Aviation Blockchain Market Developments by 2031
The aviation blockchain market is anticipated to expand at a CAGR of 18.1% from 2023 to 2031. Aviation blockchain's growth is driven by better transparency, traceability, and improved passenger experience.
Aviation Blockchain Market Analysis
Blockchain is a new system-divided system that eliminates the dangers associated with information stored in the middle. In line with these lines, firms working in the aeronautics industry are eager to incorporate blockchain technology into their current activities in the store network. This comprises cutting-edge materials, a vast production network, and decades-old second-hand sales with active members.
Aviation Blockchain Industry Overview
Blockchain refers to a decentralized technology that helps to eliminate the dangers associated with centrally maintained data. The technology consists of a vast supply chain, a decades-long aftermarket with constantly changing participants, and sophisticated products.
Strategic Insights
Aviation Blockchain Market Drivers and Opportunities
Increased Demand For AI-Based Recording Of Movement Transactions And Tracking Of Aviation Assets to Drive the Aviation Blockchain Market
- The growing popularity of air transportation increases the complexity of data and activities, necessitating the use of smart technology to ensure and update aviation transactions.
- The growing demand for increased safety, monitoring, and transparency for aviation records is a major driver propelling the growth of the market throughout the forecast period.
Aviation Blockchain Market Report Segmentation Analysis
- Based on function, the market is segmented into record-keeping and transactions.
- The record-keeping segment is expected to hold a substantial aviation blockchain market share in 2023.
- Long-term aircraft stationing poses a significant challenge for airlines due to limited profit margins and potential operational losses. Accurate aircraft configuration and maintenance data can save costs and losses from downtime and unexpected repairs. These losses can be prevented by embracing blockchain technology.
Aviation Blockchain Market Share Analysis By Geography
The scope of the aviation blockchain market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant aviation blockchain market share. North America has the highest sophisticated technological adoption and infrastructure. The acceptance of technology by airlines and airports is a key driver driving growth in this region. Significant market participants and major airports primarily drive the North American aviation blockchain market.
Aviation Blockchain Market Report Scope
The "aviation blockchain market Analysis" was carried out based on card type, service provider, application, and geography. Based on the Function, the market is segmented into record-keeping and transactions. In terms of application, the market is segmented into smart contracts, supply chain management, aircraft maintenance, cargo and baggage tracking, and others. Based on end-users, the market is segmented into airports, airlines, MROs, manufacturers, and lessors. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Aviation blockchain market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the market. The aviation blockchain market forecast can help stakeholders plan their growth strategies. A few recent key market developments are listed below:
- In October 2023, Yokogawa Electric Corporation announced it had become the first industrial automation customer headquartered in Asia to join Avelia1, a blockchain book-and-claim platform for sustainable aviation fuel (SAF). Launched in June 2022, Avelia was developed by Shell and Accenture, with support from the Energy Web Foundation, together with American Express Global Business Travel (Amex GBT). Avelia aims to aggregate global business demand for SAF to help increase SAF supply and support the aviation industry's progress towards net-zero emissions.
[Source: Yokogawa Electric Corporation, Company Website]
- In August 2021, Honeywell is addressing these issues by fully integrating aircraft record creation into its digital blockchain ledger. This gives Honeywell's customers an easy way to search and retrieve scattered data using a simple user interface, resulting in a degree of speed and efficiency never previously seen in the aerospace sector
[Source: Honeywell, Company Website]
Aviation Blockchain Market Report Coverage & Deliverables
The market report on “Aviation Blockchain Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country- level for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
- Detailed company profiles.
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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.
Frequently Asked Questions
The key players holding majority shares in the global aviation blockchain market are Aeron Labs, Avinoc Ltd., Infosys Limited, Leewayhertz, and Loyyal.
Integration of blockchain with other aviation technology is anticipated to play a significant role in the global aviation blockchain market in the coming years.
The global aviation blockchain market is expected to grow at a CAGR of 18.1% during the forecast period 2023 - 2031.
Increased demand for AI-based recording of movement transactions & tracking of aviation assets and multivariate application of blockchain are the major factors that propel the global aviation blockchain market.
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 Aviation Blockchain Market - By Application
1.3.2 Aviation Blockchain Market - By End-Users
1.3.3 Aviation Blockchain Market - By Aviation Type
1.3.4 Aviation Blockchain Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. AVIATION 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. AVIATION 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, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. AVIATION BLOCKCHAIN MARKET - GLOBAL MARKET ANALYSIS
6.1. AVIATION BLOCKCHAIN - GLOBAL MARKET OVERVIEW
6.2. AVIATION BLOCKCHAIN - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. AVIATION BLOCKCHAIN MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
7.1. OVERVIEW
7.2. APPLICATION MARKET FORECASTS AND ANALYSIS
7.3. SMART CONTRACTS
7.3.1. Overview
7.3.2. Smart Contracts Market Forecast and Analysis
7.4. SUPPLY CHAIN MANAGEMENT
7.4.1. Overview
7.4.2. Supply Chain Management Market Forecast and Analysis
7.5. AIRCRAFT MAINTENANCE
7.5.1. Overview
7.5.2. Aircraft Maintenance Market Forecast and Analysis
7.6. CARGO AND BAGGAGE TRACKING
7.6.1. Overview
7.6.2. Cargo and Baggage Tracking Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. AVIATION BLOCKCHAIN MARKET - REVENUE AND FORECASTS TO 2028 - END-USERS
8.1. OVERVIEW
8.2. END-USERS MARKET FORECASTS AND ANALYSIS
8.3. AIRPORTS
8.3.1. Overview
8.3.2. Airports Market Forecast and Analysis
8.4. AIRLINES
8.4.1. Overview
8.4.2. Airlines Market Forecast and Analysis
8.5. MRO
8.5.1. Overview
8.5.2. MRO Market Forecast and Analysis
8.6. MANUFACTURERS
8.6.1. Overview
8.6.2. Manufacturers Market Forecast and Analysis
8.7. LESSORS
8.7.1. Overview
8.7.2. Lessors Market Forecast and Analysis
9. AVIATION BLOCKCHAIN MARKET - REVENUE AND FORECASTS TO 2028 - AVIATION TYPE
9.1. OVERVIEW
9.2. AVIATION TYPE MARKET FORECASTS AND ANALYSIS
9.3. MILITARY AVIATION
9.3.1. Overview
9.3.2. Military Aviation Market Forecast and Analysis
9.4. COMMERCIAL AVIATION
9.4.1. Overview
9.4.2. Commercial Aviation Market Forecast and Analysis
10. AVIATION BLOCKCHAIN MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Aviation Blockchain Market Overview
10.1.2 North America Aviation Blockchain Market Forecasts and Analysis
10.1.3 North America Aviation Blockchain Market Forecasts and Analysis - By Application
10.1.4 North America Aviation Blockchain Market Forecasts and Analysis - By End-Users
10.1.5 North America Aviation Blockchain Market Forecasts and Analysis - By Aviation Type
10.1.6 North America Aviation Blockchain Market Forecasts and Analysis - By Countries
10.1.6.1 United States Aviation Blockchain Market
10.1.6.1.1 United States Aviation Blockchain Market by Application
10.1.6.1.2 United States Aviation Blockchain Market by End-Users
10.1.6.1.3 United States Aviation Blockchain Market by Aviation Type
10.1.6.2 Canada Aviation Blockchain Market
10.1.6.2.1 Canada Aviation Blockchain Market by Application
10.1.6.2.2 Canada Aviation Blockchain Market by End-Users
10.1.6.2.3 Canada Aviation Blockchain Market by Aviation Type
10.1.6.3 Mexico Aviation Blockchain Market
10.1.6.3.1 Mexico Aviation Blockchain Market by Application
10.1.6.3.2 Mexico Aviation Blockchain Market by End-Users
10.1.6.3.3 Mexico Aviation Blockchain Market by Aviation Type
10.2. EUROPE
10.2.1 Europe Aviation Blockchain Market Overview
10.2.2 Europe Aviation Blockchain Market Forecasts and Analysis
10.2.3 Europe Aviation Blockchain Market Forecasts and Analysis - By Application
10.2.4 Europe Aviation Blockchain Market Forecasts and Analysis - By End-Users
10.2.5 Europe Aviation Blockchain Market Forecasts and Analysis - By Aviation Type
10.2.6 Europe Aviation Blockchain Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Aviation Blockchain Market
10.2.6.1.1 Germany Aviation Blockchain Market by Application
10.2.6.1.2 Germany Aviation Blockchain Market by End-Users
10.2.6.1.3 Germany Aviation Blockchain Market by Aviation Type
10.2.6.2 France Aviation Blockchain Market
10.2.6.2.1 France Aviation Blockchain Market by Application
10.2.6.2.2 France Aviation Blockchain Market by End-Users
10.2.6.2.3 France Aviation Blockchain Market by Aviation Type
10.2.6.3 Italy Aviation Blockchain Market
10.2.6.3.1 Italy Aviation Blockchain Market by Application
10.2.6.3.2 Italy Aviation Blockchain Market by End-Users
10.2.6.3.3 Italy Aviation Blockchain Market by Aviation Type
10.2.6.4 United Kingdom Aviation Blockchain Market
10.2.6.4.1 United Kingdom Aviation Blockchain Market by Application
10.2.6.4.2 United Kingdom Aviation Blockchain Market by End-Users
10.2.6.4.3 United Kingdom Aviation Blockchain Market by Aviation Type
10.2.6.5 Russia Aviation Blockchain Market
10.2.6.5.1 Russia Aviation Blockchain Market by Application
10.2.6.5.2 Russia Aviation Blockchain Market by End-Users
10.2.6.5.3 Russia Aviation Blockchain Market by Aviation Type
10.2.6.6 Rest of Europe Aviation Blockchain Market
10.2.6.6.1 Rest of Europe Aviation Blockchain Market by Application
10.2.6.6.2 Rest of Europe Aviation Blockchain Market by End-Users
10.2.6.6.3 Rest of Europe Aviation Blockchain Market by Aviation Type
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Aviation Blockchain Market Overview
10.3.2 Asia-Pacific Aviation Blockchain Market Forecasts and Analysis
10.3.3 Asia-Pacific Aviation Blockchain Market Forecasts and Analysis - By Application
10.3.4 Asia-Pacific Aviation Blockchain Market Forecasts and Analysis - By End-Users
10.3.5 Asia-Pacific Aviation Blockchain Market Forecasts and Analysis - By Aviation Type
10.3.6 Asia-Pacific Aviation Blockchain Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Aviation Blockchain Market
10.3.6.1.1 Australia Aviation Blockchain Market by Application
10.3.6.1.2 Australia Aviation Blockchain Market by End-Users
10.3.6.1.3 Australia Aviation Blockchain Market by Aviation Type
10.3.6.2 China Aviation Blockchain Market
10.3.6.2.1 China Aviation Blockchain Market by Application
10.3.6.2.2 China Aviation Blockchain Market by End-Users
10.3.6.2.3 China Aviation Blockchain Market by Aviation Type
10.3.6.3 India Aviation Blockchain Market
10.3.6.3.1 India Aviation Blockchain Market by Application
10.3.6.3.2 India Aviation Blockchain Market by End-Users
10.3.6.3.3 India Aviation Blockchain Market by Aviation Type
10.3.6.4 Japan Aviation Blockchain Market
10.3.6.4.1 Japan Aviation Blockchain Market by Application
10.3.6.4.2 Japan Aviation Blockchain Market by End-Users
10.3.6.4.3 Japan Aviation Blockchain Market by Aviation Type
10.3.6.5 South Korea Aviation Blockchain Market
10.3.6.5.1 South Korea Aviation Blockchain Market by Application
10.3.6.5.2 South Korea Aviation Blockchain Market by End-Users
10.3.6.5.3 South Korea Aviation Blockchain Market by Aviation Type
10.3.6.6 Rest of Asia-Pacific Aviation Blockchain Market
10.3.6.6.1 Rest of Asia-Pacific Aviation Blockchain Market by Application
10.3.6.6.2 Rest of Asia-Pacific Aviation Blockchain Market by End-Users
10.3.6.6.3 Rest of Asia-Pacific Aviation Blockchain Market by Aviation Type
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Aviation Blockchain Market Overview
10.4.2 Middle East and Africa Aviation Blockchain Market Forecasts and Analysis
10.4.3 Middle East and Africa Aviation Blockchain Market Forecasts and Analysis - By Application
10.4.4 Middle East and Africa Aviation Blockchain Market Forecasts and Analysis - By End-Users
10.4.5 Middle East and Africa Aviation Blockchain Market Forecasts and Analysis - By Aviation Type
10.4.6 Middle East and Africa Aviation Blockchain Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Aviation Blockchain Market
10.4.6.1.1 South Africa Aviation Blockchain Market by Application
10.4.6.1.2 South Africa Aviation Blockchain Market by End-Users
10.4.6.1.3 South Africa Aviation Blockchain Market by Aviation Type
10.4.6.2 Saudi Arabia Aviation Blockchain Market
10.4.6.2.1 Saudi Arabia Aviation Blockchain Market by Application
10.4.6.2.2 Saudi Arabia Aviation Blockchain Market by End-Users
10.4.6.2.3 Saudi Arabia Aviation Blockchain Market by Aviation Type
10.4.6.3 U.A.E Aviation Blockchain Market
10.4.6.3.1 U.A.E Aviation Blockchain Market by Application
10.4.6.3.2 U.A.E Aviation Blockchain Market by End-Users
10.4.6.3.3 U.A.E Aviation Blockchain Market by Aviation Type
10.4.6.4 Rest of Middle East and Africa Aviation Blockchain Market
10.4.6.4.1 Rest of Middle East and Africa Aviation Blockchain Market by Application
10.4.6.4.2 Rest of Middle East and Africa Aviation Blockchain Market by End-Users
10.4.6.4.3 Rest of Middle East and Africa Aviation Blockchain Market by Aviation Type
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Aviation Blockchain Market Overview
10.5.2 South and Central America Aviation Blockchain Market Forecasts and Analysis
10.5.3 South and Central America Aviation Blockchain Market Forecasts and Analysis - By Application
10.5.4 South and Central America Aviation Blockchain Market Forecasts and Analysis - By End-Users
10.5.5 South and Central America Aviation Blockchain Market Forecasts and Analysis - By Aviation Type
10.5.6 South and Central America Aviation Blockchain Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Aviation Blockchain Market
10.5.6.1.1 Brazil Aviation Blockchain Market by Application
10.5.6.1.2 Brazil Aviation Blockchain Market by End-Users
10.5.6.1.3 Brazil Aviation Blockchain Market by Aviation Type
10.5.6.2 Argentina Aviation Blockchain Market
10.5.6.2.1 Argentina Aviation Blockchain Market by Application
10.5.6.2.2 Argentina Aviation Blockchain Market by End-Users
10.5.6.2.3 Argentina Aviation Blockchain Market by Aviation Type
10.5.6.3 Rest of South and Central America Aviation Blockchain Market
10.5.6.3.1 Rest of South and Central America Aviation Blockchain Market by Application
10.5.6.3.2 Rest of South and Central America Aviation Blockchain Market by End-Users
10.5.6.3.3 Rest of South and Central America Aviation Blockchain Market by Aviation Type
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. AVIATION BLOCKCHAIN MARKET, KEY COMPANY PROFILES
12.1. AERON LABS
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. AVINOC LTD
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. INFOSYS LIMITED
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. LEEWAYHERTZ
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. LOYYAL
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. MICROSOFT 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. SITA
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. TRUSTABIT
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. WINDING TREE
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. ZAMNA TECHNOLOGIES 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
- Aeron Labs
- Avinoc Ltd.
- Infosys Limited
- Leewayhertz
- Loyyal
- Microsoft Corporation
- SITA
- Trustbit
- Winding Tree
- Zamna Technologies 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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