Blockchain Market, by Type (Private, Public, Hybrid, Side-chains), Application (Crypto-currencies, Smart Contracts, Financial Services, Video Games, Supply Chain, Domain Names, Others), Enterprise Size (Small & Medium Enterprise and Large Enterprise), End-User (Government, BFSI, Retail & E-Commerce, Healthcare & Life Science, Transportation & Logistics, Others): Global Opportunity Analysis and Industry Forecast, 2020–2027

The blockchain market is estimated to observe promising growth due to the increasing demand for translucent monetary exchanges and rising investments in block-chain technology. In addition, technological advancements in international trade is expected to boost the blockchain market.

Blockchain Market, Analysis:

Blockchain.com is the most mainstream spot to safely purchase, store, and exchange Bitcoin, Ethereum, and other top digital forms of money or cryptocurrency. This platform provides Bitcoin data diagrams, details, and market statistics as well. For instance, in 2019, LinkedIn Asia Pacific has reported that blockchain skills are expected to be high on demand due to the growing popularity of blockchain technology in the upcoming period. Additional advantages of blockchain technology such as decentralization, inflexibility, security, and visibility are also fueling the demand of the global blockchain market.

Process simplification in blockchain technology is expected to drive the global blockchain market:

Blockchain technology brings simplification in business functionality. It involves systemic arrangements of business processes, discovering complex sources, and erasing them permanently. Process changes are implemented to reduce wastage and optimize resources. Blockchain substitutes intermediaries by providing a cryptographic database, where a third-party cannot change or alter data. Moreover, process simplification in blockchain technology records transactions and assists in cutting operational costs; this will accelerate the growth of the global blockchain market in the forecast period.

Blockchain laws & regulations are anticipated to restrain the growth of the global blockchain market in the forecasted period:

With increasing popularity of blockchain technology, the regulatory requirements issue remains constant. Blockchain has no fixed policy; its regulatory requirements are different all over the world. For example, in India the dealing of crypto-currency is fundamentally blocked, whereas in countries like the U.S. and the U.K. there is no specific law. Moreover, limited numbers of blockchain experts have also become a challenge for the global blockchain market. These factors are anticipated to decline the growth of the global blockchain market in the projected timeframe.

Growing adoption of blockchain technology in IoT & cyber-security will create enormous opportunities for the global blockchain market: 

IoT and cybersecurity systems perform better when paired with blockchain technology. Blockchain is a distributed ledger that facilitates such as identification of devices, authentication, and secure data transfer. Blockchain technology strengthens IoT and cyber-security systems as it prevents duplication of data. Moreover, the operational costs of IoT systems are also reduced after utilizing blockchain technology. Increasing adoption of blockchain technology in IoT and cyber-security management systems is foreseen to create tremendous opportunities for the growth of the global blockchain market in the predicted time. 

Blockchain Market, by Types:

Public networks segment will be the most dominant in the global blockchain market

On the basis of types, the global blockchain market is divided into private, public, hybrid, and side-chains. Public networks have no access restrictions like private or hybrid type of networks. The public network segment is expected to ascend in the blockchain market as it is the most commonly used network. Furthermore, government and regulatory institutions inculcate secure and transparent transactions which make a public network the best option.

Blockchain Market, by Applications:

Financial services segment will witness dominant revenue till 2027

By applications, the global blockchain market can be classified into crypto-currencies, smart contracts, financial services, video games, supply chain, domain names, and others. Blockchain is mainly used in cryptocurrencies such as Ethereum, Ripple, Litecoin, Bitcoin, and others. Banking and financial service providers are utilizing the blockchain application in payment procedures to offer international exchanges at lower costs and secure transfers. Financial services are projected to dominate the global blockchain market owing to its greater dependability and higher security.

Blockchain Market, by Enterprises size:

Small or medium sized enterprises segment is projected to be fastest growing till 2027

On the basis of organizational size, the blockchain market is divided into small & medium size enterprises and large size enterprises. The small & medium sized enterprises are embracing arrangements fueled by Artificial Intelligence (AI) as it permits organizations to get first-class data at low-cost. This is why small& medium size enterprises segment is expected to witness fastest growth in the predicted period.

Blockchain Market, by End-Users:

BFSI segment is estimated to be the highest growing till 2027

By end-users, the blockchain market can be bifurcated into government, BFSI, retail & E-commerce, healthcare & life sciences, transportation & logistics, and others. Amongst these, the BFSI segment stands to profit the most from the blockchain technology. It has been a proactive accomplice and financial specialist. The adoption of digitalized process platforms by BFSI for upgrading audit transparency is boosting the growth of this industry in the global blockchain market. 

Blockchain Market, by Region:

Asia-Pacific region will have lucrative opportunities for the market investors

The global blockchain market can be analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North American market holds a dominant share of the global blockchain market due to rising adoption of blockchain technology in this region. The Asia-Pacific region is expected to be the fastest-growing region in the forecasted period due to increased usage of digital payments, digital wallets, and smart contact. 

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Key Participants in the Blockchain Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

Some of the significant players in the global blockchain market are International Business Machines Co., Amazon.com Inc., Microsoft Co., SAP SE, Intel Co., Oracle Co., Huawei Technologies Co. Ltd., Bitfury, Guard time, Digital Asset, and others.

Market players prefer inorganic growth strategies to expand into local markets. Blockchain market players are emphasizing more on mergers& acquisitions and advanced product developments. These are the frequent strategies followed by established organizations. To emphasize more on the competitor analysis of market players, the Porter’s five forces model is explained in the report.

Source: Research Dive Analysis