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Global Blockchain Technology Market- By Product Type (Public, Private and Hybrid), By Application (Digital Identity, Exchanges, Payments, Smart Contract, and Supply Chain Management and Others), By Component (Application & Solution, Infrastructure & Protocols and Middleware), By Enterprise Size (Large-Enterprise, and Small & Medium Enterprise), By Industry Vertical (Healthcare & Life Sciences, IT & Telecom, Manufacturing, BFSI, Energy & Utilities, Telecom, Media & Entertainment, Retail & Consumer Goods, Travel and Transportation, Government and Others), and By Region (North America, Europe, Asia Pacific, South America, and Middle East, & Africa)- Global forecast from 2020-2027.
Global Blockchain Technology Market Overview:
Blockchain is a new application model of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithms. Blockchain is an important concept of Bitcoin. Blockchain is essentially a decentralized database. At the same time, the underlying technology of Bitcoin, it is a series of data blocks associated with each other using cryptographic methods. The data block contains the information of a batch of Bitcoin network transactions, which used to verify the validity of the information (anti-counterfeiting) and generate the next block.
From a technological perspective, blockchain involves many scientific and technical issues such as mathematics, cryptography, the internet, and computer programming. The blockchain is a distributed shared ledger and database, which has the characteristics of decentralization, immutability, leaving traces throughout, traceability, collective maintenance, openness, and transparency. These characteristics ensure the honesty and transparency of the blockchain and lay the foundation for the blockchain to create trust. The rich application scenarios of the blockchain are based on its ability to solve the problem of information asymmetry and to achieve collaborative trust and concerted action among multiple subjects.
Global Blockchain Technology Market Insights
The global blockchain technology was growing at a substantial CAGR and continued to boost in the forecast period, 2020-2027. The increasing demand for faster and transparent transactions across the various industry expected to fuel the global blockchain technology market in the projected time. Blockchain technology does not rely on additional third-party management organizations or hardware facilities, and there is no central control. The demand for blockchain technology is based on its benefits, such as a reduction in duplicate recordkeeping, eliminate reconciliation, minimize error rates, and facilitate a faster settlement that will influence the global blockchain market.
Block Chains only use the general ledger technology of the blockchain for bookkeeping, for a company or an individual, and have exclusive access to write permission of the blockchain. The surge in various applications of blockchain includes energy sector in which it provides support for equivalent energy exchanges, sell the electricity produced to other customers quickly, or buy back electricity from traditional electricity producers or energy production consumers, would promulgate the global blockchain technology market size. The blockchain data is open to everyone, and anyone can query and develop applications related to the open interface. Blockchain has potentially great application value in financial fields such as international exchange, letters of credit, equity registration, and stock exchanges. Applying blockchain technology to the financial industry can eliminate third-party intermediary links and achieve direct peer-to-peer docking, thereby significantly reducing costs and completing transaction payments quickly.
Furthermore, the benefits of blockchain technology, such as creating transparency and immutability in the transactions, would be the vital factors projected to drive the global blockchain technology market in the upcoming periods.
Growth Driver
Consensus mechanism
The consensus mechanism is reaching a consensus among all accounting nodes and determine the validity of a record, which is a means of identification and a method of preventing tampering. The blockchain proposes four different consensus mechanisms that are suitable for different application scenarios and strike a balance between efficiency and security. The consensus mechanism of the blockchain has the characteristics of “minority obeys the majority, and everyone is equal. Everyone is equal means that when a node meets the conditions, all nodes have the right to put forward the consensus result first, which is directly recognized by other nodes, and may eventually become the final consensus result.
Asymmetric encryption
The transaction information stored on the blockchain is public, but the account identification information is highly encrypted and can be accessed with the authorization of the data owner, thereby ensuring the security of data and personal privacy.
Product Segmental Analysis
Based on Product, the global blockchain technology market classified into Public, Private, and Hybrid. The Public segment projected to show the highest demand in the global blockchain technology market in the forecast period. It is owing to government intervention to initiate open and efficient transactions. Moreover, blockchain technology helps to improve the convenience of currency issuance and use in the field of cross-border payment and settlement. It also helps to realize point-to-point transactions and reduce intermediate fees.
Application Segmental Analysis
Based on Application, the global blockchain technology market classified into Digital Identity, Exchanges, Payments, Smart Contracts, and Supply Chain Management. The payment segment is expected to boost in the forecast period. Owing to, speed up the transaction and improve the efficiency of the payment system is driving the demand for the blockchain technology market. Moreover, with rising adoption of blockchain technology helps in minimizing the time taken for processing the transaction, thus improve the growth of the payment sector.
Component Segmental Analysis
Based on Component, the global blockchain technology market categorized into Application & Solution, Infrastructure & Protocols, and Middleware. The infrastructure & protocol provider segment likely to lead the market during the forecast period. It is due to, the rising demand for software building blocks in blockchain technology and the protocol help in constructing customized distributed ledger network.
Enterprise Segmental Analysis
Based on Enterprise, the global blockchain technology market bifurcated into Large-Enterprise, and Small & Medium Enterprise. The small scale and medium scale enterprises projected to show the huge demand in the forecast period. It is due to the adoption of machine learning, and artificial intelligence in their business as blockchain technology provides low-cost solutions and will lead to increase the productivity. Thus, SME will drive the demand for the blockchain technology market.
Industry Vertical Segmental Analysis
Based on Industry Vertical, the global blockchain technology market classified into Healthcare & Life Sciences, IT & Telecom, Manufacturing, BFSI, Energy & Utilities, Telecom, Media & Entertainment, Retail & Consumer Goods, Travel and Transportation and Government. BFSI industry expected to grow in the future and use blockchain technology in its products and services. Moreover, various financial institutions and key technology contributors that continue to increase technology investment will further improve the efficiency of basic business processes and help minimize risks.
Region Segmental Analysis
Based on geography, the global blockchain technology computing market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia-Pacific region expected to become the fastest-growing region in the forecast period. Owing to this, the financial institutions will increasingly adopt blockchain technology to minimize operating costs and simplify business operations, which will become an essential factor for market growth in this region.
Competitor Analysis
Companies such as IBM Corporation, Microsoft Corporation, Linux Foundation, R3, BTL Group, Chain Inc., Deloitte, Circle Internet Financial Limited, Global Arena Holding, Inc. (GAHI), Post-Trade Distributed Ledger, Ripple, Eric Industries D-Wave Systems Inc., and others are prominent players in the global blockchain technology market.
Key Stakeholders
- Market research and consulting firms
- Industry associations
- Global Blockchain Technology service Provider
- Research organizations and consulting companies
- Organizations, associations, and alliances related to Blockchain Technology.
- Regulatory bodies
Recent Developments
- In August 2021, Freetown signed a partnership with GDA Capital to launch the maiden Next Top TON Startup. The annual event will allow blockchain startups to compete, connect with global industry leaders and investors, and build the future of blockchain technology.
- In August 2021, Galaxy Digital Holdings Ltd. announced that Galaxy Fund Management has partnered with Alerian and S-Network Global Indexes to launch the Alerian Galaxy Global Blockchain Indexes and Alerian Galaxy Global Cryptocurrency-Focused Blockchain Indexes.
- In May 2021, Netki is now partnering with blockchain technology provider Polymath to conduct blockchain-specific identity verification to Polymesh, a permission Blockchain purpose-built for security tokens. The collaboration will help protect against a false account while executing the onboarding process to the chain is efficient and straightforward for global users.
The objective of the Research
- Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.
Market Modelling
By Product
- Public
- Private
- Hybrid
By Application
- Digital Identity
- Exchanges
- Payments
- Smart Contract
- Supply Chain Management
- Others
By Component
- Application & Solution
- Infrastructure & Protocols
- Middleware
By Enterprise Size
- Large-Enterprise
- Small & Medium Enterprise
By Industry Vertical
- Healthcare & Life Sciences
- IT & Telecom
- Manufacturing
- BFSI
- Energy & Utilities
- Telecom, Media & Entertainment
- Retail & Consumer Goods
- Travel and Transportation
- Government
- Others
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
Global Blockchain Technology Market
Report Content
- Research Strategic Development
- Market Modelling
- Product Analysis
- Market Trend and Economic Factors Analysis
- Market Segmental Analysis
- Geographical Mapping
- Country Wise Segregation
- Research Methodology
- Identification of Target Market
- Data Acquisition
- Refining of Data/ Data Transformations
- Data Validation through Primary Techniques
- Exploratory Data Analysis
- Graphical Techniques/Analysis
- Quantitative Techniques/Analysis
- Visual Result/Presentation
- Executive Summary
- Market Insights
- Economic Factor Analysis
- Drivers
- Trends
- Opportunities
- Challenges
- Technological Landscape
- Competitors & Product Analysis
- Regulatory Framework
- Company market share analysis, 2019
- Porter’s Five forces analysis
- New Investment Analysis
- PESTEL Analysis
- Economic Factor Analysis
- Global Blockchain Technology Market Overview
- Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Market Share & Forecast, 2016-2027
- By Product
- Public
- Private
- Hybrid
- By Application
- Digital Identity
- Exchanges
- Payments
- Smart Contract
- Supply Chain Management
- Others
- By Component
- Application & Solution
- Infrastructure & Protocols
- Middleware
- By Enterprise Size
- Large-Enterprise
- Small & Medium Enterprise
- By Industry Vertical
- Healthcare & Life Sciences
- IT & Telecom
- Manufacturing
- BFSI
- Energy & Utilities
- Telecom, Media & Entertainment
- Retail & Consumer Goods
- Travel and Transportation
- Government
- Others
- By Region
- Europe
- North America
- Asia Pacific
- South America
- Middle East & Africa
- By Product
- Demand
- Market Size & Forecast, 2016-2027
- Europe Blockchain Technology Market Overview
- Europe Blockchain Technology Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Europe Blockchain Technology Market Share & Forecast, 2016-2027
- By Product
- Public
- Private
- Hybrid
- By Application
- Digital Identity
- Exchanges
- Payments
- Smart Contract
- Supply Chain Management
- Others
- By Component
- Application & Solution
- Infrastructure & Protocols
- Middleware
- By Enterprise Size
- Large-Enterprise
- Small & Medium Enterprise
- By Industry Vertical
- Healthcare & Life Sciences
- IT & Telecom
- Manufacturing
- BFSI
- Energy & Utilities
- Telecom, Media & Entertainment
- Retail & Consumer Goods
- Travel and Transportation
- Government
- Others
- By Country
- Germany
- UK
- France
- Italy
- Rest of Europe
- Company Market Share (Top 3-5)
- Economic Impact Study on Europe Blockchain Technology Market
- By Product
- Demand
- Europe Blockchain Technology Size & Forecast, 2016-2027
- North America Blockchain Technology Market Overview
- North America Blockchain Technology Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- North America Blockchain Technology Market Share & Forecast, 2016-2027
- By Product
- Public
- Private
- Hybrid
- By Application
- Digital Identity
- Exchanges
- Payments
- Smart Contract
- Supply Chain Management
- Others
- By Component
- Application & Solution
- Infrastructure & Protocols
- Middleware
- By Enterprise Size
- Large-Enterprise
- Small & Medium Enterprise
- By Industry Vertical
- Healthcare & Life Sciences
- IT & Telecom
- Manufacturing
- BFSI
- Energy & Utilities
- Telecom, Media & Entertainment
- Retail & Consumer Goods
- Travel and Transportation
- Government
- Others
- By Country
- US
- Canada
- Mexico
- Company Market Share (Top 3-5)
- Economic Impact Study on North America Blockchain Technology Market
- By Product
- Demand
- North America Blockchain Technology Market Size & Forecast, 2016-2027
- Asia Pacific Blockchain Technology Market Overview
- Asia Pacific Blockchain Technology Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Asia Pacific Blockchain Technology Market Share & Forecast, 2016-2027
- By Product
- Public
- Private
- Hybrid
- By Application
- Digital Identity
- Exchanges
- Payments
- Smart Contract
- Supply Chain Management
- Others
- By Component
- Application & Solution
- Infrastructure & Protocols
- Middleware
- By Enterprise Size
- Large-Enterprise
- Small & Medium Enterprise
- By Industry Vertical
- Healthcare & Life Sciences
- IT & Telecom
- Manufacturing
- BFSI
- Energy & Utilities
- Telecom, Media & Entertainment
- Retail & Consumer Goods
- Travel and Transportation
- Government
- Others
- By Country
- China
- India
- Japan
- Australia
- Rest of Asia Pacific
- Company Market Share (Top 3-5)
- Economic Impact Study on Asia Pacific Blockchain Technology Market
- By Product
- Demand
- Asia Pacific Blockchain Technology Market Size & Forecast, 2016-2027
- South America Blockchain Technology Market Overview
- South America Blockchain Technology Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- South America Blockchain Technology Market Share & Forecast, 2016-2027
- By Product
- Public
- Private
- Hybrid
- By Application
- Digital Identity
- Exchanges
- Payments
- Smart Contract
- Supply Chain Management
- Others
- By Component
- Application & Solution
- Infrastructure & Protocols
- Middleware
- By Enterprise Size
- Large-Enterprise
- Small & Medium Enterprise
- By Industry Vertical
- Healthcare & Life Sciences
- IT & Telecom
- Manufacturing
- BFSI
- Energy & Utilities
- Telecom, Media & Entertainment
- Retail & Consumer Goods
- Travel and Transportation
- Government
- Others
- By Country
- Brazil
- Argentina
- Rest of South America
- Company Market Share (Top 3-5)
- Economic Impact Study on South America Blockchain Technology Market
- By Product
- Demand
- South America Blockchain Technology Market Size & Forecast, 2016-2027
- Middle East & Africa Blockchain Technology Market Overview
- Middle East & Africa Blockchain Technology Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Middle East & Africa Blockchain Technology Market Share & Forecast, 2016-2027
- By Product
- Public
- Private
- Hybrid
- By Application
- Digital Identity
- Exchanges
- Payments
- Smart Contract
- Supply Chain Management
- Others
- By Component
- Application & Solution
- Infrastructure & Protocols
- Middleware
- By Enterprise Size
- Large-Enterprise
- Small & Medium Enterprise
- By Industry Vertical
- Healthcare & Life Sciences
- IT & Telecom
- Manufacturing
- BFSI
- Energy & Utilities
- Telecom, Media & Entertainment
- Retail & Consumer Goods
- Travel and Transportation
- Government
- Others
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
- Company Market Share (Top 3-5)
- Economic Impact Study on Middle East & Africa Blockchain Technology Market
- By Product
- Demand
- Middle East & Africa Blockchain Technology Market Size & Forecast, 2016-2027
- Competitor Analysis
- Company Description
- Financial Analysis
- Key Products
- Key Management Personnel
- Contact Address
- SWOT Analysis
- Company Profile
- IBM Corporation
- Microsoft Corporation
- Linux Foundation
- R3
- BTL Group
- Chain Inc.
- Deloitte
- Circle Internet Financial Limited
- Global Arena Holding, Inc. (GAHI)
- Post-Trade Distributed Ledger
- Ripple
- Eric Industries D-Wave Systems Inc.
- Alphapoint
- Asta Solutions Pty Ltd.
- Bacoor, Inc.
- Digiledge
- Digital Asset Holdings
- Exioms Technology Pvt. Ltd
- Hewlett Packard Enterprises (HPE)
- Other Prominent Players
Frequently Asked Questions (FAQ):
Blockchain is a network of recording information that makes it difficult or impossible to change, hack, or cheat the system.
The global blockchain technology market value is estimated to increase from USD 3.5 billion in 2020 to USD 36.3 billion by 2027.
The blockchain technology market is rising at a Compound Annual Growth Rate of 65.6% during 2021–2027.
The rising demand for simplifying business operations and the need for supply chain management applications combined with blockchain technology will drive the market globally.
The global blockchain technology market is classified into Public segment, Private segment, and Hybrid segment based on application.
