A recent report published by Infinium Global Research on the blockchain technology market provides an in-depth analysis of segments and sub-segments in the global as well as regional blockchain technology market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional blockchain technology market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global blockchain technology market. According to the report, the global blockchain technology market is projected to grow at a CAGR of 77.07% over the forecast period of 2021-2027, growing from over USD 5.8 billion in 2020 to more than USD 318.38 billion in 2027.
Blockchain technology is basically the record-keeping technology that contains the information within the chain of blocks. It is a type of distributed ledger that use to record, share and synchronize transactions in a decentralized manner. Blockchain is one of the emerging technologies, and many companies are implementing it in their businesses. The technology has a superior ability to maintain records, cost-effectiveness, and other advantages. In order to offer the benefits of blockchain to the broader business community, the companies such as IBM, Amazon, and others provide the blockchain technology through their cloud As Service business models are known as blockchain as a Service (BaaS).
The COVID-19 outbreak opened up new applications for many technologies across various sectors. Blockchain technology found its application in simplifying the clinical trial processes for vaccines and drugs. The use of blockchain technology to transparently track financial activities such as donations and fundraising came in handy during the pandemic. Moreover, the technology played a role as a reliable data tracker in the pandemic crisis. In the healthcare industry, blockchain technology was used to track the spread of the coronavirus and identify high-risk patients. This technology helped in controlling the infection in real-time with the help of a digital database, which was used and shared within an extensive decentralized and publicly accessible network. Such applications of blockchain technology to combat the healthcare and economic impact of the pandemic augmented the growth of the market during 2020 and 2021.
The growing adoption of blockchain in the banks, government, and public databases is anticipated to escalate the growth of the blockchain market. The various banks across the world are introducing blockchain technology in their fund transferring systems. Lower transaction fees, high transparency, and minimizing the hacker’s attacks with improved securities are the key functions offered by the blockchain in the banking and other financial sectors. In addition, blockchain technology is vastly used by the government and Public databases to keep records. The blockchain is capable of providing fast, secure, and low-cost international payment processing services so they are vastly adopted in the payment transferring services that are expected to contribute to the growth of the blockchain technologies market. However, the blockchain is in the skeptical stage that is hampering the growth of the blockchain market. Additionally, continuous blockchain developments and the use of blockchain technology among the various industry verticals are expected to serve more growth opportunities for the companies working in the blockchain technology market.
Among the geographies, North America holds the largest shares in the blockchain technology market. The increasing implementation of blockchain-based smart contracts in the North American region driving the blockchain technology market in this region. The high adoption of advanced technology and the growing application of Blockchain in the BFSI and healthcare is expected to contribute to the growth of the blockchain technology market in the North American region. In addition, Asia Pacific is the fastest-growing region in the blockchain technology market owing to the growing adoption of the blockchain across various industries such as IT and Telecommunication, BFSI, and others. The governments in the Asia Pacific region are taking initiative to introduce blockchain technology in the financial sector to modernize their internal operations and minimize costs that will further create various growth opportunities for the blockchain market in this region.
The report on the global blockchain technology market covers segments such as type, component, application, organization size, and end user. On the basis of type, the sub-markets include public, private, and hybrid. On the basis of component, the sub-markets include software application, infrastructure, and middleware. On the basis of application, the sub-markets include payments, digital identity, smart contracts, documentation, supply chain management, and others. On the basis of organization size, the sub-markets include large enterprises, and SMEs. On the basis of end user, the sub-markets include BFSI, media & entertainment, transportation & logistics, government, healthcare, retail, and others.
The report provides profiles of the companies in the market such as IBM Corporation, Microsoft Corporation, Amazon.com, Inc., SAP SE, Oracle Corporation, Accenture PLC, BTL Group Ltd., Circle Internet Financial Limited, BlockCypher, Inc., and BigchainDB GmbH.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the blockchain technology market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.