Automotive Blockchain Market Growth Drivers and Size by 2031
The automotive blockchain market is expected to register a CAGR of 29.58% during 2023–2031. The evolution of connected vehicles and rising trend of autonomous driving are likely to remain a key trend in the market.
Automotive Blockchain Market Analysis
The growing number of cyberattacks such as phishing and malware on connected vehicles is driving the use of automotive blockchain around the world for better security. In addition, the acceptance of AVs (autonomous vehicles) among people due to its numerous benefits is driving the automotive blockchain market. This can be attributed to the increasing demand for automation, surging urbanization and rising income level. Furthermore, the increasing number of car sharing service is also fuelling the demand for automotive blockchain for secure and automated transaction among users.
Automotive Blockchain Market Overview
Automotive blockchain is a technology that leverages the organisational characteristics of the blockchain and combines them with the automotive sector to increase efficiency and transparency of its supply chain. It uses distributed ledger technology to provide secure and transparent transaction tracking for the automotive industry, such as supply chain management, vehicle data recording, and transactions. Automotive blockchain is uniquely suitable to record details and verify the authenticity of transactions and processes including automotive part manufacturing and shipping, history of used automobiles and warranty claims.
Technology has a great effect on the automotive industry, particularly in terms of what customers prefer in the vehicles. In light with the technological revolution in the automotive market, the needs of customers in cars are changing. Customers are more into technological integrated cars in terms of the structure, connectivity and personalization. The demand for blockchain in the automotive is one step towards the technological world. Making mobility more sustainable and efficient has also contributed to the growth of the market The speed of reaching the audit process of data has been made easier by technology without any errors.
The blockchain technology will reduce waste in automotive production, shorten the supply chain, and support new-age technology advancements overall.
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Automotive Blockchain Market: Strategic Insights
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Automotive Blockchain Market Drivers and Opportunities
Rising in demand for data security and transparency in the connected vehicles
Automotive blockchain holds promising demand owing to increase in the demand for data security and transparency tool. Several manufacturers have accelerated their development of vehicle connectivity and autonomous mobility. Relatedly, vehicles are expected to collect more sensitive information such as vehicle performance data and linked passenger data, which will be stored in the vehicles or in the cloud. Automotive blockchain data is stored in a decentralised and encrypted format, it helps to protect sensitive information from cybersecurity attacks and data hacking. This helps manufacturers, to safeguards the data of their vehicles, which further helps with safety and compliance.
Rise in demand for the ride-sharing, ride hailing, and connected cars technology
Automobile blockchain in consumers uses ride-sharing and autonomous vehicle fleet management services for the helping the vehicle connectivity. Ride-sharing apps provide new mobility services, controlled by smart contracts. The strongest case for blockchain is autonomous vehicles, the technology used for a platform enabling to talk to and send data to autonomous vehicles. Increasing adoption and sale of the connected cars across the globe is driving the market growth during the forecast period.
Automotive Blockchain Market News and Recent Developments
The automotive blockchain market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies
Automotive Blockchain Market Report Segmentation Analysis
Key segments that contributed to the derivation of the automotive blockchain market analysis are type, provider, mobility type, application, and end-user.
- Based on type, the global automotive blockchain market is divided into public blockchain, private blockchain and hybrid blockchain.
- Depending upon the provider, the market is application and solution provider, middleware provider, and infrastructure and protocol provider.
- Based on mobility type, the market is divided into personal mobility, shared mobility, commercial mobility.
- Depending upon the application, the market is divided into financing, mobility solutions, smart contract, supply chain.
- Based on end user, the market is divided into OEMs, vehicle owners, mobility as a service provider, and others.
Automotive Blockchain Market Share Analysis by Geography
- Automotive blockchain market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering automotive blockchain market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers PEST analysis, which involves the study of major factors that influence the automotive blockchain market in these regions.
Automotive Blockchain Market Report Scope
Automotive Blockchain Market News and Recent Developments
The automotive blockchain market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Automotive Blockchain market are listed below:
- Helbiz, Inc. (NASDAQ: HLBZ), a leading provider of micro-mobility solutions, has announced that in connection with its acquisition of Wheels Labs, Inc. Building on the success of the Helbiz and Wheels apps, micromobility.com Inc. proudly unveils its newest innovation the micromobility.com App- “The Micromobility Hub”. This platform is a groundbreaking step towards sustainable urban living, combining vehicle purchases, retail interaction, and community engagement. (Source: Helbiz, Press Releases, February, 2023)
Automotive Blockchain Market Report Coverage and Deliverables
The “Automotive Blockchain Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Automotive Blockchain market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Automotive Blockchain market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST Five Forces and SWOT analysis
- Automotive Blockchain market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Automotive Blockchain market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
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Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
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The leading players operating in the automotive blockchain market are IBM Corporation, Microsoft Corporation, Accenture, carVertical, Helbiz, Tech Mahindra, SHIFTMobility, and BigchainDB.
The evolution of connected vehicles and rising trend of autonomous driving are likely to remain a key trend in the market.
The global automotive blockchain market is expected to grow at a CAGR of 29.58% during the forecast period 2023 - 2031.
Rising in demand for data security and transparency in the connected vehicles.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Automotive Blockchain Market - By Mobility Type
1.3.2 Automotive Blockchain Market - By Provider
1.3.3 Automotive Blockchain Market - By Application
1.3.4 Automotive Blockchain Market - By Region
1.3.4.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. AUTOMOTIVE BLOCKCHAIN MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. AUTOMOTIVE BLOCKCHAIN MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. AUTOMOTIVE BLOCKCHAIN MARKET - GLOBAL MARKET ANALYSIS
6.1. AUTOMOTIVE BLOCKCHAIN - GLOBAL MARKET OVERVIEW
6.2. AUTOMOTIVE BLOCKCHAIN - GLOBAL MARKET AND FORECAST TO 2027
6.3. MARKET POSITIONING/MARKET SHARE
7. AUTOMOTIVE BLOCKCHAIN MARKET - REVENUE AND FORECASTS TO 2027 - MOBILITY TYPE
7.1. OVERVIEW
7.2. MOBILITY TYPE MARKET FORECASTS AND ANALYSIS
7.3. PERSONAL MOBILITY
7.3.1. Overview
7.3.2. Personal Mobility Market Forecast and Analysis
7.4. SHARED MOBILITY
7.4.1. Overview
7.4.2. Shared Mobility Market Forecast and Analysis
7.5. COMMERCIAL MOBILITY
7.5.1. Overview
7.5.2. Commercial Mobility Market Forecast and Analysis
8. AUTOMOTIVE BLOCKCHAIN MARKET - REVENUE AND FORECASTS TO 2027 - PROVIDER
8.1. OVERVIEW
8.2. PROVIDER MARKET FORECASTS AND ANALYSIS
8.3. MIDDLEWARE PROVIDER
8.3.1. Overview
8.3.2. Middleware Provider Market Forecast and Analysis
8.4. INFRASTRUCTURE AND PROTOCOLS PROVIDER
8.4.1. Overview
8.4.2. Infrastructure and Protocols Provider Market Forecast and Analysis
8.5. APPLICATION AND SOLUTION PROVIDER
8.5.1. Overview
8.5.2. Application and Solution Provider Market Forecast and Analysis
9. AUTOMOTIVE BLOCKCHAIN MARKET - REVENUE AND FORECASTS TO 2027 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. SMART CONTRACTS
9.3.1. Overview
9.3.2. Smart Contracts Market Forecast and Analysis
9.4. SUPPLY CHAIN
9.4.1. Overview
9.4.2. Supply Chain Market Forecast and Analysis
9.5. FINANCING
9.5.1. Overview
9.5.2. Financing Market Forecast and Analysis
9.6. MOBILITY SOLUTIONS
9.6.1. Overview
9.6.2. Mobility Solutions Market Forecast and Analysis
10. AUTOMOTIVE BLOCKCHAIN MARKET REVENUE AND FORECASTS TO 2027 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Automotive Blockchain Market Overview
10.1.2 North America Automotive Blockchain Market Forecasts and Analysis
10.1.3 North America Automotive Blockchain Market Forecasts and Analysis - By Mobility Type
10.1.4 North America Automotive Blockchain Market Forecasts and Analysis - By Provider
10.1.5 North America Automotive Blockchain Market Forecasts and Analysis - By Application
10.1.6 North America Automotive Blockchain Market Forecasts and Analysis - By Countries
10.1.6.1 United States Automotive Blockchain Market
10.1.6.1.1 United States Automotive Blockchain Market by Mobility Type
10.1.6.1.2 United States Automotive Blockchain Market by Provider
10.1.6.1.3 United States Automotive Blockchain Market by Application
10.1.6.2 Canada Automotive Blockchain Market
10.1.6.2.1 Canada Automotive Blockchain Market by Mobility Type
10.1.6.2.2 Canada Automotive Blockchain Market by Provider
10.1.6.2.3 Canada Automotive Blockchain Market by Application
10.1.6.3 Mexico Automotive Blockchain Market
10.1.6.3.1 Mexico Automotive Blockchain Market by Mobility Type
10.1.6.3.2 Mexico Automotive Blockchain Market by Provider
10.1.6.3.3 Mexico Automotive Blockchain Market by Application
10.2. EUROPE
10.2.1 Europe Automotive Blockchain Market Overview
10.2.2 Europe Automotive Blockchain Market Forecasts and Analysis
10.2.3 Europe Automotive Blockchain Market Forecasts and Analysis - By Mobility Type
10.2.4 Europe Automotive Blockchain Market Forecasts and Analysis - By Provider
10.2.5 Europe Automotive Blockchain Market Forecasts and Analysis - By Application
10.2.6 Europe Automotive Blockchain Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Automotive Blockchain Market
10.2.6.1.1 Germany Automotive Blockchain Market by Mobility Type
10.2.6.1.2 Germany Automotive Blockchain Market by Provider
10.2.6.1.3 Germany Automotive Blockchain Market by Application
10.2.6.2 France Automotive Blockchain Market
10.2.6.2.1 France Automotive Blockchain Market by Mobility Type
10.2.6.2.2 France Automotive Blockchain Market by Provider
10.2.6.2.3 France Automotive Blockchain Market by Application
10.2.6.3 Italy Automotive Blockchain Market
10.2.6.3.1 Italy Automotive Blockchain Market by Mobility Type
10.2.6.3.2 Italy Automotive Blockchain Market by Provider
10.2.6.3.3 Italy Automotive Blockchain Market by Application
10.2.6.4 United Kingdom Automotive Blockchain Market
10.2.6.4.1 United Kingdom Automotive Blockchain Market by Mobility Type
10.2.6.4.2 United Kingdom Automotive Blockchain Market by Provider
10.2.6.4.3 United Kingdom Automotive Blockchain Market by Application
10.2.6.5 Russia Automotive Blockchain Market
10.2.6.5.1 Russia Automotive Blockchain Market by Mobility Type
10.2.6.5.2 Russia Automotive Blockchain Market by Provider
10.2.6.5.3 Russia Automotive Blockchain Market by Application
10.2.6.6 Rest of Europe Automotive Blockchain Market
10.2.6.6.1 Rest of Europe Automotive Blockchain Market by Mobility Type
10.2.6.6.2 Rest of Europe Automotive Blockchain Market by Provider
10.2.6.6.3 Rest of Europe Automotive Blockchain Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Automotive Blockchain Market Overview
10.3.2 Asia-Pacific Automotive Blockchain Market Forecasts and Analysis
10.3.3 Asia-Pacific Automotive Blockchain Market Forecasts and Analysis - By Mobility Type
10.3.4 Asia-Pacific Automotive Blockchain Market Forecasts and Analysis - By Provider
10.3.5 Asia-Pacific Automotive Blockchain Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific Automotive Blockchain Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Automotive Blockchain Market
10.3.6.1.1 Australia Automotive Blockchain Market by Mobility Type
10.3.6.1.2 Australia Automotive Blockchain Market by Provider
10.3.6.1.3 Australia Automotive Blockchain Market by Application
10.3.6.2 China Automotive Blockchain Market
10.3.6.2.1 China Automotive Blockchain Market by Mobility Type
10.3.6.2.2 China Automotive Blockchain Market by Provider
10.3.6.2.3 China Automotive Blockchain Market by Application
10.3.6.3 India Automotive Blockchain Market
10.3.6.3.1 India Automotive Blockchain Market by Mobility Type
10.3.6.3.2 India Automotive Blockchain Market by Provider
10.3.6.3.3 India Automotive Blockchain Market by Application
10.3.6.4 Japan Automotive Blockchain Market
10.3.6.4.1 Japan Automotive Blockchain Market by Mobility Type
10.3.6.4.2 Japan Automotive Blockchain Market by Provider
10.3.6.4.3 Japan Automotive Blockchain Market by Application
10.3.6.5 South Korea Automotive Blockchain Market
10.3.6.5.1 South Korea Automotive Blockchain Market by Mobility Type
10.3.6.5.2 South Korea Automotive Blockchain Market by Provider
10.3.6.5.3 South Korea Automotive Blockchain Market by Application
10.3.6.6 Rest of Asia-Pacific Automotive Blockchain Market
10.3.6.6.1 Rest of Asia-Pacific Automotive Blockchain Market by Mobility Type
10.3.6.6.2 Rest of Asia-Pacific Automotive Blockchain Market by Provider
10.3.6.6.3 Rest of Asia-Pacific Automotive Blockchain Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Automotive Blockchain Market Overview
10.4.2 Middle East and Africa Automotive Blockchain Market Forecasts and Analysis
10.4.3 Middle East and Africa Automotive Blockchain Market Forecasts and Analysis - By Mobility Type
10.4.4 Middle East and Africa Automotive Blockchain Market Forecasts and Analysis - By Provider
10.4.5 Middle East and Africa Automotive Blockchain Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa Automotive Blockchain Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Automotive Blockchain Market
10.4.6.1.1 South Africa Automotive Blockchain Market by Mobility Type
10.4.6.1.2 South Africa Automotive Blockchain Market by Provider
10.4.6.1.3 South Africa Automotive Blockchain Market by Application
10.4.6.2 Saudi Arabia Automotive Blockchain Market
10.4.6.2.1 Saudi Arabia Automotive Blockchain Market by Mobility Type
10.4.6.2.2 Saudi Arabia Automotive Blockchain Market by Provider
10.4.6.2.3 Saudi Arabia Automotive Blockchain Market by Application
10.4.6.3 U.A.E Automotive Blockchain Market
10.4.6.3.1 U.A.E Automotive Blockchain Market by Mobility Type
10.4.6.3.2 U.A.E Automotive Blockchain Market by Provider
10.4.6.3.3 U.A.E Automotive Blockchain Market by Application
10.4.6.4 Rest of Middle East and Africa Automotive Blockchain Market
10.4.6.4.1 Rest of Middle East and Africa Automotive Blockchain Market by Mobility Type
10.4.6.4.2 Rest of Middle East and Africa Automotive Blockchain Market by Provider
10.4.6.4.3 Rest of Middle East and Africa Automotive Blockchain Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Automotive Blockchain Market Overview
10.5.2 South and Central America Automotive Blockchain Market Forecasts and Analysis
10.5.3 South and Central America Automotive Blockchain Market Forecasts and Analysis - By Mobility Type
10.5.4 South and Central America Automotive Blockchain Market Forecasts and Analysis - By Provider
10.5.5 South and Central America Automotive Blockchain Market Forecasts and Analysis - By Application
10.5.6 South and Central America Automotive Blockchain Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Automotive Blockchain Market
10.5.6.1.1 Brazil Automotive Blockchain Market by Mobility Type
10.5.6.1.2 Brazil Automotive Blockchain Market by Provider
10.5.6.1.3 Brazil Automotive Blockchain Market by Application
10.5.6.2 Argentina Automotive Blockchain Market
10.5.6.2.1 Argentina Automotive Blockchain Market by Mobility Type
10.5.6.2.2 Argentina Automotive Blockchain Market by Provider
10.5.6.2.3 Argentina Automotive Blockchain Market by Application
10.5.6.3 Rest of South and Central America Automotive Blockchain Market
10.5.6.3.1 Rest of South and Central America Automotive Blockchain Market by Mobility Type
10.5.6.3.2 Rest of South and Central America Automotive Blockchain Market by Provider
10.5.6.3.3 Rest of South and Central America Automotive Blockchain Market by Application
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. AUTOMOTIVE BLOCKCHAIN MARKET, KEY COMPANY PROFILES
12.1. ACCENTURE PLC
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. ACCUBITS TECHNOLOGIES
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. CARVERTICAL
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. HCL TECHNOLOGIES LIMITED
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. HELBIZ
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. IBM CORPORATION
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. MICROSOFT CORPORATION
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. NXM LABS INC.
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. RSK LABS
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. TECH MAHINDRA LIMITED
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
The List of Companies
1. Accenture PLC
2. Accubits Technologies
3. Carvertical
4. HCL Technologies Limited
5. Helbiz
6. IBM Corporation
7. Microsoft Corporation
8. NXM Labs Inc.
9. RSK Labs
10. Tech Mahindra Limited
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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