Blockchain Market Rising at 56.1% CAGR to Touch USD 69.04
06 Jul 2021
Pune, India, July 06, 2021 (GLOBE NEWSWIRE) -- The global blockchain market size is projected to reach USD 69.04 billion by 2027, exhibiting a CAGR of 56.1% during the forecast period. In 2019, the value of the market was USD 2.01 billion. The open access to data facilitated by blockchain technologies will be the central growth determinant for this market. Fortune Business Insights shares this information in its report titled "Blockchain Market, 2021-2027."
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Blockchain technology divides ledgers into nodes that can be accessed by several individuals. These nodes consist of an electronic device responsible for preserving the data and securing the network chain by advanced safety technologies using algorithms. The rising demand for advanced technological solutions that provide accurate market data to companies for making products based on the consumer’s needs. This technology is finding widening applications in different industries, such as BFSI and retail, where companies are deploying smart tools to monitor their transactions throughout the supply chain. For example, Unilever uses blockchain to control their tea trade by tracking the progress of transactions from the distribution network. Countries such as the US, Japan, South Korea, and others are also heavily investing in digital ledger technologies (DLT) to expand their uses across several sectors. For example, in 2019 the Republic of Korea spent USD 9 million for the expansion of the advanced ledger system throughout its public sector. As a result of the rising adoption of open-access technologies by various countries and companies, the market is anticipated to grow during the upcoming years.
List of Key Players Profiled in the Blockchain Market Report
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Impact of COVID-19
The COVID-19 pandemic has adversely affected production activities by reducing workers’ availability, leading to the temporary shutting down of plants and factories. However, because of the digitization of activities the blockchain market growth is anticipated to flourish as this technology enables swift digitization of balance sheets and reports. Further, it can enable the monitoring of data regarding public health, managing emergencies, tracking donations, and procuring medicines and other essential medical supplies. In addition, governments and global organizations are working on bringing transparency in the collection and dissemination of COVID-related information using advanced data tracking technologies. For example, the World Health Organization (WHO) launched a distributed ledger technology named "MiPasa' to track the rate of COVID-19 cases and highlight the worst-affected regions.
Segments
By component, the market is segmented into platforms/solutions and services. Based on type, it is segregated into public, private, and consortium. As per deployment, it is divided into proof of concept, pilot, and production. On the basis of application, it is categorized into digital identity, payments, smart connect, supply chain management, exchange, documents, and others. The market has been distributed by industry into BFSI, energy & utilities, government, healthcare & life sciences, manufacturing, and others. Geographically, it is grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights of the report
The report supplies a thorough analysis of the top segments and the latest market trends. It comprehensively discusses the impact of COVID-19 and the driving and restraining factors shaping the growth of the market. Additionally, it holistically examines regional developments and the strategies implemented by the market's key players.
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Drivers and Restraints
Rising Adoption of Data Analysis Technology for Monitoring Transactions to Propel Market
Distributed ledger technology is extensively used for tracking data related to monetary transactions with the utmost security and for the monitoring of the transfer and debit of currencies digitally. Germany, the US, and several other countries are providing DLT services to enhance the efficiency of banking transactions. For example, SAP SE, R3 Technology Inc., and Accenture plc engaged in a partnership in October 2019 to develop a real-time gross settlement (RTGS) solution offering consumers efficiency, speed, and security during digital payments. In addition, blockchain-based solutions are utilized by companies to enhance the safety of critical operations. For example, General Electric (GE) incorporated data analyzing technology in its manufacturing process in May 2020 for enhancing the quality of production and securing transactions. The rising adoption of advanced data analytics by a wide range of manufacturers across industries is thus aiding the speedy expansion of this market.
Regional Insights
Widespread Operations of Prominent Players in North America to Foster Market Growth
North America is projected to lead the blockchain market share for the upcoming years due to the strong presence and widening operations of tech giants such as Microsoft Corporation and IBM Corporation in the region. The increasing adoption of DLT-based solutions is another that is bolstering the market growth for the region. In 2019, the region’s market size was USD 0.95 billion.
The Asia Pacific region is projected to exhibit a substantial annual growth rate in the upcoming years backed by rising investments by governments and other business organizations in the region in advanced data analysis systems. The market in Europe is expected to grow on account of the increasing uptake of advanced virtual technologies by companies in the region. For example, companies in the UK made an investment of more than USD 130 million for utilizing products powered by data assembly technologies.
Competitive Landscape
Growing Focus on Operational Efficiency by Government Bodies to Encourage Innovation
Government agencies in North America are developing artificial intelligence-based technologies to improve their efficiency and lower operation costs. For example, the US Department of Health and Human Services (HHS) undertook an investment of USD 49 million for developing data-gathering artificial intelligence technologies in November 2019 to condense their operational costs. Further, companies are also actively partnering with their competitors to offer superior customer service and build enhanced portfolios.
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Industry Development
March 2019: Microsoft Corporation, Tata Consultancy Services (TCS), and R3 technology (R3) developed a scalable cross-industry blockchain program for enabling end-users to enhance consumer experience and boost business value.
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