Help: Using Market Size Estimates

Save time in your investment research with PitchBook’s Market Size Estimates. This feature shows you the projected growth of a market by gathering published estimates from a range of sources into a visual format.

Our Market Size Estimates tool delivers over 120,000 estimate figures for more than 30,000 unique markets, with hundreds added each day. Using this feature, you will get the full picture of estimates available for the investment opportunities you are researching. A PitchBook analyst verifies every estimate before it’s published, so you know you are receiving data you can trust.

Market size is also sometimes called total addressable market or spending. It is an estimate to help quantify a given market, product, or service’s total spend (and implied revenue opportunity). The estimates in this feature are calculated using varying factors since they come from different sources, each with its unique methodology for calculating and defining the market space. These sources are listed directly in the tool.

We use proprietary data technology to identify as many data points in each estimate as possible. Then, a researcher manually reviews each one to ensure reliability. As a result, this process allows us to add hundreds of new estimates daily. As new estimates are published worldwide, they are added to PitchBook. We source the estimates from thousands of different sources, such as news and company filings. Additionally, we provide source attribution and allow click-through to the original article or filing for every single estimate.

To get to the Market Size Estimates section of the platform, click the Market Size Estimates tab of the Market Analysis section of the PitchBook sidebar.

Once you have entered the Market Size Estimates tool, get started in one of three ways:

1. Type a market name into the search bar and select a market from the suggestions. PitchBook will instantly return the estimates that match the market you’ve entered, providing you with an immediate view into the anticipated growth of that market.
2. Choose from a suggested market at the top of the page. These suggested markets update dynamically once you run a search, adapting to suggest related and popular markets. You can combine more than one market at a time into your results to give you a view of a broader market area for your investment research.
3. Click View Guide to open a quick tutorial for this feature.

After you search or select a market, you can view a summary of the estimates and details of each estimate in the underlying set.
Summary chart and tableThe estimates for your selected market are summarized in a chart and table. This provides you with an immediate view into the anticipated growth of that market. The chart displays the median, smallest, and largest estimates for the market in that year.

1. Hover over any blue bar on the chart to see the dollar amounts for each data point. When you do this, the matching year will be highlighted in the estimates table, allowing you to quickly confirm additional information about the estimate data for that year.

   In the estimates table, you can see the following information:
   

   • Year – The year that the market size is projected for.
   • Estimates by Year – The number of estimates made for this year. PitchBook groups the estimates within a year so that many publications of one source’s estimate do not influence the results. To view which estimates were made for this year, click on the number to view a list of that year’s estimates.
   • Implied CAGR – Implied CAGR is calculated using that year’s stated median value and the median value of the initial year displayed in the summary table in a standard CAGR formula.
   • Median Market Size Estimate – The median of the estimates for this year. This is the number represented by the blue bar on the chart.
2. To avoid warping your results with any unusually sized estimates, outliers are excluded by default. However, if you prefer them to be incorporated into the results, unselect the checkbox for Exclude Outliers. Outliers include any estimates that are more than 1.5 x interquartile range (IQR) below or above the 1st and 3rd quartiles, respectively. Outliers are only defined when there is a sufficient quantity of estimates within a given year and market.
3. When you are ready to explore a market in more detail beyond the estimates, select the View Companies and Deals for this market link near the summary table to run a Companies & Deals screener based on the market you are viewing and access a wide array of data on companies, deals, investors, and more.

Estimates list

View the individual estimates in a list below the chart and table. In the top right corner of this section, use the view icons to toggle between a reader-friendly news view and the more compact table view. Along with each estimate, you’ll see the estimated amount, estimated year, estimate data source, publisher, date published, applicable market, geography segment, and a summary of the news. Click on the link provided with each estimate to view the complete source article if you wish to dive deeper.

If you see an estimate in this list that does not look applicable to your market, you can remove it from your results or submit feedback to the PitchBook team. To submit feedback, hover over a given estimate and select the Data Feedback option that appears to the right.

If you want to filter out several estimates at once, such as estimates published before a particular year, you can do this with the filtering options described in this section. Use the Filters menu on the left side of the page to manipulate the chart and focus on the characteristics that matter to you. Filtering allows you to include or exclude estimates based on the following features.

• Geography – Include or exclude regions based on the regions in your estimate sources.
• Estimate Year – Select individual years or enter a date range.
• Estimate Source – This filter lists the trusted reporting outlets that created the estimates in the market map you are viewing. A PitchBook researcher has reviewed each outlet to ensure data integrity. Toggle the Source filter on or off to add or remove results from your estimates search.
• Date Published – Limit your results to estimates published only in the last twelve months or enter a date range.
• Publisher – This filter lists the outlets that have included the sources’ estimates in articles. Since PitchBook groups the estimates so that each occurs in the results only once, if multiple publishers have reported an estimate from the same source, adjusting the Publisher field will not always change your results.
• Market – If you have added more than one market to your search, you can remove those additional markets here.

Note: Filter options are created dynamically based on your estimates set. Your options for geographic regions, estimate years, and other filters will only include those applicable to the market size estimates in your search. For example, if your search results do not include any estimates for 2027, you will not see 2027 listed under Estimate Year.

Sharing Market Size Estimates

To share your Market Size Estimates with colleagues, click the Share button in the upper right corner of the platform to open the sharing modal. In the modal, you can:

• Send via Email – Type any email address, regardless of the recipient’s PitchBook license status, into the Send via Email box and click Send. Recipients with a PitchBook license will receive a link to the content on the platform. Recipients without a PitchBook license will receive an email with a link to download the content, triggering an automatic download when clicked.
• Share Link – Copy a link that will take licensed recipients directly to the Market Size Estimates in PitchBook. The sharing modal also includes a Share Link, which will take PitchBook-licensed recipients straight to the Market Size Estimates on the platform.

You can also use the Quick Link button, located to the right of the Share button. Like the Share Link option, licensed users will be taken straight to the content in the platform, but non-licensed recipients will be sent to a page where they can request a download from the sender.

Saving Market Size Estimates

If you want to revisit your market size estimate later, save it to your account with the Save button. This will save your content as a search, which creates a dynamic market size estimate based on your search criteria. This means your market will update automatically with any new information PitchBook adds to the platform.

To see your saved Market Size Estimates, click the Saved Markets tab. Click any of the listed Market Size Estimates to jump back into the saved estimate.

Downloading Market Size Estimates

To download your market size estimate, look for Download near the summary chart and table. Choose from a PNG chart file or an Excel file containing details about the estimates.