The global blockchain market was estimated at US $11.8 billion in 2020 and is foreseen to reach US$ 70.5 billion in 2026, growing at an annual rate of 58.7% between 2021 and 2026 forecast period.
Blockchain is a technology that consists of a growing list of records of transactions made in cryptocurrencies. Data is added to the blocks that are connected, creating a chain of blocks linked together. Blocks store transaction information such as the date, time, and dollar amount of your past purchases.
Blocks in this technology store data that distinguishes them from other blocks. Just names are used to distinguish humans from one another; each block stores a special code called "hash" that allows distinguishing it from other blocks. Hashes are, in general, considered as the cryptographic codes developed with the help of special algorithms.
This market report sets trends and forecasts the next opportunities and threats in the global blockchain market over the next few years. Blockchain is just an immutable digital economic transaction register that can record not only financial transactions but everything related to value. It can be used for payments, smart contracts, digital identity risk, and compliance management, and many more.
Recent developments:
Market growth and trends:
The blockchain market is expected to grow at a significant pace over the forecast period due to increased investment in blockchain technology and venture capital funds. It is used for smart contracts, payments, compliance management, digital identity risk and many more. Bitcoin made an early adoption of blockchain in 2009. In addition to financial services, industries like healthcare, transportation, BFSI, the government is using blockchain to manage its information. The advent of several Fintech companies across the globe is creating huge growth potential for the development of the global blockchain business.
Drivers and Market Restraints:
The growing need for faster transactions and the growing demand for simplified business processes are driving the market. In addition, the growing adoption of blockchain as a service, increased efficiency in transaction management, change in international trade, digitization in various industry sectors and transparency of information are the drivers of market growth. One of the main factors, such as increased adoption of blockchain technology, is driving market demand. This increased annual savings for banks and also reduced the cost of infrastructure.
The growing digitization around the world has increased the consumer demand for more transparency in financial transactions, which is paving way for the latest innovations like the blockchain. The financial institutions and banking sector are the primary end-users of this technology as it provides hassle-free management of the business payments.
However, significant initial investment and security concerns are expected to be the main disadvantages of market development over the forecast period.
Market Segmentation:
The blockchain market is segmented based on type, application, organization size, vertical, and region.
Regional Analysis:
Depending on the region, the global blockchain market is segmented in Europe, North America, Latin America, Asia-Pacific, the Middle East, and Africa. The North American region is estimated to hold a substantial portion of the global business over the determined period. This participation is due to the increasing investment in the development of blockchain technology, the growing acceptance of blockchain technologies in various industries, such as retail, real estate, computing and telecommunications, transportation, and logistics, among others. The Asia-Pacific region is supposed to experience a significant rise in the blockchain market during the prediction period due to the growth and development of the financial sector in this area. The rapid development of economies like China and India is expected to fuel demand in the global and regional blockchain market in the coming years.
The developed regions of North America and Europe accounted for the dominant portion of the global blockchain business due to the early adoption of this technology and the presence of the leading companies and several new entrants in this area. The Asia Pacific is touted to be a promising market for this industry in the foreseen years with the increasing awareness about the benefits of this technology.
Key Players:
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Blockchain Market, By Type
6.1.1 Public
6.1.2 Private
6.1.3 Hybrid
6.1.4 Market Size Estimations & Forecasts (2021-2026)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Blockchain Market, By Application
6.2.1 Payments
6.2.2 Exchanges
6.2.3 Documentation
6.2.4 Supply Chain Management
6.2.5 Digital Identity
6.2.6 Market Size Estimations & Forecasts (2021-2026)
6.2.7 Y-o-Y Growth Rate Analysis
6.2.8 Market Attractiveness Index
6.3 Blockchain Market, By Organization Size
6.3.1 SMEs
6.3.2 Large Enterprises
6.3.3 Market Size Estimations & Forecasts (2021-2026)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
6.4 Blockchain Market, By Vertical
6.4.1 Government
6.4.2 BFSI
6.4.3 Retail and e-Commerce
6.4.4 Healthcare and Life Sciences
6.4.5 Transportation and Logistics
6.4.6 Market Size Estimations & Forecasts (2021-2026)
6.4.7 Y-o-Y Growth Rate Analysis
6.4.8 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2021-2026)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Type
7.2.3 By Application
7.2.4 By Organization Size
7.2.5 By Vertical
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Type
7.3.3 By Application
7.3.4 By Organization Size
7.3.5 By Vertical
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Application
7.4.4 By Organization Size
7.4.5 By Vertical
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Type
7.5.3 By Application
7.5.4 By Organization Size
7.5.5 By Vertical
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Type
7.6.3 By Application
7.6.4 By Organization Size
7.6.5 By Vertical
8. Key Player Analysis
8.1 IBM Corporation
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Deloitte
8.3 BTL Group
8.4 Microsoft Corporation
8.5 R3
8.6 Linux Foundation
8.7 Global Arena Holding Inc.
8.8 Ripple
8.9 Eric Industries
8.10 Chain Inc
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
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