Published Date: 12-May-2021
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According to a new report Global Blockchain Technology Market, published by KBV research, 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 private blockchain is basically a shared ledger, which is safeguarded by conventional security techniques like limited user rights. In general, the security is offered to a private blockchain utilizing private keys, which are known only by the organization associated to it. Under a private blockchain, all the rights & permissions are centralized to one organization. Read permissions can also be limited in an organization depending on its usability. A private blockchain offers better & more opportunities to companies by optimally using the blockchain technology for business-to-business cases.
The infrastructure and protocols market segment obtained the major revenue share and dominated the market in 2020. The growing demand for blockchain standards & protocols like Openchain, Ethereum, and Hyperledger is contributing to the growth of this segment. Protocols allow blockchain developers to create personalized and distributed networks for their users. Therefore, this segment will witness a surge due to the advantages provided by these protocols and infrastructure.
North America emerged as a leading region of the blockchain technology market in 2020. The rising adoption of blockchain technology by companies in this region is spurring the growth of the regional market. There are several sectors like retail, government, and BFSI, which are incorporating smart contracts, payment & wallet solutions, and digital identity detection solutions, for which they need blockchain technology. Moreover, the presence of various market players in this region is also contributing to the regional market growth.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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