The global blockchain market accounted for a value of USD 1.9 billion in 2019 and is projected to register growth at a CAGR of 55.5% during forecast period.
COVID-19 has impacted the blockchain market but not significantly. The blockchain helps in surveillance of public health data, donation tracking, crisis management and securing medical supply chains etc. The spending on this technology is decreasing. Although governments across various regions along with corporate organizations are focusing on deplaoying innovative solutions in order to improve consumer experience due to pandemic.
For more details, visit: Global Blockchain Market By Type (Private, Public, Others), By Component (Platform, Services, Others), By Organization Size (SMEs, Large Enterprises, Others), By Application (Insurance, Others), By Region, Forecast & Opportunities to 2026
The blockchain technology is considered as most promising upcoming technologies in information technology domain. The requirement for simplifying the business processes is rapdly increasing and the need for supply chain management applications integrated with blockchain technology is increasing around world. This boosts the growth of blockchain market during forecast period.
On the basis type, the blockchain market is segmented into private, public and hybrid. The private segment is estimated to dominate the market during forecast period. The private blockchian is shared ledger that is secured by traditional techniques of security. The private blockchain has access to security using private keys that are known only to the related organization. The private blockchain is a category of blockchain technology in which the write permissions are kept centralized to a single organization. This technology provides various opportunities to businesses and the adoption of this technology is rapidly increasing. Thus, drives growth in private blockchain segment during forecast period.
On the basis organization size, the blockchain market is segmented into small & medium enterprises (SMEs) and large enterprises. The SMEs segment is estimated to register growth at highest CAGR during forecast period. The requirement for streamlining the businesses process cost effectively is increasing in SMEs. The adoption rate of blockchain is technology is high among SMEs and it is likely to increase during forecast period.
On the basis application, the blockchain market is segmented into transportation & logistics, agriculture & food, manufacturing, energy & utilities, healthcare & life sciences, media, advertising & entertainment, banking & financial services, insurance, IT & telecom, retail & eCommerce, government and others. The banking & financial services segment is estimated to hold largest market share during forecast period. The banking & financial services applications adopt blockchain technology to secure transactions for customers. This technology offers high compatibility with financial service and crypto currencies are increasing in this application. The adoption of blockchain technology is increasing rapidly in banking & financial services application and this drives growth in banking & financial services during forecast period.
North America region is estimated to hold largest market share during forecast period. The organizations are adopting blockchain technology rapidly in this region. The emergence of blockchain providers is increasing in this region. The blockchain technology helps organizations develop their business. The blockchain technology is widely adopted by BFSI, automotive, energy & utilities, retail and IT & telecom etc. This drives growth in North America region in blockchain market during forecast period.
The key market players in blockchain market are IBM, AWS, Microsoft, SAP, Intel, Oracle, Huawei, Bitfury, Guard Time, Digital Asset Holdings, Chain, Blockcypher, Symbiont, Bigchaindb, Applied Blockchain, Recordskeeper and BTL Group.
- What are the expected industry trends over the next three to five years?
- Which of the blockchain type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?