. Based on enterprise size, the large enterprises hold the highest market share in 2021. In addition, based on deployment, the cloud-based segment holds the highest market share in 2021.
The key players in the global technology scouting service market are Advanced Technology innovations, DAF Technologies, Darcy Partners, Erdyn, Fuelup, and Iceberg IP Group among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip of emerging market. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
A look at key competitors
- Advanced Technology Innovation (ATI) has access to hundreds of the most comprehensive scientific, technical and business databases available. They also solicit pre-proposals from a highly fertile source of innovation — hundreds of small technology-based firms and university scientists. They provide a succinct report which includes the best technology sources for specific need, a summary of their technology or approach, and background information.
- DAF Technologies is a boutique technology advisory firm providing strategic consulting services to clients. DAF Technologies helps clients exceed their strategic goals through the use of emerging technology. They identify opportunities for innovation, research and identify recommended emerging technologies, and pilot and integrate new technologies into business processes.
- FuelUp is the go-to for technology scouting. It provides a platform that allows a customer to quantitatively assess the uniqueness and performance of thousands of private technology companies. FUEL UP is a subscription-based digital platform that features new business ideas, products, and startups. Its in-house software and algorithm continuously scan and ranks startups to help its users to discover, track, and connect to the best-fit startups.
- INNOSPOT is a Technology Company specialized on Startup Scouting around the globe by using an AI-based Search- and Crawling-Technology. They are passionate about inventions, new technologies and progress that affects their world in a positive way.
Segmentation Overview
The following are the different segments of the Global Technology Scouting Service Market:
- By Deployment segment of the Global Technology Scouting Service Market is sub-segmented into:
- Cloud
- On-Premise
- By Services segment of the Global Technology Scouting Service Market is sub-segmented into:
- Professional Services
- Platform Services
- Innovation & Technology Services
- Research Services
- Search Services
- Enterprise Size segment of the Global Technology Scouting Service Market is sub-segmented into:
- Large Enterprises
- Small and Medium Enterprises
- By End Users segment of the Global Technology Scouting Service Market is sub-segmented into:
- Corporates
- Innovative Start-ups
- Technology Companies
- Others
- By Industry segment of the Global Technology Scouting Service Market is sub-segmented into:
- Electronics & Communication
- Packaging
- Architecture
- Computer Science & IT
- Food & Beverages
- Metallurgy & Material Science
- Agriculture
- Telecom
- Chemicals
- Others
- By Region segment of the Global Technology Scouting Service Market is sub-segmented into:
- North America
- The U.S.
- Canada
- Mexico
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
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