The Global Blockchain Market, valued at USD 3024.54 Million in the year 2020 has been witnessing unprecedented growth in the last few years on the back of rising demand of cryptocurrency and growing digitalization. The COVID-19 pandemic has accelerated the digital transformation in many areas because of supply chain disruptions, lockdowns and many physical restrictions, with the usage of blockchain technology. The market growth of blockchain will also be facilitated by replacements of blockchain projects as most of them have ignored basic features of the technology. Also, with the pandemic brining into focus the required changes in the blockchain technology, the market will witness major growth in the near future. Additionally, rising adoption of distributed ledger technology (DLT) systems, increasing adoption of e-commerce will drive the Blockchain Market value in the near future.
The pandemic has significantly pushed the demand for blockchain distributed ledger in several industries such as BFSI, manufacturing, retail & e-commerce and healthcare. In addition to this, as businesses across the globe are reopening, many organizations are shifting their focus towards blockchain distributed ledgers for advanced security features for their customers to reduce the risk of cyber-attacks.
Among the Type in the Blockchain Market (Public blockchain, Private Blockchain, Hybrid blockchain), Public Blockchain is large segment globally and is expected to grow steadily in the forecast period. The advantages of public blockchain and easy accessibility for users will drive the market.
Among the Application of the Blockchain Market (Digital Identity, Payments, Smart Contract, Supply Chain Management, Others), Payments holds large share in market globally and is expected to keep growing in the forecast period. It is one of the largest applications of Blockchain Market due to the growing demand of E-commerce and the advantages of blockchain in payments will keep driving the market in future.
Among the End User of the Blockchain Market (BFSI, Payments, Industrial Products and Manufacturing, Energy and Utility, Government, Others), BFSI holds large share in market globally and is expected to keep growing in the forecast period. It is one of the largest sectors of Blockchain Market due to the high demand of e- financial services among young population and growing adoption of blockchain security in BFSI will keep driving the market in future.
Scope of the Report
- The report analyses the impact of Covid-19 on Blockchain Market.
- The report presents the analysis of Blockchain Market for the historical period of 2016-2020 and the forecast period of 2021-2026.
- The report analyses the Blockchain Market by Type (Public blockchain, Private Blockchain and Hybrid blockchain).
- The report analyses the Blockchain Market by Application (Digital Identity, Payments, Smart Contract, Supply Chain Management and Others).
- The report analyses the Blockchain Market by End User (BFSI, Payments, Industrial Products and Manufacturing, Energy and Utility, Government and Others).
- The Global Blockchain Market has been analysed By Region (Americas, Europe and Asia Pacific) and By Country (U.S, Canada, Germany, Russia, U.K., Switzerland, China, Japan, South Korea and India).
- The attractiveness of the market has been presented by region, by Type, by Application, by End User. Also, the major opportunities, trends, drivers and challenges of the industry has been analysed in the report.
- The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include IBM, Accenture, DSC Technology, Infosys limited, NTT Data, TCS, Digital Asset, Chainalysis, Oracle and HPE.
Key Target Audience
- Blockchain Technology Companies
- Consulting and Advisory Firms
- Government and Policy Makers
- Regulatory Authorities
