Blockchain in Insurance Market SWOT Analysis by 2031
The blockchain in insurance market size is expected to grow from US$ 498.5 million in 2023 to US$ 16780.2 million by 2031; it is anticipated to expand at a CAGR of 55.2% from 2024 to 2031.
The rising property values and the occurrence of natural disasters across the globe influence the Blockchain in Insurance market. Moreover, the expansion of businesses, both domestically and internationally, is a significant driver of the market.
Blockchain in Insurance Market Analysis
The adoption of advanced software platforms is propelling the growth of the blockchain in insurance market. In recent years, there has been a significant increase in the insurance industry's adoption of technology, which has contributed to its overall growth. Additionally, the utilization of augmented reality (AR) apps for tutorials and games can serve as effective marketing tools, providing valuable customer insights while reducing training costs through an enhanced learning experience. Furthermore, the rising occurrence of fraudulent insurance claims and the growing demand for secure online platforms further contribute to the expansion of the blockchain in insurance sector.
Blockchain in Insurance Industry Overview
- Blockchain technology in the insurance industry functions as a decentralized and secure digital ledger that enables the storage of both static records and dynamic transaction data. It operates without the need for centralized coordination, utilizing a consensus-based mechanism to validate transactions.
- The primary objective of implementing blockchain in insurance is to mitigate fraud risks by digitally tracking and managing physical data in automated transactions. By leveraging blockchain, insurers, and customers can establish and execute smart contracts, facilitating transparent and efficient claims management processes.
- Blockchain in Insurance is essential for businesses as it helps protect their operations, assets, and financial well-being. It provides a safety net against unexpected events that could result in significant financial losses or even the closure of a business.
REGIONAL FRAMEWORK
Blockchain in Insurance Market Drivers and Opportunities
Adoption of Technologically Advanced Software Platforms to Drive the Blockchain in Insurance Market Growth
- The insurance industry has experienced a significant increase in the adoption of technology, leading to substantial growth. This trend is further fueled by the transformative impact of chatbots, which enhance customer interactions through personalized, human-like interfaces. Additionally, the utilization of AR apps-based tutorials and games serves as effective marketing tools, providing valuable customer insights while reducing training costs through an enhanced learning experience.
- Furthermore, the emergence of conversational AI, chatbots, and voicebots has revolutionized various aspects of the insurance sector. These technologies enable a conversational approach to online insurance purchasing, customer support, and premium quotations, resulting in streamlined operations and a seamless customer experience. Consequently, these factors are driving the growth of blockchain technology in the insurance industry.
Blockchain in Insurance Market Report Segmentation Analysis
- Based on component, the blockchain in insurance market forecast is segmented into solutions and services.
- The solutions segment is expected to hold a substantial blockchain in insurance market share in 2023. This can be attributed to the transformative potential of blockchain solutions in simplifying and modernizing the insurance industry, breaking away from outdated practices with enhanced efficiency. Additionally, the increasing customer distrust in centralized financial services has led to high rates of underinsurance, driving a solid interest in blockchain solutions within the insurance sector.
Blockchain in Insurance Market Share Analysis by Geography
The scope of the Blockchain in Insurance market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America has emerged as the leading region in terms of market size for blockchain in insurance in 2023. This can be attributed to the adoption of blockchain services by major retail banking companies in North America, aiming to enhance customer experience and prevent fraud. Additionally, the increasing utilization of blockchain technology for KYC/ID fraud prevention, risk scoring, and the rise in internet penetration rates are expected to further drive the growth of blockchain in the insurance industry.
Blockchain in Insurance Market Report Scope
The " Blockchain in Insurance Market Analysis"was carried out based on component, enterprise size, application, and geography. Based on component, the market is segmented into solutions and services. Based on enterprise size, the market is segmented into large enterprises and SMEs. Based on application, the market is segmented into GRC management, claims management, identity management and fraud detection, payments, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Blockchain in Insurance Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the blockchain insurance market. A few recent key market developments are listed below:
- In January 2021, Thai Reinsurance Public Company Limited (Thai Re), a leading technology-driven professional non-life reinsurer in Thailand, successfully launched "Insurer Network," a reinsurance smart contract production network using IBM blockchain technology on IBM Cloud. This innovative platform, available through ThaiRe Innovation Co., Ltd., a subsidiary of Thai Re, aims to bring transparency and speed to clients in Thailand's insurance industry. By leveraging blockchain technology, the Insurer Network enhances efficiency, reduces fraud risks, and provides a traceable, single version of truth documentation for reinsurance contracts. This initiative reflects Thai Re's commitment to staying ahead of the game and delivering value to its stakeholders in the evolving insurance landscape.
[Source: IBM Corporation, Company Website]
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MARKET PLAYERS
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Blockchain in Insurance Market Drivers and Opportunities
Adoption of Technologically Advanced Software Platforms to Drive the Blockchain in Insurance Market Growth
- The insurance industry has experienced a significant increase in the adoption of technology, leading to substantial growth. This trend is further fueled by the transformative impact of chatbots, which enhance customer interactions through personalized, human-like interfaces. Additionally, the utilization of AR apps-based tutorials and games serves as effective marketing tools, providing valuable customer insights while reducing training costs through an enhanced learning experience.
- Furthermore, the emergence of conversational AI, chatbots, and voicebots has revolutionized various aspects of the insurance sector. These technologies enable a conversational approach to online insurance purchasing, customer support, and premium quotations, resulting in streamlined operations and a seamless customer experience. Consequently, these factors are driving the growth of blockchain technology in the insurance industry.
Blockchain in Insurance Market Report Segmentation Analysis
- Based on component, the blockchain in insurance market forecast is segmented into solutions and services.
- The solutions segment is expected to hold a substantial blockchain in insurance market share in 2023. This can be attributed to the transformative potential of blockchain solutions in simplifying and modernizing the insurance industry, breaking away from outdated practices with enhanced efficiency. Additionally, the increasing customer distrust in centralized financial services has led to high rates of underinsurance, driving a solid interest in blockchain solutions within the insurance sector.
Blockchain in Insurance Market Share Analysis by Geography
The scope of the Blockchain in Insurance market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America has emerged as the leading region in terms of market size for blockchain in insurance in 2023. This can be attributed to the adoption of blockchain services by major retail banking companies in North America, aiming to enhance customer experience and prevent fraud. Additionally, the increasing utilization of blockchain technology for KYC/ID fraud prevention, risk scoring, and the rise in internet penetration rates are expected to further drive the growth of blockchain in the insurance industry.
Blockchain in Insurance Market Report Scope
The " Blockchain in Insurance Market Analysis"was carried out based on component, enterprise size, application, and geography. Based on component, the market is segmented into solutions and services. Based on enterprise size, the market is segmented into large enterprises and SMEs. Based on application, the market is segmented into GRC management, claims management, identity management and fraud detection, payments, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Blockchain in Insurance Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the blockchain insurance market. A few recent key market developments are listed below:
- In January 2021, Thai Reinsurance Public Company Limited (Thai Re), a leading technology-driven professional non-life reinsurer in Thailand, successfully launched "Insurer Network," a reinsurance smart contract production network using IBM blockchain technology on IBM Cloud. This innovative platform, available through ThaiRe Innovation Co., Ltd., a subsidiary of Thai Re, aims to bring transparency and speed to clients in Thailand's insurance industry. By leveraging blockchain technology, the Insurer Network enhances efficiency, reduces fraud risks, and provides a traceable, single version of truth documentation for reinsurance contracts. This initiative reflects Thai Re's commitment to staying ahead of the game and delivering value to its stakeholders in the evolving insurance landscape.
[Source: IBM Corporation, Company Website]
MARKET PLAYERS
Blockchain in Insurance Market Report Coverage & Deliverables
The market report on “Blockchain in Insurance 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, recent developments.
- Detailed company profiles.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The blockchain in insurance industry has experienced significant growth in recent years, primarily driven by the adoption of technologically advanced software platforms, and the growing number of fraudulent insurance claims are the major factors that propel the global blockchain in insurance market.
The blockchain in insurance market size is expected to grow from US$ 498.5 million in 2023 to US$ 16780.2 million by 2031; it is anticipated to expand at a CAGR of 55.2% from 2024 to 2031.
The global Blockchain in Insurance market is expected to reach US$ 16780.2 million by 2031.
Increasing demand for secure online platforms is impacting blockchain in insurance, which is anticipated to play a significant role in the global blockchain in insurance market in the coming years.
The key players holding the majority shares in the global blockchain in insurance market are Microsoft Corporation, IBM, Consensys, Oracle, and Symbiont.
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. Blockchain in insurance Market - By Application
1.3.2. Blockchain in insurance Market - By Organization Size
1.3.3. Blockchain in insurance Market - By Region
1.3.3.1. By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. BLOCKCHAIN IN INSURANCE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. ECOSYSTEM ANALYSIS
4.3. PEST ANALYSIS
4.3.1. North America - PEST Analysis
4.3.2. Europe - PEST Analysis
4.3.3. Asia Pacific (APAC) - PEST Analysis
4.3.4. Middle East & Africa (MEA) - PEST Analysis
4.3.5. South America (SAM)- PEST Analysis
5. BLOCKCHAIN IN INSURANCE MARKET - KEY INDUSTRY 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. BLOCKCHAIN IN INSURANCE MARKET - GLOBAL MARKET ANALYSIS
6.1. BLOCKCHAIN IN INSURANCE - GLOBAL MARKET OVERVIEW
6.2. BLOCKCHAIN IN INSURANCE - GLOBAL MARKET AND FORECAST T-2028
6.3. MARKET POSITIONING/ MARKET SHARE
7. BLOCKCHAIN IN INSURANCE MARKET REVENUE AND FORECASTS T-2028 - APPLICATION
7.1. OVERVIEW
7.2. APPLICATION MARKET FORECASTS AND ANALYSIS
7.3. DEATH & CLAIM MANAGEMENT
7.3.1. Overview
7.3.2. Death & Claim Management Market Forecast and Analysis
7.4. PAYMENT MANAGEMENT
7.4.1. Overview
7.4.2. Payment Management Market Forecast and Analysis
7.5. GRC MANAGEMENT
7.5.1. Overview
7.5.2. GRC Management Market Forecast and Analysis
7.6. IDENTITY & FRAUD MANAGEMENT
7.6.1. Overview
7.6.2. Identity & Fraud Management Market Forecast and Analysis
7.7. SMART CONTRACTS
7.7.1. Overview
7.7.2. Smart Contracts Market Forecast and Analysis
7.8. OTHERS
7.8.1. Overview
7.8.2. Others Market Forecast and Analysis
6. BLOCKCHAIN IN INSURANCE MARKET REVENUE AND FORECASTS T-2028 - ORGANIZATION SIZE
7.9. OVERVIEW
7.10. ORGANIZATION SIZE MARKET FORECASTS AND ANALYSIS
7.11. LARGE ENTERPRISE
7.11.1. Overview
7.11.2. Large Enterprise Market Forecast and Analysis
7.12. SMALL & MEDIUM ENTERPRISES
7.12.1. Overview
7.12.2. Small & Medium Enterprises Market Forecast and Analysis
8. BLOCKCHAIN IN INSURANCE MARKET REVENUE AND FORECASTS T-2028 - GEOGRAPHICAL ANALYSIS
8.1. NORTH AMERICA
8.1.1. North America Blockchain in insurance Market Overview
8.1.2. North America Blockchain in insurance Market Forecasts and Analysis
8.1.3. North America Market Forecasts and Analysis - By Application
8.1.4. North America Market Forecasts and Analysis - By Organization Size
8.1.5. North America Market Forecasts and Analysis - By Countries
8.1.5.1. US market
8.1.5.1.1. US Market by Application
8.1.5.1.2. US Market by Organization Size
8.1.5.2. Canada market
8.1.5.2.1. Canada Market by Application
8.1.5.2.2. Canada Market by Organization Size
8.1.5.3. Mexic-market
8.1.5.3.1. Mexic-Market by Application
8.1.5.3.2. Mexic-Market by Organization Size
8.2. EUROPE
8.2.1. Europe Blockchain in insurance Market Overview
8.2.2. Europe Blockchain in insurance Market Forecasts and Analysis
8.2.3. Europe Market Forecasts and Analysis - By Application
8.2.4. Europe Market Forecasts and Analysis - By Organization Size
8.2.5. Europe Market Forecasts and Analysis - By Countries
8.2.5.1. France market
8.2.5.1.1. France Market by Application
8.2.5.1.2. France Market by Organization Size
8.2.5.2. Germany market
8.2.5.2.1. Germany Market by Application
8.2.5.2.2. Germany Market by Organization Size
8.2.5.3. Italy market
8.2.5.3.1. Italy Market by Application
8.2.5.3.2. Italy Market by Organization Size
8.2.5.4. Russia market
8.2.5.4.1. Russia Market by Application
8.2.5.4.2. Russia Market by Organization Size
8.2.5.5. UK market
8.2.5.5.1. UK Market by Application
8.2.5.5.2. UK Market by Organization Size
8.2.5.6. Rest of Europe market
8.2.5.6.1. Rest of Europe Market by Application
8.2.5.6.2. Rest of Europe Market by Organization Size
8.3. ASIA PACIFIC (APAC)
8.3.1. Asia Pacific Blockchain in insurance Market Overview
8.3.2. Asia Pacific Blockchain in insurance Market Forecasts and Analysis
8.3.3. Asia Pacific Market Forecasts and Analysis - By Application
8.3.4. Asia Pacific Market Forecasts and Analysis - By Organization Size
8.3.5. Asia Pacific Market Forecasts and Analysis - By Countries
8.3.5.1. South Korea
8.3.5.1.1. South Korea Market by Application
8.3.5.1.2. South Korea Market by Organization Size
8.3.5.2. China market
8.3.5.2.1. China Market by Application
8.3.5.2.2. China Market by Organization Size
8.3.5.3. India market
8.3.5.3.1. India Market by Application
8.3.5.3.2. India Market by Organization Size
8.3.5.4. Japan market
8.3.5.4.1. Japan Market by Application
8.3.5.4.2. Japan Market by Organization Size
8.3.5.5. Australia market
8.3.5.5.1. Australia Market by Application
8.3.5.5.2. Australia Market by Organization Size
8.3.5.6. Rest of APAC market
8.3.5.6.1. Rest of APAC Market by Application
8.3.5.6.2. Rest of APAC Market by Organization Size
8.4. MIDDLE EAST AND AFRICA (MEA)
8.4.1. Middle East and Africa Blockchain in insurance Market Overview
8.4.2. Middle East and Africa Blockchain in insurance Market Forecasts and Analysis
8.4.3. Middle East and Africa Market Forecasts and Analysis - By Application
8.4.4. Middle East and Africa Market Forecasts and Analysis - By Organization Size
8.4.5. Middle East and Africa Market Forecasts and Analysis - By Countries
8.4.5.1. South Africa market
8.4.5.1.1. South Africa Market by Application
8.4.5.1.2. South Africa Market by Organization Size
8.4.5.2. Saudi Arabia market
8.4.5.2.1. Saudi Arabia Market by Application
8.4.5.2.2. Saudi Arabia Market by Organization Size
8.4.5.3. UAE market
8.4.5.3.1. UAE Market by Application
8.4.5.3.2. UAE Market by Organization Size
8.4.5.4. Rest of MEA market
8.4.5.4.1. Rest of MEA Market by Application
8.4.5.4.2. Rest of MEA Market by Organization Size
8.5. SOUTH AMERICA (SAM)
8.5.1. South America Blockchain in insurance Market Overview
8.5.2. South America Blockchain in insurance Market Forecasts and Analysis
8.5.3. South America Market Forecasts and Analysis - By Application
8.5.4. South America Market Forecasts and Analysis - By Organization Size
8.5.5. South America Market Forecasts and Analysis - By Countries
8.5.5.1. Brazil market
8.5.5.1.1. Brazil Market by Application
8.5.5.1.2. Brazil Market by Organization Size
8.5.5.2. Argentina market
8.5.5.2.1. Argentina Market by Application
8.5.5.2.2. Argentina Market by Organization Size
8.5.5.3. Rest of SAM market
8.5.5.3.1. Rest of SAM Market by Application
8.5.5.3.2. Rest of SAM Market by Organization Size
9. INDUSTRY LANDSCAPE
9.1. MERGERS & ACQUISITIONS
9.2. MARKET INITIATIVES
9.3. NEW DEVELOPMENTS
10. BLOCKCHAIN IN INSURANCE MARKET, KEY COMPANY PROFILES
10.1. ALGORITHMIX
10.1.1. Key Facts
10.1.2. Business Description
10.1.3. Products & Services
10.1.4. Financial Overview
10.1.5. SWOT Analysis
10.1.6. Key Developments
10.2. AMAZON WEB SERVICES
10.2.1. Key Facts
10.2.2. Business Description
10.2.3. Products & Services
10.2.4. Financial Overview
10.2.5. SWOT Analysis
10.2.6. Key Developments
10.3. APPLIED BLOCKCHAIN
10.3.1. Key Facts
10.3.2. Business Description
10.3.3. Products & Services
10.3.4. Financial Overview
10.3.5. SWOT Analysis
10.3.6. Key Developments
10.4. CAMBRIDGE BLOCKCHAIN
10.4.1. Key Facts
10.4.2. Business Description
10.4.3. Products & Services
10.4.4. Financial Overview
10.4.5. SWOT Analysis
10.4.6. Key Developments
10.5. DIGITAL ASSET HOLDINGS
10.5.1. Key Facts
10.5.2. Business Description
10.5.3. Products & Services
10.5.4. Financial Overview
10.5.5. SWOT Analysis
10.5.6. Key Developments
10.6. EARTHPORT PLC.
10.6.1. Key Facts
10.6.2. Business Description
10.6.3. Products & Services
10.6.4. Financial Overview
10.6.5. SWOT Analysis
10.6.6. Key Developments
10.7. IBM CORPORATION
10.7.1. Key Facts
10.7.2. Business Description
10.7.3. Products & Services
10.7.4. Financial Overview
10.7.5. SWOT Analysis
10.7.6. Key Developments
10.8. MICROSOFT CORPORATION
10.8.1. Key Facts
10.8.2. Business Description
10.8.3. Products & Services
10.8.4. Financial Overview
10.8.5. SWOT Analysis
10.8.6. Key Developments
10.9. ORACLE CORPORATION
10.9.1. Key Facts
10.9.2. Business Description
10.9.3. Products & Services
10.9.4. Financial Overview
10.9.5. SWOT Analysis
10.9.6. Key Developments
10.10. SAP SE
10.10.1. Key Facts
10.10.2. Business Description
10.10.3. Products & Services
10.10.4. Financial Overview
10.10.5. SWOT Analysis
10.10.6. Key Developments
11. APPENDIX
11.1. ABOUT THE INSIGHT PARTNERS
11.2. GLOSSARY OF TERMS
- Microsoft Corporation
- Auxesis Services & Technologies (P) Ltd.
- Oracle
- Symbiont
- RecordsKeeper,
- IBM
- Xceedance
- Consensys
- SafeShare Global
- Amazon Web Services, Inc.
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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