Blockchain Market was accounted at USD 2,035 Million in 2019 and is estimated to grow at a CAGR of 66.1% during forecast period.

Introduction of the Blockchain Market Report

Blockchain refers to a system of recording information in such a way that makes it impossible or difficult to hack, change, or cheat the system. It acts as a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. The blocks in the chain consist of a number of transactions, and every time a new transaction takes place on the blockchain, a record of the transaction is added to every participant’s ledger.

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Market Dynamic

Key Drivers and Emerging Trends

The global blockchain market is growing at a significant rate over the forecast period. The continuous innovation in the bitcoin transaction and the increasing awareness regarding the various benefits offered by blockchain, such as allows verification with no dependency on the third party, record the transactions in chronological order, and various other advantages, are the two major factors that are driving the growth of the market over the coming years. Blockchain technology is one of the most promising technology in the IT domain. This technology has not only disrupted the way financial sector operators but has also impacted numerous other sectors such as consumer goods, media, and others. In addition to this, the rising adoption of distributed ledger technology (DLT) system based on advanced data analytics is another emerging drivers that are accelerating the demand of the market. DLT is defined as a decentralized system that is mainly used to record transactions with secured mechanisms and advanced data analytics.

The strong demand for cloud-based services, particularly among the organizations, is projected to boost the demand of the market. The blockchain-as-a-Services (BaaS) enables the companies to opt for different applications such as security management systems, enterprise resource management systems, and various other systems. The outbreak of the COVID-19 pandemic has adversely impacted the growing demand of the market. The current coronavirus has created various challenges for the blockchain market, especially in 2020. Blockchain technology has been used for crisis management, donation tracking, public health data surveillance, and other operations. The pandemic situation has temporarily closed various industries, which has affected the blockchain market.

Restraint in the Blockchain Market

On the other edge of the spectrum, the high cost involved in the initial stage is one of the major factors that is likely to hamper the market growth. High venture capital funds and huge investments are needed to set up the specialized infrastructure and architecture.

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Type – Segment Analysis

Based on the type, the private blockchain segment is anticipated to grow at a higher CAGR during the forecast period. The increasing awareness regarding the numerous benefits offered by the private blockchain, such as it offers a private key to the specific users of the private blockchain, provides more opportunities to businesses in terms of leveraging the blockchain technology, and other advantages are attracting a large number of end-users towards the market. A private blockchain refers to a category of blockchain technology where write permission is kept centralized to a single organization.

Organization Size – Segment Analysis

On the basis of organization size, the SME segment is projected to grow at a higher CAGR during the forecast period. This is attributed to the growing requirement for streamlining the business processes cost-effectively across the SMEs is encouraging them to opt for blockchain technology to save their time and money. The adoption of blockchain is on the experimentation stage in major SMEs; however, the rate of adoption is projected to increase owing to its low infrastructure cost and transparency.

Application Area – Segment Analysis

Based on the application area, the banking and financial services segment is projected to dominate the market over the forecast period. The growing importance of blockchain technology in the BFSI sector is supporting the growth of the segment. Blockchain technology offers various advantages such as high compatibility within the financial services industry, rising cryptocurrencies, and Initial Coin Offering (ICOs), along with rapid transactions. All these benefits will enhance the growth of the segment in the market.

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Regional – Segment Analysis

Based on the region, North America region is predicted to dominate the global blockchain market during the forecast period. This is mainly due to the early adoption of blockchain technologies by organizations in this region. Moreover, the continuous advancement in blockchain technology is further driving the market growth.

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?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues (2019)	USD 2,035 Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Component, By Provider, By Type, By Organization Size, By Application Area, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	IBM Corporation, Amazon Web Services, Inc., Microsoft, SAP SE, Intel Corporation, Oracle, Bitfury Group Limited, Cegeka, Guardtime, and Digital Asset Holdings, LLC, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

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 Application Area

• • 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)
    • North America Market by Component
    • North America Market by Provider
    • North America Market by Type
    • North America Market by Organization Size
    • North America Market by Application Area
    • US Market All-Up
    • Canada Market All-Up
  • Europe Blockchain Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Component
    • Europe Market by Provider
    • Europe Market by Type
    • Europe Market by Organization Size
    • Europe Market 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)
    • Asia-Pacific Market by Component
    • Asia-Pacific Market by Provider
    • Asia-Pacific Market by Type
    • Asia-Pacific Market by Organization Size
    • Asia-Pacific Market 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)
    • RoW Market by Component
    • RoW Market by Provider
    • RoW Market by Type
    • RoW Market by Organization Size
    • RoW Market 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