Global Blockchain Technology Market By Type (Public, Private and Hybrid), By Component (Infrastructure & Protocols, Application & Solution and Middleware), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By Industry Vertical (BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Media & Entertainment, Manufacturing and Others), By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the Blockchain Technology Market
Market Report Description
The Global Blockchain Technology Market size is expected to reach $72 billion by 2027, rising at a market growth of 51.8% CAGR during the forecast period. A blockchain is a list of records called blocks, which is connected to cryptography. It is also known as distributed ledger technology (DLT). Every block has a cryptographic hash of the former block which is a timestamp and process data. Blockchain technology is considered as safe, fast, and inexpensive, which is why it is utilized to initiate online transactions all over the financial services and non-financial industries. This technology is decentralized which eliminates the requirement of intermediaries to check online transactions. Blockchain is applied to a wide range of areas consisting of factoring and mobile payments.
In the past few years, blockchain appeared as a very beneficial technology used in the IT domain. It is basically a fixed and open distributed public ledger, wherein every party associated with a transaction can access it. It also acts as a common repository of all the transactions occurred among the parties. The growth of the market is boosted by the rising adoption of cryptocurrency across the globe. Almost all the commercial and central banks around the globe are utilizing blockchain technology for initiating payment and issuing their digital currencies. This technology allows cross-border payments, which are inexpensive and fast in comparison to the traditional way of payment.
The ongoing COVID 19 pandemic will have an impact on the blockchain sector for the short period only. Blockchain technology will play a crucial role in leading the digital transformation activities & initiatives in this scenario. This technology is very helpful for public health data surveillance, crisis management, donation tracking, securing medical supply chains, and others. There are many governments and companies which are aiming at implementing advanced technologies to improve user experience. These kinds of initiatives are projected to surge the growth of the market.
Based on Type, the market is segmented into Public, Private and Hybrid. In 2020, the public market segment emerged as the leading segment with the highest share in the global market. The public blockchain is basically a multi-tenant environment, in which there is a sharing of computing space with various other customers. At present, there are numerous government entities all over the globe, which are embedding conventional systems with cloud technologies.
Based on Component, the market is segmented into Infrastructure & Protocols, Application & Solution and Middleware. The middleware market segment is anticipated to record the highest growth rate during the forecast period. Middleware is basically a tool that is used to automate the verification of clinical data in the healthcare sector. The increasing investments in the healthcare industry are projected to fuel the growth of the segment. In addition, this growth is attributed to the usage of middleware tools to monitor laboratory performance metrics.
Enterprise Size Outlook
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. The Small & Medium enterprise market segment is projected to garner the substantial growth rate during the forecast period. These SMEs face problems in scaling their tasks like processing payments, financing, and choosing ancillary services crucial for global expansion. Blockchain technology assists these SMEs to minimize issues that arise by subsidizing and exchanging accounts.
Industry Vertical Outlook
Based on Industry Vertical, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Media & Entertainment, Manufacturing and Others. The financial services market segment acquired the largest revenue share of the market in 2020. These financial services utilize blockchain technology in order to manage all the financial transactions that occurred in a firm. This blockchain technology offers safe & efficient transactions, which is fueling the demand for blockchain technology in financial services.
|Market size value in 2020||USD 3.4 Billion|
|Market size forecast in 2027||USD 72 Billion|
|Historical Period||2017 to 2019|
|Forecast Period||2021 to 2027|
|Revenue Growth Rate||CAGR of 51.8% from 2021 to 2027|
|Number of Pages||287|
|Number of Tables||480|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling, Competitive Landscape|
|Segments covered||Type, Component, Enterprise Size, Industry Vertical, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia-Pacific region is projected to record major growth during the forecast period. The governments of nations like Japan, China, and India are encouraging the usage of blockchain technology in present days due to its benefits like improved efficiency, more transparency, many others that are offered to several business verticals.
KBV Cardinal Matrix - Blockchain Technology Market Competition Analysis
Free Valuable Insights: Global Blockchain Technology Market size to reach USD 72 Billion by 2027
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Amazon.com, Inc. and Microsoft Corporation are the forerunners in the Blockchain Technology Market. Companies such as Hewlett Packard Enterprise Company, Monax Industries Limited, IBM Corporation, and Intersteller are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon.com, Inc., Microsoft Corporation, Hewlett Packard Enterprise Company, IBM Corporation, Circle Internet Financial Limited, Digital Asset Holdings, LLC, Global Arena Holding, Inc., The Linux Foundation, Monax Industries Limited, and Interstellar.
Recent Strategies Deployed in Blockchain Technology Market
» Partnerships, Collaborations, and Agreements:
- Mar-2021: Interstellar came into collaboration with Velo Labs, a blockchain-based financial protocol. The collaboration aims to enable quicker and cheaper cross-border payments in Southeast Asia on the stellar blockchain.
- Feb-2021: Microsoft joined hands with International Trust Machines Corporation (ITM), along with MediaTek AIoT Ecosystem. The collaboration aims to develop out-of-the-box solutions for enterprises to utilize blockchain for IoT technology. Under this collaboration, ITM has created a solution for TaiPower, Taiwan's largest energy provider, to register the solar power data generated by smart meters.
- Jan-2021: Microsoft collaborated with Tanla Platforms, a cloud communications company. In this collaboration, the companies launched Wisely, a Blockchain-enabled communications platform-as-a-service (CPaaS) offering built on Azure Cloud. This platform offers a global edge-to-edge network, which provides private, safe, and trusted communication experiences.
- Dec-2020: Circle partnered with Visa, an American multinational financial services corporation. The partnership enables companies across the globe to take benefits from the integrated strength of USD Coin, a fully-reserved digital dollar stablecoin supported all over the various public blockchains, and also Visa's global payments platform & network.
- Oct-2020: IBM joined hands with R3, an enterprise software firm. The collaboration expanded the option for customers scaling blockchain technology at the same time providing their best performance, compliance, and data privacy. Under this collaboration, R3 introduced a new open beta program to integrate R3's enterprise blockchain platform, Corda Enterprise, to IBM LinuxONE all over the hybrid cloud, including both on-premises and the IBM Cloud, delivered through IBM Cloud Hyper Protect Services.
- Oct-2020: Digital Asset came into collaboration with ISDA, a trade organization. Together, the companies announced pilot incorporation of the Common Domain Model (CDM) for the clearing of interest rate derivatives utilizing DAML. This pilot brings the CDM model for clearing and adds the latest features for the signing of state transitions, privacy elements, and data ownership that are important to incorporate the CDM clearing model into production
- Sep-2020: AWS collaborated with Tech Mahindra, an Indian multinational company. Under this collaboration, Tech Mahindra aimed to launch blockchain solutions based on Amazon Managed Blockchain to worldwide users utilizing AWS and other top companies all over the world.
- Jul-2020: Circle extended its partnership with Voyager Digital, a public, licensed crypto-asset broker. Under this expansion, Voyager combined the Circle Platform Services & Payments API into its Voyager Crypto Broker Platform that can lead to the expansion of its funding mechanisms.
- Jul-2020: Circle entered into a partnership agreement with Genesis, a leading digital asset prime brokerage firm. This partnership aims to boost the adoption and acceptance of digital dollar stablecoins in mainstream finance.
» Product Launches and Product Expansion:
- Mar-2021: Circle unveiled a comprehensive payments solution for non-fungible token (NFT) marketplaces and storefronts. This solution helps the marketplaces & storefronts to accept credit card and crypto payments to attract the majority of mainstream audience adoption.
- Aug-2019: Interstellar introduced Slingshot, a blockchain transaction format with cloaked assets and zero-knowledge smart contracts. Slingshot makes transactions more confidential, simple, highly efficient, and customizable. It enables custom contracts through programmable restrictions over encrypted data and assets. It also includes an API called Token for issuing assets utilizing ZkVM.
- Apr-2019: AWS launched Amazon Managed Blockchain, a fully managed service. It makes it easy to make and run scalable blockchain networks. This Amazon Managed Blockchain scales to support various applications and a huge number of transactions utilizing the famous open-source frameworks like Hyperledger Fabric and Ethereum.
- Feb-2019: Monax announced the public beta launch of the Monax Platform. It is available for production-level commercial usage. The Monax Platform is a relationship-centric workspace for small to medium size companies allowing customers to use digital contracts to manage risk and lead the business systems.
Scope of the Study
Market Segments Covered in the Report:
- Infrastructure & Protocols
- Application & Solution
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
By Industry Vertical
- IT & Telecom
- Retail & eCommerce
- Government & Defense
- Media & Entertainment
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Amazon.com, Inc.
- Microsoft Corporation
- Hewlett Packard Enterprise Company
- IBM Corporation
- Circle Internet Financial Limited
- Digital Asset Holdings, LLC
- Global Arena Holding, Inc.
- The Linux Foundation
- Monax Industries Limited
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Blockchain Technology Market Related Reports:
How valuable will the blockchain technology market be in the future?
The Global blockchain technology market size is expected to reach $72 billion by 2027.
What are the key driving factors and challenges in the blockchain technology market?
The increasing market capitalization of cryptocurrencies are driving the market in coming years, however, Strict government regulations related to blockchain-related transactions have limited the growth of the market.
What are the major top companies in the competitive landscape?
Amazon.com, Inc., Microsoft Corporation, Hewlett Packard Enterprise Company, IBM Corporation, Circle Internet Financial Limited, Digital Asset Holdings, LLC, Global Arena Holding, Inc., The Linux Foundation, Monax Industries Limited, and Interstellar.
Which region dominated the blockchain technology market in 2020?
The North America emerged as a leading region of the blockchain technology market in 2020.
Which segment has major revenue share of the blockchain technology market in 2020?
The infrastructure and protocols market segment obtained the major revenue share in 2020.
Which segment dominated the blockchain technology market in 2020?
The infrastructure and protocols market segment dominated the market in 2020.