Blockchain Technology Market Research Report - Global Forecast to 2030

Blockchain Technology Market Research Report: By Service Provider (Application and Solution Provider, Middleware Provider, Infrastructure & Protocol Provider), By Organization Size ( Large Enterprise, Small and Medium Enterprise ), By Application ( Payment and Transaction, Smart Contract, Digital Identity, Documentation, Exchanges and Others), By End-Users ( Healthcare, Life Sciences, BFSI, IT and Telecommunication, Retail, Government, Travel and Hospitality, Real Estate & Construction, Others) - Global Forecast 2030

ID: MRFR/ICT/1176-CR | February 2020 | Region: Global | 123 pages

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Blockchain Technology Market Overview:


According to MRFR's latest published report, the blockchain technology market is expected to reach USD 137.59 Billion by 2030 growing at a CAGR rate of 67.54%.

The uplifting concentrations on the decentralization of information and data ledgers have resulted in the escalation of Blockchain technology. This Blockchain Technology Industry facilitates the invariableness of the functions of the database by making transparent interactions. The applications produced by Blockchain Technology Industry are gaining speedy mileage and covering a wide range of domains such as retail, healthcare, and BFSI. Also, there’s a huge market opportunity and potential for the Blockchain Technology Market. Therefore, Blockchain is assumed to gain huge popularity in the future years because of its innate nature. 


COVID-19 Analysis:
The pandemic has caused a huge impact on various industries across the world. Therefore, every industry has to fight the battle with both economic and health issues and had to go through this forced recession. Along with the worldwide financial loss of millions and trillions of dollars, the speedy recovery has become a huge reason for concern. 



This COVID-19 pandemic scenario has affected the Blockchain Technology Market Revenue for a short period of time. The Blockchain would take a major role in driving various activities related to digital transformation and also various initiatives during this crisis scenario. According to the Blockchain Technology Market Analysis,this technology can be utilized for the surveillance of public health information, security of the medical supply chains, crisis management, donation of tracking, etc. Also, this Blockchain industry can speedily capture the long-lasting effect that the COVID-19 has caused on numerous industry levels. 



According to the Blockchain Technology Market Analysis done by OECD or Organization for Economic Co-operation and Development says that, in comparison to 2019, the Blockchain technology sector will experience a slight 8% decline in technology investment in 2020. Therefore, the various business entities and governments are concentration on the deployment of numerous innovative technologies for enhancing the customer experience. In the coming years, such active initiatives are presumed to fuel the Blockchain Technology Market Demand for various solutions. 


Market Dynamics:
Drivers:
The rising demand for digital identity has resulted in the expansion of Blockchain Technology Market SizeThe various identity platforms based on blockchain technology have numerous applications in both countries that have weak identification procedures and in unregulated countries. At the national level, the adoption of Blockchain Technology Market Demand-based identification platforms has been performed by various governments to promote transparent and secure transactions across the public and private sectors. Various governments have used blockchain technology at a national level with their e-citizen programs since 2018. Therefore, these countries have been able to develop their identity-related procedures and successfully minimized the bureaucracy. Also, this technology has helped them to digitalize all kinds of public transactions via safe digital identities. 

In addition, the growing capitalization of market-related cryptocurrencies has fueled the venture of capital investment done by various countries. Depending on the Blockchain Technology Market Size, the cryptocurrencies have marked the innovation in various payment landscapes. Moreover, in comparison with other payment types, these currencies offer a lower amount of transaction fees. Also, as the transaction fees ask for huge money, hence cryptocurrencies draw the companies and individuals to the cross-border payment methods. Also, because of the decentralized property of these cryptocurrencies, the regulatory authorities of the cross-border can’t impose any kind of restrictions on these transactions. Therefore, the low amount of transaction fees and various other factors are promoting the Blockchain Technology Market Revenue and also the capitalization of cryptocurrencies that drives the venture capitalists for investing in the Blockchain Technology Market Share

In 2017, the price of the cryptocurrency has jumped to 2.200% within only 11 months and as a result, the funds raised by the various Blockchain startups via IOS had surpassed the VC investment in the Blockchain sector. 



Opportunities:

Since the evolvement of the foremost peer-to-peer decentralized electronic cash, the Blockchain Technology Market Growth has promoted rapidly. Today, various investors from different fields understand the advantages of this technology. From finance to medicine, various sectors are opting for ways to integrate Blockchain technology into their infrastructures. Because of its trustless and decentralized properties, the industry growth can lead to various new opportunities and can benefit the business via enhanced transparency, easier traceability, and greater security. 



Restraints:

The only restraint of Blockchain technology is its sophisticated integration procedure. Also, the businesses face a lack of technical team who has expertise in this technology. 

Segment Overview:
According to the market forecast, this market can be classified based on the application, service provider, organization size, end-users, and region.



By Application:

The market is segmented into the following divisions based on the types of application: 


  • Payment and transaction

  • Digital identity

  • Exchanges

  • Smart contract

  • Documentation

  • Other


By Organization Size:
Based on organization size, the divisions of the Blockchain technology market are:


  • Small enterprises

  • Medium enterprises

  • Large enterprises


By Service Provider:
This segment classifies the usage of different Blockchain technology. The divisions are as follows: 


  • Middleware provider

  • Application provider

  • Infrastructure provider

  • Solution provider

  • Protocol provider


By End-users:
The market  is segmented into the following divisions based on the end-users. 



  • BFSI

  • Life sciences and Health care

  • Telecommunication and IT

  • Hospitality and travel

  • Government

  • Retail

  • Construction and real estate

  • Others


By Region:
The segmentation of the worldwide Blockchain technology market based on the region are: 



  • North America

  • Europe

  • Asia Pacific

  • Rest of the world


Regional Analysis:
According to the Blockchain Technology Market Trends, in 2018, the North American region has dominated this market and it was estimated at approximately USD 612.3 million. The reason behind such growth is the speedier adoption of these innovative Blockchain technologies in most of the developed nations such as Canada and the United States. Also, the rising adoption of this technology among various verticals including retail, BFSI, government for detection of digital identity, wallet and payment solutions, smart contracts, etc. are assumed to enhance the Blockchain Technology Market Share.



Also, the growing economic sector in various developing countries like India and China is assumed to stimulate the regional growth of the Blockchain industry in the Asia Pacific region. The rising utilization of blockchain technology in managing KYC or Know Your Customer documents by the banks in the Asia Pacific region is also assumed to drive the Blockchain market growth in this particular region. Also, increasing initiatives by the research institutes and the government have resulted in the development of this technology. The laboratories are being developed in these countries to concentrate on advanced mathematics, integration of huge data, and the advancement of this technology. 

Competitive Landscape:
According to the worldwide Blockchain Technology Market Trends, this market is characterized by the presence of various local, regional, and international vendors. The market is extremely competitive, with every player opting for greater market share. The rapid advancement of technologies, the frequent change in various governmental policies, intense competition – are the major factors that drive the Blockchain market development. Depending on the reliability, pricing, and quality of the service, the vendors compete. Also, the vendors must offer value-added services and the latest innovative technologies to succeed and survive in this immensely competitive Blockchain market environment. 



Report Overview
:
The Blockchain Technology Market Forecast presumes that at country, regional, and global levels there would be significant revenue growth and also offers an overview, from 2018 to 2023, of the current developments in the Blockchain industry sector and its sub-sector. Also, because of the purpose of the overview analysis, the MRFR has segmented the worldwide report of the technology market by application, provider, end-users, region, and organization size. 



Scope of report and segmentation table:


  • Base year – 2020

  • Forecast period – 2021-2028

  • Historical data – 2019



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 137.59 Billion
  CAGR   67.54%
  Base Year   2020
  Forecast Period   2021-2030
  Historical Data   2019
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Service Provider, Organization Size, Application and End-Users
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Microsoft Corporation, IBM Corporation, Coinbase, Blockchain Tech LTD, Earthport Plc, BitFury Group Ltd, Ripple Labs Inc, Deloitte Touche Tohmatsu Limited, Abra, Inc, Chain Inc, and Digital Asset Holdings, LLC
  Key Market Opportunities

  • Various investors from different fields understand the advantages of this technology
  • Can benefit the business via enhanced transparency, easier traceability, and greater security.
  •   Key Market Drivers

  • The rising demand for digital identity
  • The growing capitalization of market-related cryptocurrencies
  • The low amount of transaction fees


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    Frequently Asked Questions (FAQ) :

    It is the blockchain-based applications that are gaining traction as it is covering several domains of BFSI, healthcare and retail. These applications are aiding the market with tremendous market opportunities in the future.

    The market is set to reach USD 137.59 Billion by 2030

    The telecommunication sector is increasingly utilizing blockchain mainly for applications such as smart contracts, billing, roaming services and identity as a service and the prime factor for the market’s expansion.

    Industrial verticals that are focusing on leveraging blockchain technology are packaging, retail, and banking.

    Currently, the North American region is commanding the largest share of the global blockchain technology market.

    The blockchain technology market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive with all the players competing to gain market share. Intense competition, rapid advances in technology, and frequent changes in government policies are key factors that confront market growth. The vendors compete based on quality of service, pricing, and reliability. It is crucial for the vendors to provide advanced technology and value-added services for blockchain technology vendors to survive and succeed in an intensely competitive market environment.


    The growth of the market vendors is dependent on the market conditions, government support, and industry development. Thus, the vendors should focus on expanding geographically and advancement in digital services.  Microsoft Corporation, IBM Corporation, Coinbase, Blockchain Tech LTD, Earthport Plc, BitFury Group Ltd, Ripple Labs Inc, Deloitte Touche Tohmatsu Limited, Abra, Inc, Chain Inc, and Digital Asset Holdings, LLC, are major companies in the market that compete in terms of services offered, pricing of IPN devices, and availability of components from suppliers. These companies primarily focus on the designing crypto-currencies, money transactions, and data integrity & security. Although the global players are dominating the market, regional players with small market shares also have a presence in the market. The global players are expected to strengthen their presence worldwide through organic and inorganic growth during the forecast period.


    The vendors with better technical and financial resources can develop innovative product that render the competitors' products, obsolete and non-competitive even before they are launched, or costs are recovered. Therefore, vendors must develop new technologies and stay in touch with emerging technologies that could affect the continuing competitiveness of their product lines in the market.


    Microsoft Corporation is a leading provider of software, services, and solutions across the globe. The company mainly operates three segments such as productivity and business processes, intelligent cloud, and more personal computing. The company at present offers “Blockchain as a Service (BaaS)” on Microsoft Azure platform which was initiated to enable enterprise clients and developers to have a single-click cloud-based blockchain developer environment. The company operates in North America and rest of the world.


    International Business Machine (IBM) is a leader in providing information technology, innovation, and research & development worldwide. The company operates through various business segments such as cognitive solutions, technology services, business services, global financing services, software services and system hardware. The company has major operations in the US, Japan and the Rest of the World. IBM Corporation primarily aims to increase their business productivity by building partnerships with tech giants and exploring the untapped market as a part of their inorganic growth strategy.


    Blockchain Tech Ltd offers solutions that require a minimal IT support, and reduced cost of development. The company provides variety of services such as technical design services, development and hosting services, and support services. BTL Group is primarily focusing on providing free and next-generation blockchain technology platforms for enterprises and end-users.


    These companies contributed a major proportion towards market revenue of blockchain technology market.


    Intended Audience



    • Software solution providers

    • Network providers

    • System integrators

    • Government, financial, and research institutions as well as investment communities

    • Service providers and distributors

    • Blockchain application builders

    • Customer experience management professionals

    • Independent Software Vendors (ISVs)

    • Analytics consulting companies

    • Enterprises