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.
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.
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.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 3.4 Billion |
| Market size forecast in 2027 | USD 72 Billion |
| Base Year | 2020 |
| 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 |
| Growth Drivers |
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| Restraints |
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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.
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.
By Type
By Component
By Enterprise Size
By Industry Vertical
By Geography
The Global blockchain technology market size is expected to reach $72 billion by 2027.
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.
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.
The North America emerged as a leading region of the blockchain technology market in 2020.
The infrastructure and protocols market segment obtained the major revenue share in 2020.
The infrastructure and protocols market segment dominated the market in 2020.
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