Blockchain Technology Market including Industry Insights, Market Overview, Key Insights with sub-points, Market Dynamics (Key Growth Drivers, Restraints, Opportunities, Challenges with detail description), Segmentation Analysis with segmentation insights with description, Recent Developments, Regional Analysis, Competitive Analysis 2024-2030

Blockchain Technology Market

Study on Blockchain Technology Market Size to Hit $74.45 Bn by 2030 with 87.3% CAGR

Industry Insights:

The Blockchain Technology market is a rapidly growing industry that has gained immense popularity in recent years. Blockchain technology is a digital database that securely and openly records transactions. A safe and transparent framework is established using the technology, doing away with the need for intermediaries like banks or governments to validate transactions. Due to the rising usage of blockchain technology across a variety of industries, including finance, healthcare, and supply chain management, the market is anticipated to expand rapidly in the upcoming years.

Market Overview:

The Blockchain Technology market size is likely to grow at a CAGR of 87.3% during the forecast period of 2024-2030. The market is projected to reach a value of USD 74.45 billion by 2030, up from USD 10.66 billion in 2023. The growth of the market is driven by several factors, such as the increasing adoption of blockchain technology by various industries, the growing demand for secure and transparent transactions, and the increasing investment in blockchain technology by governments and private companies.

Key Insights:

• The global blockchain technology market is anticipated to expand annually at a CAGR of roughly 87.3% over the projected period, according to the data supplied by our research analyst (2024-2030).
• In terms of revenue, the global blockchain technology market size was estimated to be around USD 10.66 billion in 2023 and is expected to reach USD 74.45 billion, by 2030.
• Due to the rising acceptance of blockchain technology by a variety of industries, including banking, healthcare, and supply chain management, the global market for blockchain technology is anticipated to rise significantly during the forecast period.
• The supply chain management segment is anticipated to grow at the highest CAGR during the projection period.
• Due to the demand for safe and transparent transactions, the financial services segment is anticipated to be the greatest adopter of blockchain technology.
• North America is likely to hold the largest market share due to the high adoption of blockchain technology in the region. The Asia Pacific region is expected to be the fastest-growing market for blockchain technology, due to the increasing adoption of blockchain technology by governments and private companies.

                                                          Global Blockchain Technology Market 2024 Size by Region

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Market Dynamics:

The blockchain technology market is expected to witness significant growth over the forecast period due to several factors such as increasing demand for secure, transparent, and tamper-proof transactions, rising adoption of blockchain technology by financial institutions, and growing interest in blockchain technology by governments worldwide. The market is also expected to benefit from the increasing use of blockchain technology in various applications such as supply chain management, identity verification, and voting systems.

Growth Drivers:

• Growing demand for secure and transparent transactions:

Blockchain technology provides secure and transparent transactions, making it ideal for use in various industries such as banking, healthcare, and supply chain management. This has resulted in an increasing demand for blockchain technology, particularly in developing countries where trust in financial institutions is low.

• Rising adoption of blockchain technology by financial institutions:

Financial institutions are increasingly adopting blockchain technology to improve their operations and reduce costs. This is due to the ability of blockchain technology to provide secure, transparent, and tamper-proof transactions, which are critical in the financial industry.

• Increasing use of blockchain technology in supply chain management:

The use of blockchain technology in supply chain management has become increasingly popular in recent years. Blockchain technology enables secure and transparent tracking of products from the source to the end-user, improving supply chain efficiency, and reducing costs.

• Growing interest in blockchain technology by governments worldwide:

Governments worldwide are increasingly exploring the use of blockchain technology in various applications, including voting systems, identity verification, and supply chain management. This has led to a growing interest in blockchain technology, particularly in developing countries.

Restraints:

• Lack of standardization:

One of the major challenges facing the blockchain technology market is the lack of standardization. The lack of standardization makes it difficult for businesses to adopt blockchain technology and results in a fragmented market.

• Limited scalability:

Blockchain technology is still in its early stages, and its scalability is limited. This makes it difficult for blockchain technology to handle large-scale transactions, particularly in industries such as finance and healthcare.

• Lack of awareness:

Despite the growing interest in blockchain technology, there is still a lack of awareness among businesses and consumers about its benefits and how it works. This limits the adoption of blockchain technology, particularly in developing countries.

Opportunities:

• Increasing use of blockchain technology in healthcare:

The use of blockchain technology in healthcare is expected to witness significant growth in the coming years. Blockchain technology can be used to store and share medical data securely, improving patient care and reducing healthcare costs.

• Growing use of blockchain technology in identity verification:

The use of blockchain technology in identity verification is expected to witness significant growth in the coming years. Blockchain technology can be used to create secure and tamper-proof digital identities, reducing fraud and improving security.

• Increasing use of blockchain technology in voting systems:

The use of blockchain technology in voting systems is expected to witness significant growth in the coming years. The use of blockchain technology enables the creation of voting systems that are both trustworthy and open to scrutiny. This eliminates the possibility of election fraud and strengthens the legitimacy of voting processes.

Challenges:

• Regulatory challenges:

Regulatory challenges remain one of the major challenges facing the blockchain technology market. The lack of clear regulations and standards for blockchain technology makes it difficult for businesses to adopt blockchain technology

Segmentation Analysis:

The blockchain technology market is segmented based on type, component, enterprise size, application, and region.

On the basis of Type segment, the blockchain technology market can be segmented into public, private, and hybrid. The public blockchain technology segment is expected to dominate the blockchain technology market during the forecast period. Public blockchain technology allows anyone to join and participate in the network, which increases its potential for growth and adoption. Public blockchain technology is being utilized in various applications such as cryptocurrency, decentralized finance (DeFi), and gaming.

The private blockchain technology segment is expected to grow at a significant rate during the forecast period due to its potential for enhancing security and privacy. Private blockchain technology is being utilized in various industries such as healthcare, supply chain management, and government.

The hybrid blockchain technology segment is expected to grow at the highest CAGR during the forecast period. Hybrid blockchain technology combines the benefits of both public and private blockchain technology, such as transparency and security. Hybrid blockchain technology is being utilized in various applications such as supply chain management, digital identity, and smart contracts.

Based on the Component, the platforms segment is expected to dominate the blockchain technology market during the forecast period. Platforms provide the basic infrastructure for the blockchain network, which is necessary for its functioning. Key players in the platforms segment include IBM, Microsoft, and Oracle. The services segment is predicted to reach a high rate during the forecast time frame. Services such as consulting, training, and maintenance are necessary for the adoption and utilization of blockchain technology. Key players in the services segment include Accenture, Deloitte, and PwC.

On the basis of Application, the blockchain technology market can be segmented into BFSI, healthcare, IT and telecom, government, retail and e-commerce, energy and utilities, and others. The BFSI industry has been an early adopter of blockchain technology due to its potential to reduce fraud, increase transparency, and streamline processes. The healthcare industry is adopting blockchain technology to improve patient data privacy and security. The IT and telecom industry is utilizing blockchain technology for identity management and secure communication. The government sector is using blockchain technology for secure and transparent voting systems.

Recent Developments:

• In February 2024, the World Economic Forum launched a global consortium for blockchain technology to develop guidelines and standards for the use of blockchain technology.
• In March 2023, IBM announced the launch of IBM Blockchain World Wire, a blockchain-based payment network that enables faster and cheaper cross-border payments.
• In April 2023, Microsoft announced the launch of Azure Blockchain Workbench, a tool that simplifies the development of blockchain applications.

Regional Analysis:

The Blockchain Technology market is segmented based on region into North America, Europe, Asia Pacific, and the rest of the world.

North America is expected to be the largest market for blockchain technology, due to the increasing adoption of blockchain technology by financial institutions and the presence of major blockchain technology vendors in the region.

The Asia Pacific region is expected to be the fastest-growing market for blockchain technology, due to the increasing adoption of blockchain technology by governments and private companies.

Competitive Analysis:

The key players operating in the blockchain technology market include IBM Corporation, Microsoft Corporation, Amazon Web Services, Inc., Oracle Corporation, SAP SE, Intel Corporation, Accenture PLC, Deloitte Touche Tohmatsu Limited, Cognizant, Infosys Limited, and others.

These players are adopting various growth strategies, such as partnerships, collaborations, and mergers and acquisitions, to strengthen their market position.

The global blockchain technology market is segmented as follows,

By Type:

• Public Blockchain
• Private Blockchain
• Hybrid Blockchain

By Component:

• Platform
• Services

By Enterprise Size:

• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)

By Application:

• BFSI
• Healthcare
• IT And Telecom
• Government
• Retail And E-Commerce
• Energy And Utilities

Frequently Asked Questions

1 Preface

                  1.Report Description and Scope
                   2. Research Scope
                   3. Research Methodology
                               1. Market Research Process
                                2. Market Research Methodology

2 Executive Summary

1. Blockchain Technology Market, 2019-2030 (USD Million)
         2. Blockchain Technology Market: Snapshot
3 Blockchain Technology - Industry Analysis
         1. Blockchain Technology: Market Dynamics
          2. Market Drivers
                    1. Driver 1
                     2. .Driver 2
          3. Restraints
                     1. Restraint 1
                      2. Restraint 2
            4. Opportunity
                      1. Government funding and support
            5. Porter’s Five Forces Analysis
            6. Market Attractiveness Analysis
                      1. Market attractiveness analysis By Product Type
                       2. Market attractiveness analysis By Application
                       3. Market attractiveness analysis by Region
4. Blockchain Technology Market - Competitive Landscape
              1. Company market share analysis
                       1. Global Blockchain Technology Market: company market share, 2020
              2. Strategic development
                        1. Acquisitions & mergers
                         2. New Product launches
                         3. Agreements, partnerships, collaborations and joint ventures
                         4. Research and development and Regional expansion
                3. Price trend analysis
5. Global Blockchain Technology Market -By Type
                1. Global Blockchain Technology Market overview: By Type
                         1. Global Blockchain Technology Market share, By Product Type,2023 and 2030
                2. Public Blockchain
                         1. Global Blockchain Technology Market by Public Blockchain, 2019-2030 (USD Million)
                3. Private Blockchain
                          1. Global Blockchain Technology Market by Private Blockchain, 2019-2030 (USD Million)
                4. Hybrid Blockchain
                          1. Global Blockchain Technology Market by Hybrid Blockchain, 2019-2030 (USD Million)

6. Global Blockchain Technology Market -Component
                1. Global Blockchain Technology Market overview: By Component
                         1. Global Blockchain Technology Market share, By Product Type,2023 and 2030
                2. Platform
                         1. Global Blockchain Technology Market by Platform, 2019-2030 (USD Million)
                3. Services
                          1. Global Blockchain Technology Market by Services, 2019-2030 (USD Million)

7. Global Blockchain Technology Market -By By Enterprise Size
                1. Global Blockchain Technology Market overview: By Enterprise Size
                         1. Global Blockchain Technology Market share, By Product Type,2023 and 2030
                2. Large Enterprises
                         1. Global Blockchain Technology Market by Large Enterprises, 2019-2030 (USD Million)
                3. Small and Medium-sized Enterprises (SMEs)
                          1. Global Blockchain Technology Market by Small and Medium-sized Enterprises (SMEs), 2019-2030 (USD Million)

8. Global Blockchain Technology Market -By Application
                1. Global Blockchain Technology Market overview: By Application
                         1. Global Blockchain Technology Market share, By Product Type,2023 and 2030
                2. BFSI
                         1. Global Blockchain Technology Market by BFSI, 2019-2030 (USD Million)
                3. Healthcare
                          1. Global Blockchain Technology Market by Healthcare, 2019-2030 (USD Million)
                4. IT And Telecom
                         1. Global Blockchain Technology Market by IT And Telecom, 2019-2030 (USD Million)
                5. Government
                          1. Global Blockchain Technology Market by Government, 2019-2030 (USD Million)
                3. Retail And E-Commerce
                          1. Global Blockchain Technology Market by Retail And E-Commerce, 2019-2030 (USD Million)
                4. Energy And Utilities
                         1. Global Blockchain Technology Market by Energy And Utilities, 2019-2030 (USD Million)
                5. Others
                          1. Global Blockchain Technology Market by Others, 2019-2030 (USD Million)

8. Global Blockchain Technology Market - Regional Analysis
                  1. Global Blockchain Technology Market overview: by Region
                             1. Global Blockchain Technology Market share, by Region, 2023 and 2030
                   2. North America
                             1. North America Blockchain Technology Market, 2019-2030 (USD Million)
                              1. North America Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                              1. North America Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                              1. U.S. Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                               2. U.S. Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                               3. Canada Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                               4. Canada Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                               5. Mexico Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                               6. Mexico Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                    3. Europe
                               1. Europe Blockchain Technology Market, 2019-2030 (USD Million)
                               1. Europe Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                               1. Europe Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                               1. UK Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                               2. UK Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                               3. Germany Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                               4. Germany Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                               5. France Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                               6. France Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                               7. Italy Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                               8. Italy Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                               9. Spain Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                               10. Spain Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                               11. Netherlands Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                               12. Netherlands Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                               13. Rest of Europe Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                               14. Rest of Europe Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                    4. Asia Pacific
                               1. Asia Pacific Blockchain Technology Market, 2019-2030 (USD Million)
                               1. Asia Pacific Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                               1.Asia Pacific Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                               1. China Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                               2. China Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                               3. Japan Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                               4. Japan Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                               5. India Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                               6. India Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                               7. Australia Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                               8. Australia Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                               9. South East Asia Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                               10. South East Asia Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                               11.South Korea Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                               12. South Korea Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                               13. Rest of Asia Pacific Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                               14. Rest of Asia Pacific Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                   5. Latin America
                                1. Latin America Blockchain Technology Market, 2019-2030 (USD Million)
                                1. Latin America Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                                1. Latin America Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                                2. Brazil Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                                3. Brazil Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                                4. Argentina Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                                5. Argentina Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                                6. Chile Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                                7. Chile Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                                8. Rest of Latin America Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                                9. Rest of Latin America Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                   6. Middle East & Africa
                                1. Middle East & Africa Blockchain Technology Market, 2019-2030 (USD Million)
                                2. Middle East & Africa Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                                3. Middle East & Africa Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                                4. GCC Countries Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                                5. GCC Countries Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                                6. Nigeria Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                                7. Nigeria Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                                8. South Africa Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                                9. South Africa Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
                                10. Rest of Middle East & Africa Blockchain Technology Market revenue, By Product Type, 2019-2030 (USD Million)
                                11. Rest of Middle East & Africa Blockchain Technology Market revenue, By Application, 2019-2030 (USD Million)
9. Company Profiles
                  1. IBM Corporation
                                1. Overview
                                2. Financials
                                3. Product Portfolio
                                4. Business Strategy
                                5. Recent Developments
                  2. Microsoft Corporation
                                1. Overview
                                2. Financials
                                3. Product Portfolio
                                4. Business Strategy
                                5. Recent Developments
                  3. Amazon Web Services, Inc.
                                1. Overview
                                2. Financials
                                3. Product Portfolio
                                4. Business Strategy
                                5. Recent Developments
                   4. Oracle Corporation
                                1. Overview
                                2. Financials
                                3. Product Portfolio
                                4. Business Strategy
                                5. Recent Developments
                    5. SAP SE
                                1. Overview
                                2. Financials
                                3. Product Portfolio
                                4. Business Strategy
                                5. Recent Developments
                    6. Intel Corporation
                                1. Overview
                                2. Financials
                                3. Product Portfolio
                                4. Business Strategy
                                5. Recent Developments
                   7. Accenture PLC
                                1. Overview
                                2. Financials
                                3. Product Portfolio
                                4. Business Strategy
                                5. Recent Developments
                  8. Deloitte Touche Tohmatsu Limited
                                1. Overview
                                2. Financials
                                3. Product Portfolio
                                4. Business Strategy
                                5. Recent Developments
                   9. Cognizant
                                1. Overview
                                2. Financials
                                3. Product Portfolio
                                4. Business Strategy
                                5. Recent Developments
                   10. Infosys Limited
                                1. Overview
                                2. Financials
                                3. Product Portfolio
                                4. Business Strategy
                                5. Recent Developments
                     
List of Figures

Market research process
Market research methodology
Global Blockchain Technology Market, 2019-2030 (USD Million)
Porter’s Five Forces Analysis

Global Blockchain Technology Market attractiveness, By Type
Global Blockchain Technology Market attractiveness, By Component
Global Blockchain Technology Market attractiveness, By Enterprise Size

Global Blockchain Technology market share, By Type, 2023 and 2030

Global Blockchain Technology Market by Public Blockchain, 2019-2030 (USD Million)
Global Blockchain Technology Market by Private Blockchain, 2019-2030 (USD Million)
Global Blockchain Technology Market by Hybrid Blockchain, 2019-2030 (USD Million)

Global Blockchain Technology market share, By Component, 2023 and 2030
Global Blockchain Technology Market by Platform, 2019-2030 (USD Million)
Global Blockchain Technology Market by Services, 2019-2030 (USD Million)

Global Blockchain Technology market share, By Enterprise Size, 2023 and 2030
Global Blockchain Technology Market by Large Enterprises, 2019-2030 (USD Million)
Global Blockchain Technology Market by Small and Medium-sized Enterprises (SMEs), 2019-2030 (USD Million)

North America Blockchain Technology Market, 2019-2030 (USD Million)
Europe Blockchain Technology Market, 2019-2030 (USD Million)
Asia Pacific Blockchain Technology Market, 2019-2030 (USD Million)
Latin America Blockchain Technology Market, 2019-2030 (USD Million)
Middle East & Africa Blockchain Technology Market, 2019-2030 (USD Million)

List of Tables

Global Blockchain Technology Market: snapshot
Drivers of the Blockchain Technology Market: impact analysis
Restraints of the Blockchain Technology Market: impact analysis
North America Blockchain Technology Market revenue, By Product Type,2019-2030 (USD Million)
North America Blockchain Technology Market revenue, By Application,2019-2030 (USD Million)
Europe Blockchain Technology Market revenue, By Product Type,2019-2030 (USD Million)
Europe Blockchain Technology Market revenue, By Application,2019-2030 (USD Million)
Asia Pacific Blockchain Technology Market revenue, By Product Type,2019-2030 (USD Million)
Asia Pacific Blockchain Technology Market revenue, By Application,2019-2030 (USD Million)
Latin America Blockchain Technology Market revenue, By Product Type,2019-2030 (USD Million)
Latin America Blockchain Technology Market revenue, By Application,2019-2030 (USD Million)
Middle East & Africa Blockchain Technology Market revenue, By Product Type,2019-2030 (USD Million)
Middle East & Africa Blockchain Technology Market revenue, By Application,2019-2030 (USD Million)

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An Overview on Research Methodology used at Syndicate Market Research:

1.1 Research Methodology

The process of market research at Syndicate Market Research is an iterative in nature and usually follows following path. Information from secondary is used to build data models, further the results obtained from data models are validated from primary participants. Then cycle repeats where, according to inputs from primary participants, additional secondary research is done and new information is again incorporated into data model. The process continues till desired level of information is not generated.

To calculate the market size, the report considers the revenue generated from the sales of the market providers. The revenue generated from the sales of market is calculated through primary and secondary research. The key players operating in the market across the globe are identified through secondary research and a corresponding detailed analysis of the top vendors in the market is done. The market size calculation also includes clinical trial phase segmentation determined using secondary sources and verified through primary sources.

1.2 Secondary Research

The secondary research sources that are typically referred to include, but are not limited to:

• Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
• Internal and external proprietary databases, relevant patent and regulatory databases
• National government documents, statistical databases and market reports
• News articles, press releases and web-casts specific to the companies operating in the market

The sources for secondary research includes but is not limited to: Factiva, Hoovers and Statista

1.3 Primary Research

We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate data and analysis. A typical research interview fulfills the following functions:

• It provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc.
• Helps in validating and strengthening the secondary research findings
• Further develops the analysis team’s expertise and market understanding
• Primary research involves E-mail interactions, telephonic interviews as well as face-to-face 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: CEOs, VPs, marketing/ clinical trial phase managers, market intelligence managers and national sales managers
• Purchasing managers, technical personnel, distributors and resellers
• Outside experts: Investment bankers, valuation experts, research analysts specializing in specific markets
• Key opinion leaders specializing in different areas corresponding to different industry end users

1.4 Models

Where no hard data is available, we use modeling and estimates in order to produce comprehensive data sets. A rigorous methodology is adopted in which the available hard data is cross referenced with the following data types to produce estimates:

• Demographic data: Population split by segment
• Macro-economic indicators: GDP, etc.
• Industry indicators: Expenditure, infrastructure, sector growth and facilities.

Data is then cross checked by the expert panel.

1.4.1 Company Share Analysis Model

Company share analysis is used to derive the size of global market. As well as study of revenues of companies for last three to five years also provide the base for forecasting the market size and its growth rate. This model is built in following steps:

1.4.2 Revenue Based Modeling

Revenue based models can be built in two ways - Top-Down or Bottom-Up irrespective of industry. Market size estimated from company share analysis acts as a validation point for bottom-up approach where as it acts as starting point for top-down approach.

1.5 Research Limitations

Inflation is not a part of pricing in this report. Prices of the products and its derivatives vary in each region and hence similar revenue ratio does not follow for each individual region. The same price for each type has been taken into account while estimating and forecasting market revenue on a global basis. Regional average price has been considered while breaking down this market by end user in each region.