Blockchain Market

Blockchain Market generated a revenue of USD 2,035 Million in 2019 and is forecast to grow at a CAGR of 66.1% during forecast period (2020-2027), due to the growing adoption of blockchain solutions for smart contracts and payments.

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Key Drivers

The major factors fueling the growth of Blockchain Market includes the growing adoption of blockchain solutions in banking and cybersecurity products, increasing awareness about the beneficial features of blockchain technology, which include no reliance on third-party for varication, and improvements in the living standards. The authorization of cryptocurrency has augmented the investment by businesses and investors in blockchain technology, thus, encouraging leading market players to emphasize on improving their services to make blockchain technology more effective, which is forecast to drive the market growth. Additionally, strategic initiatives in the decentralized finance space have bolstered the market growth.  The Global Cryptocurrency Market is forecast to reach USD 5.00 billion by the end of 2030. Moreover, increasing use of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) in autonomous vehicles, smart grids, and smart homes, growing demand for cloud-based services and rapid urbanization, are some of the additional factors supplementing the Blockchain Market Growth. In addition, the increasing investments by leading players on research and developments, strategic mergers between key companies, accelerating disposable incomes and growing population growth rates, are further contributing towards the market growth.

Emerging need for transparent transactions in the retail industry to build trust between companies, suppliers, and customers and increasing investment in blockchain-based solutions to ensure reliability, quality, authenticity, and product safety are projected to expand the market growth. The improved cryptographic security offered by blockchain for its databases and transactions helps in reducing the fraud and ensures sustainability of retailers, which will drive the market growth. Increasing integration of Artificial Intelligence with blockchain to improve their offering has augmented the market share. However, factors including insufficient availability of skilled workforce, high initial cost and huge investment needed to set up the advanced infrastructure might hamper the market growth over the forthcoming years.

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Type – Segment Analysis

Private blockchain type is expected to witness a promising CAGR during the forecast period, due to the growing awareness about the exceptional benefits which include a private key to the specific users of the private blockchain, helps companies to reverse the transactions and change norms at cost-effective rates, and offers more opportunities to businesses to leverage the blockchain technology. On the other hand, the public blockchain type is predicted to lead the market, due to the increasing emphasis of various institutions and government to develop effective and open transaction.

Organization Size – Segment Analysis

Small and Medium Enterprises are projected to grow at a higher CAGR during the forecast period, due to the emerging need to cost-effectively streamline the business processes in order to save their time and money. The low infrastructure cost, safe data storage and transparency offered by the technology is expected to increase its adoption across SMEs, fueling the market growthh. The growing application of blockchain solutions by small and medium organizations to finance, process payments, and select ancillary services, are some of the factors catalyzing the segment’s size.

Vertical Segment Analysis

Banking and Financial Services are projected to hold the largest market share over the forecast period, due to the growing adoption of digital ledger solutions by financial institutions to optimize processes, secure end-user’s financial data and transactions, and minimize operational cost. For example, in 2021, leading banks of India including State Bank of India (SBI), HDFC, ICICI Bank, collaborated to launch Indian Bank’s digital ledger infrastructure company private limited, Indian Banks’ Blockchain Infrastructure Co (IBBIC), to safeguard transactions, minimize the transaction processing time, and speed up the process of letters of credit. The exceptional features offered by Blockchain technology which include high compatibility within the financial services industry, high-speed, safe and effective transactions have augmented their adoption across the BFSI industry, propelling the segment’s growth.

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Regional – Segment Analysis

North America is forecast to lead the market during the forecast period. This is mainly due to the early adoption of blockchain technologies by organizations and ongoing continuous advancement in technology. The strong presence of leading players which include Microsoft Corporation, IBM Corporation, Oracle Corporation, AWS, and Digital Asset Holdings LLC, in the United States will expand the regional size. The growing adoption of blockchain technology across various end-use industries like government, retail, and BFSI, will drive the market growth.

Asia Pacific is projected to witness a higher CAGR over the forecast period, due to the strategic government support to encourage the use of blockchain technology, primarily because of the exceptional benefits including higher transparency and increased efficiency. For example, in 2019, the South Korea government made an investment of USD 880 million in blockchain development projects.

Top Market Players

Various notable players operating in the market include IBM Corporation, Amazon Web Services, Inc., Microsoft, SAP SE, Intel Corporation, Oracle, Bitfury Group Limited, Cegeka, Guardtime, and Digital Asset Holdings, LLC, among others. 

Key Developments:

• • In 2020, Microsoft officially integrated the Lition as a Blockchain-as-a-Services (BaaS) provider on Azure. It will help the Azure’s enterprise clients around the world to develop, test, and deploy Lition side chains and applications.
  • In 2020, IBM Corporation introduced the Hyperledger Fabric, an enterprise-grade, distributed ledger platform that provides modularity and versatility for various sectors. The developers can write smart contracts in various programming languages such as Go, Java, and Javascript to support Ethereum’s Solidity smart contracts language.
  • In 2018, SAP SE introduced a new network extensibility services that allows customers and partners to integrate different blockchain infrastructures.

Segments covered in the Report:

The global Blockchain market has been segmented on the basis of Component, Provider, Type, Organization Size Application Area, and key regions. Based on Component, the market is segmented into Platform and Services. Based on Provider, the market is segmented into Application, Middleware, and Infrastructure. Based on Type, the market is segmented into Private, Public, and Hybrid. Based on Organization Size the market is segmented into Large Enterprises and SMEs. 

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Key questions answered in this research report:

• • At what pace is global Blockchain market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Blockchain market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Blockchain market?
  • Which Component generated maximum revenues in 2019 and identify the most promising Component during the forecast period?
  • What are the various Providers of global Blockchain market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Blockchain Market by Component

• • Platform
  • Services

Global Blockchain Market by Provider

• • Application Providers
  • Middleware Providers
  • Infrastructure Providers

Global Blockchain Market by Type

• • Private
  • Public
  • Hybrid

Global Blockchain Market by Organization Size

• • Large Enterprises
  • SMEs

Global Blockchain Market by Vertical

• • Transportation and Logistics
  • Agriculture and Food
  • Manufacturing
  • Energy and Utilities
  • Healthcare and Life Sciences
  • Banking and Financial Services
  • IT and Telecom
  • Retail and eCommerce
  • Others

Global Blockchain Market by Region

• • North America Blockchain Market (Option 1: As a part of the free 25% customization)
    • By Component
    • By Provider
    • By Type
    • By Organization Size
    • By Application Area
    • US Market All-Up
    • Canada Market All-Up
  • Europe Blockchain Market (Option 2: As a part of the free 25% customization)
    • By Component
    • By Provider
    • By Type
    • By Organization Size
    • By Application Area
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Blockchain Market (Option 3: As a part of the free 25% customization)
    • By Component
    • By Provider
    • By Type
    • By Organization Size
    • By Application Area
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Blockchain Market (Option 4: As a part of the free 25% customization)
    • By Component
    • By Provider
    • By Type
    • By Organization Size
    • By Application Area
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Blockchain (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • IBM Corporation
  • Amazon Web Services, Inc.
  • Microsoft
  • SAP SE
  • Intel Corporation
  • Oracle
  • Bitfury Group Limited
  • Cegeka
  • Guardtime
  • Digital Asset Holdings, LLC