Blockchain is a technology that has the capability to streamline, supply chain, eliminate huge-amount of record-keeping, and helps to increase the revenue of the organization. Moreover, the COVID-19 outbreak has imposed a positive impact on the blockchain market, throughout the projected period. Increased adoption of simplifying the business and processes along with demand for integration of blockchain technology in supply chain management (SCM) applications is anticipated to drive the global market. Also, many government authorities across the world are adopting the blockchain technology, to reduce the COVID-19 impact. For instance, in March 2020, the Dutch government has adopted blockchain technology by ‘tech against Corona initiative’ to curb the pandemic impact. Also, Tymlez the leading company in blockchain technology is freely offering services to the Dutch government for the prevention of predatory value extraction, like price gouging. Furthermore, Amid COVID-19 Situation, the U.S. government has also considered blockchain as ‘critical service’. These key factors may positively surge the growth of global blockchain, during the forecast period
This report is designed to guide leaders in strategic, operational, and financial planning over, the next upcoming years. Our report consists of:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
According to the recently published report by Research Dive, the global Blockchain market is expected to register a revenue of $174.9 billion by 2027, rising at a healthy CAGR from 2019 to 2027. The report segments the global market based on the type, application, enterprise size, end-user, and region. The report provides key insights of lucrative opportunities, drivers, vital segments, restraints, and market players.
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Factors Affecting the Market Growth
As per the publication of Research dive, the substantial growth of the global blockchain market is mainly attributed to extensively rising demand from BFSI ferms for the enhancement in personalized products and services of the customers. However, the dearth of expertise in the field may be projected to restrain the growth of the global blockchain, during the analysis period.
Public network segment will have exponential growth in the global marketplace
On the basis of type, the global market is classified into public, private, side-chains, and, hybrid. The public network segment will register significant revenue and is expected to witness the massive growth in the analysis period. Increased adoption of blockchain in the public sector for secure and transparent transactions may rise the growth of the segment, during the forecast period.
The Financial Services will Foresee Massive Growth
Based on the application the global blockchain market is broadly classified into smart contracts, cryptocurrencies, financial services, supply chain, video games, domain names, and others. The financial services are anticipated to surge with a remarkable CAGR, majorly due to cost-effectiveness and highly secured transactions.
Small & Medium-Sized Enterprises will be the most Lucrative
On the basis of enterprises, the market is bifurcated into Size Small & Medium Enterprise(SMEs) and Large Enterprise. The small & medium-sized enterprises will have rapid market growth during the analysis period; mainly because of Integration artificial intelligence along with an increased need for business streamlining in SMEs.
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BFSI segment is expected to be the Most Profitable segments over the projected period
Based on the end-user the market is broadly classified into BFSI, government, healthcare & life science, retail & e-Commerce, transportation & logistics, and others. The BFSI segment is expected to generate remarkable revenue, and is anticipated to grow at health CAGR, during the forecast period; mainly because of the increasing popularity of cryptocurrencies, along with it helps in rapid & secured transactions.
Regional Breakdown of the Market
Based on the region, the global market blockchain market is classified into North America, Asia-Pacific, Europe, and LAMEA. Asia-Pacific region for the blockchain market is anticipated to increase at a lucrative CAGR in the analysis period. This is mainly because of a massive transformation in digitalization such as digital wallets, smart contacts, and digital payment particularly in Japan, South Korea, and India.
The leading key players in the blockchain market include INTERNATIONAL BUSINESS MACHINES CORPORATION, Amazon.com, Inc., Microsoft, SAP SE, Guardtime, Bitfury Group Limited., Huawei Technologies Co., Ltd., Intel Corporation and, Oracle
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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