Blockchain Technology Market Size, Share, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Blockchain Technology Market


The global Blockchain Technology market size is projected to reach US$ 107882.28 million by 2026, from US$ 4565.3 million in 2020, at a CAGR of 69.4% during 2021-2026. The blockchain technology is one of the most promising upcoming technological trends in the information technology domain. It enables a ledger that can be accessed by parties involved in the transaction and can act as the universal irrefutable depository of all transactions between the involved parties.
The numerous benefits involved in developing such a platform have already attracted the attention and hence, investments, from the financial sector as well as many technological giants. Not only does the technology hold the ability to disrupt the way the financial sector often works but will also have ramifications on many other industries including consumer goods, and media & telecom, among others.

An innovative requiem for all Bitcoin transactions; the blockchain technology has also incorporated other cryptocurrencies, including Litecoin, Ripple, and Mintchip. Many financial institutions and banks are developing a keen interest in the technology, owing to its unique and innovative structure with regulatory bodies, such as International Monetary Fund (IMF) and Bank of England, which are showing a considerable interest in the matter.
A wide range of players in the finance market are looking out for investment opportunities and many have made the first phase of investments to develop products and services in the industry. Though the market may be struggling with regulatory uncertainties and security concerns, the coming years are expected to witness a larger role of the concerned technology in financial transactions, spanning diverse domains and industries.

Apart from the financial sector, blockchain technology holds enormous opportunities across multiple application arenas. Healthcare and public-sector applications are expected to witness enormous growth in the years to come. This is due to the fact that the implication of the technical knowledge was restricted only to the BFSI segment earlier. The actual model of blockchain is now being implemented in various core applications.

Market Segmentation, Outlook & Viewpoint: Global Blockchain Technology Market

Type Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Public
  
Private
  
Hybrid

Component Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Application & Solution
  
Infrastructure & Protocols
  
Middleware

Application Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Digital Identity
  
Exchanges
  
Payments
  
Smart Contracts
  
Supply Chain Management
  
Others

Enterprise Size Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Large Enterprises
  
Small & Medium Enterprises

End Use Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Financial Services
  
Government
  
Healthcare
  
Media & Entertainment
  
Retail
  
Transportation & Logistics
  
Travel
  
Others

Key Players, Recent Developments & Regional Insights: Global Blockchain Technology Market

The payment segment dominated the market in 2018 and was valued at USD 723.3 million. The ability of blockchain technology to provide transparency, minimize the operating cost, and improve efficiency of payment systems is instrumental in driving the demand for the payments segment. Rising adoption of these technology into payment processes by organizations to speed up the company transaction processes is further expected to drive the growth of the payment segment.
Financial service providers are using blockchain technology and its application in the payment area to offer cross border payments at low costs, more reliability, and higher security. For instance, in January 2017, SWIFT launched a Proof of Concept (PoC) to explore DLT to help banks to monitor and manage their international nostro accounts. Various banks across the globe namely, Deutsche Bank, ANZ Banking Group, BNY Mellon, RBC Royal Bank, and DBS Bank, among others have joined SWIFTs payment initiative to explore blockchain technology in payments.
Enterprise Size Insights
On the basis of enterprise size, the blockchain technology market is segmented into large enterprises and Small & Medium Enterprises (SMEs). The small & medium enterprises segment is expected to emerge as the fastest-growing segment over the forecast period. The SMEs are adopting solutions powered by machine learning and Artificial Intelligence (AI) as it allows businesses to access high-quality data and insights at a low cost. This is expected to drive the growth of the small & medium enterprise segment.
The increasing adoption of blockchain technology by SMEs to enable digital services across different business channels in SME is expected to drive demand for the market in small & medium enterprise segment. Additionally, SMEs are adopting these technologies to improve their data security and to automate financial transactions.

Regional Insights
The North American region dominated the blockchain technology market in 2018 and was valued at USD 612.3 million. This can be attributed to faster adoption of innovative technologies in developed countries such as the U.S., and Canada. The growing adoption of the blockchain technology among the verticals including BFSI, government, retail, among others for the implementation of the payment and wallet solution, digital identity detection, and smart contracts expected to drive the market growth in the region.
The growing financial sector in emerging countries such as China and India is predicted to stimulate the Asia Pacific regional growth. Increasing use of blockchain technology for management of Know Your Customer (KYC) documents by banks in the region is further expected to boost growth of the market in Asia pacific region. Furthermore, increasing government and research institute initiatives in the region for development of blockchain technology is expected to drive the market growth in the Asia Pacific region. For instance, in June 2018, a Chinese research institute, the Chinese Academy of Sciences (CAS) announced to develop a new lab in China. The lab is developing to focus on the development of blockchain technology, advanced mathematics, and integration of big data.

Blockchain Technology Market Share Insights

The key market players in the industry include IBM Corporation; Microsoft Corporation; Linux Foundation; and R3. Some other key players in the market include BTL Group; Chain Inc.; Deloitte; Circle Internet Financial Limited; Global Arena Holding, Inc. (GAHI); Post-Trade Distributed Ledger; Ripple; and Eric Industries; among others.
The industry is characterized by a growing amount of investments in the developing technology structure and increasing collaboration among different stakeholders. For instance, in April 2016, Microsoft Corporation (U.S.) entered into a partnership with R3 consortium to gain a competitive advantage over Amazon Inc. (U.S.) and Alphabets Google Inc. (U.S.). Similarly, Deloitte is also leveraging the expertise for the auditing and reconciliation processes.

Key Insights Covered: Global Blockchain Technology Market
1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Blockchain Technology industry.
2. Global major manufacturers" operating situation (sales, revenue, growth rate and gross margin) of Blockchain Technology industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Blockchain Technology industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Blockchain Technology industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Blockchain Technology industry.

Research Methodology: Global Blockchain Technology Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other