Blockchain Technology Market to See Huge Growth by 2027

ReportCrux Market Research has published a new report titled “Blockchain Technology Market” by Component (Platform, and Services); by Application (Digital Identity, Exchanges, Payments, Smart Contracts, Supply Chain Management, and Others); by Deployment (Public, Private, and Hybrid); by Organization Size (Large Enterprises, and Small & Medium Enterprises), by End User (IT and Telecom, Transportation & Logistics, Agriculture & Food, BFSI, Media, Advertising, & Entertainment, Healthcare & Life Sciences, Manufacturing, Energy and Utilities, Government, Retail and eCommerce, and Others); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.

Blockchain Technology Market Size:

According to the report, global demand for blockchain technology market was valued at approximately USD 184.3 Million in 2019 and is expected to generate revenue of around USD 12,016.2 Million by end of 2027, growing at a CAGR of around 68.6% between 2020 and 2027.

Scope of the Report:

Blockchain technology is an emerging distributed database technology that records all of the transactions & digital events performed and shared among many contributing parties. An agreement between most of the organization’s stakeholders validates each transaction in the public ledger. It includes a demonstrable & any record of every transaction that has ever been executed. The growth of the blockchain technology market is due to the increasing demand from companies operating in the BFSI sector for the production of many personalized products and services for their clients.

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The various benefits involved in creating such a platform have already drawn interest and, subsequently, investments from the financial sector as well as other technology giants. The technology not only has the potential to change the way the financial system currently operates, but will also have consequences for many other sectors, including media, consumer products, and telecommunication among others. An innovative requiem for all Bitcoin transactions and other cryptocurrencies has also been incorporated into the blockchain technology, including Ripple, Litecoin, and Mintchip. Thanks to its innovative and unique structure with regulatory bodies like Bank of England, and International Monetary Fund (IMF) many banks and financial institutions are developing a keen interest in this technology. Large numbers of players in the finance market are looking for investment opportunities and many have made the first investment phase in the industry to develop products and services. While the market is struggling with regulatory uncertainty, it is likely that the technology concerned will play a greater role in financial transactions in the coming years, spanning diverse domains.

Segmentation Analysis:

The global market for the blockchain technology is segmented on the basis of deployment, application, industry vertical, component, organization size, and region. Based on component, the market is bifurcated into services, and platform. The platform sector is likely to grow at high CAGR in the forecast period. Various governments in countries have implemented blockchain identification platforms at national level to assist transparent & secure transactions across all public & private domains.  Based on application, the market is categorized into digital identity, exchanges, payments, smart contracts, supply chain management, and others. The market for digital identity application held almost 21% share of the market in 2019. For example, Estonia, with its e-citizenship programme, used a blockchain at national level in June 2018. To reduce bureaucracy and digitalize all public transactions through secure digital identities, the country created its identity system, ID-Kaarts.

Based on the deployment, the global market for blockchain technology is segmented into public, private, and hybrid. From this, public segment accounted for almost 57% share of the market in 2019. The government and institutions’ increasing propensity to inculcate transparent and productive transactions is among one of the factors propelling market growth in this sector. The Australian Securities Exchange (ASX), for example, reported that the exchange had plans to move Australia’s blockchain settlement and clearing systems.

On the basis of organization size, the market is bifurcated into large enterprises, and SMEs. The market for small & medium enterprises is likely to grow at high CAGR in the forecast period. The adoption of blockchain technology is currently in the experimental phase in most SMEs, but the adoption rate in the SME segment is expected to grow dramatically in the coming years due to the low costs of transparency and infrastructure.

Based on industry vertical, the market is categorized into IT and telecom, transportation & logistics, agriculture & food, BFSI media, advertising, & entertainment, healthcare & life sciences, manufacturing, energy and utilities, government, retail and ecommerce, and others. Due to various factors such as rising cryptocurrencies, fast transactions, high compatibility with the financial services industry, and Initial Coin Offerings (ICOs), and reduced total ownership costs, the blockchain technology in BFSI is expected to experience rapid growth worldwide.

Regional Analysis:

Regionally the market is segmented into Asia Pacific, North America, Europe, Latin America and Middle East & Africa. The market in North America accounted for 37% share in 2019. This development is mainly due to the involvement of leading players providing innovative technologies and services to all sectors of the country. This can be attributed to the swifter adoption of innovative technologies in developed countries like U.S. and Canada. The increasing adoption of blockchain technology among the verticals including BFSI, retail, government, among others for implementing the digital identity detection, payment and wallet solution, and smart contracts is likely to drive the region’s market growth. Asia Pacific is likely to grow at high CAGR of almost 69.1% in the forecast period.

Key Players Analysis:

Some of the major players in blockchain technology market are AlphaPoint (U.S.), AWS (U.S.), Microsoft (U.S.), SAP (Germany), Intel (U.S.), Oracle (U.S.), IBM (U.S.), Guardtime (U.S.), Bitfury (Netherlands), Chain (U.S.), Huawei (China), BlockPoint (U.S.), BlockCypher (U.S.), BigchainDB (Germany), Digital Asset Holdings (U.S.), Applied Blockchain (UK),  Auxesis Group (India), NTT Data (Japan), RecordsKeeper (Gibraltar), BTL Group (Canada), Blockchain Foundry (UK), Earthport (UK), Symbiont (U.S.), Cegeka (Netherlands), Factom (U.S.), SpinSys (U.S.), ConsenSys (U.S.), Infosys (India), iXLedger (UK),  and Stratis (UK) among others.

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