New York, NY -- (SBWIRE) -- 01/15/2021 -- The global blockchain market is foreseen to attain a valuation of USD 74.12 Billion by 2027, registering a CAGR of 23.3% during the projected timeline. Blockchain refers to a decentralized, distributed ledger technology that keeps a record of digital assets in real-time. The concept, which is yet to gain recognition in some parts of the world, is increasingly being adopted across numerous industry verticals, including corporate, education, healthcare, retail & commerce, and media & entertainment. Blockchain technology significantly facilitates financial transactions, including cashless payments and credit and debit card-based payments. Blockchain supports these changes by increasing the transaction processing speed and providing greater efficiency in real-time processing. The technology has gained immense traction as it provides enhanced data security, enables real-time data sharing, and simplifies supply chain management. Furthermore, blockchain plays a fundamental role in digital marketing by eliminating the role of a 'middleman.' In search engine marketing, it allows website owners to save time and costs.

The key market participants include:

IBM, SAP, Microsoft, Oracle, Huawei, Blockpoint, Factom, Symbiont, BTL Group, Earthport, Amazon Web Services, Digital Asset Holdings, LLC, Peer Ledger, SimplyFi SofTech India Pvt. Ltd., and Coinbase, Inc.

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The global blockchain market is estimated to grow at a substantial pace over the next eight years. The surging need for business process simplification, the burgeoning requirement for effective supply chain management, the increasing rate of blockchain technology integration, the technology's growing adoption in the retail & e-commerce sector, mounting venture capital investments in blockchain technology, increasing marketing capitalization of cryptocurrency, and fast-paced expansion across several key regional markets are pivotal factors contributing to the global market growth. Moreover, the rising demand for digital identity has further propelled the market growth. Countries with an absence of identification systems are increasingly adopting blockchain-based identity platforms to secure transactions across the public and private sectors. However, certain significant factors that challenge the market's potential growth over the coming years include limited scalability, rising data privacy and security concerns, and strict government regulations.

For the purpose of this study, the global blockchain market has been segmented on the basis of provider, application, organization size, industry vertical, and region:

Provider Outlook (Revenue, USD Billion; 2017-2027)

Infrastructure Providers
Application Providers
Middleware Providers

Organization Size Outlook (Revenue, USD Billion; 2017-2027)

Large Enterprises
Small and Medium-sized Enterprises

Application Outlook (Revenue, USD Billion; 2017-2027)

Supply Chain Management
Payments
Smart Contracts
Exchanges
Digital Identity
Documentation
Others

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Industry Vertical Outlook (Revenue, USD Billion; 2017-2027)

BFSI
IT & Telecom
Retail & e-commerce
Healthcare
Media & Entertainment
Government
Real Estate
Transportation & Logistics
Energy & Utilities
Others

Regional Outlook (Revenue, USD Billion; 2017-2027)

North America
S.
Canada
Europe
K.
France
Rest of Europe
Asia Pacific
Japan
India
China
Latin America
Middle East & Africa

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Further key findings from the report suggest:

Among the leading providers, the infrastructure providers sub-segment held the highest market share of 37% in 2019 and is poised to witness the highest growth over the foreseeable period. Infrastructure providers develop private blockchain networks for organizations to optimize their core software. They can be further categorized into protocol development firms and network development companies. Protocol development firms build the core protocol layer that forms the foundation for distributed ledger networks. Whereas, the network development firms engage in the development of custom distributed ledger networks. However, the application providers sub-segment is likely to exhibit a robust CAGR of 23.7% over the forecast period.

The large enterprises sub-segment dominates the global blockchain market, owing to the extensive resource availability and high investment capabilities of these enterprises. According to the report, the small & medium-sized enterprises sub-segment is expected to expand at the highest CAGR of 24.1% in the coming years.

In terms of application, the smart contracts sub-segment dominated the market in 2019 with a 24% market share. The segment is liable to grow at the highest rate, owing to the growing deployment of smart contracts to reduce costs and avoid frauds. Furthermore, the supply chain management sub-segment is likely to emerge as the fastest-growing segment over the forecast years at a sturdy 24.1% CAGR. Blockchain has revolutionized supply chain management operations with real-time digital transactions and decentralization. Thus, its excellent advantages, such as cost-efficiency and rapidity, have redefined business process management.

The retail sector has emerged as the leading industry vertical, anticipated to grow at a considerable CAGR of 24.4% over the projected period. Blockchain has enabled retail companies to create their own currency brands to allow customers to claim rewards and loyalty points. The BFSI sector is the second-leading industry vertical to leverage blockchain technology to develop highly personalized products & services. Insurance companies make extensive use of the technology to build on their offerings, such as smart contracts, peer-to-peer insurance, index-based insurance, and more.

As per the regional landscape, North America is expected to be the key regional market, and held a staggering 43% market share in 2019. The key market drivers include the high adoption of blockchain technology in the region's BFSI, retail, education, and healthcare sectors, emerging business applications of the technology, rapid digitization, the flourishing corporate and healthcare industries, increasing smart city projects, and the rising government focus on technological advancements.

In October 2020, Singapore-based BondEvalue announced its plans to launch a blockchain platform by 2021 for facilitating the common man's investments in bonds.

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Highlights of the TOC:

Report Overview

1.1 Research Scope
1.2 Key Blockchain market segments
1.3 Major players
1.4 Market analysis by product
1.5 Market analysis by application
1.6 Report timeline

Global Growth Trends

2.1 Global Blockchain market size
2.2 Latest Blockchain market trends
2.3 Key growth trends

Competitive Landscape

3.1 Global Blockchain market key players
3.2 Global Blockchain size by manufacturers
3.3 Products of major players
3.4 Entry barriers in the Blockchain market
3.5 Mergers, acquisitions, joint ventures, and strategic alliances

Continued…

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