Blockchain Technology Market Size, Share & Trends Analysis Report 2020-2027
The global blockchain technology market is anticipated to reach USD 90.63 Billion in 2027, growing at a CAGR of 74.5% between 2020 to 2027. Blockchain is a technology that stores transactional data in form of encrypted packets called ‘blocks’ at multiple public databases ‘ chains’. connected through peer to peer nodes. Blockchain technology is one of the fastest-growing technology in the world considering its significance in various industries and how it revolutionizes financial transaction processing. Blockchain Technologies at writing huge investments from leading technology companies such as Google, Microsoft Corporation, Apple among others. This technology not only influences the financial sector but also has a strong impact on Other industries such as retail, e-commerce, healthcare, telecommunication, and consumer goods among others.
The substantial demand for cryptocurrencies such as Bitcoin, Ethereum, litecoin, Ripple, and others has increased the significance of blockchain technology worldwide. Leading financial regulator bodies are showing interest in blockchain technology, research and development activities are being conducted to smartly use this technology for reducing the transaction time and improving transparency.
The Banking and Finance sector is also utilizing blockchain technology to improve its transactional operations as well as data privacy. Huge investments are being made from the BFSI sector in this particular technology for developing innovative products and services in upcoming years. Other industrial sectors such as Healthcare, retail, e-commerce, Telecom are also experimenting the blockchain technology for improving their product or service offering.
The Global Blockchain Technology market has been segmented based on type into the private cloud, public cloud, and hybrid cloud. The public cloud segment accounted for the majority market share in 2019. Substantial growth in the cryptocurrency market which mostly utilizes public server for decrypting the blockchains for each transaction. Moreover increasing demand for transactional transparency between Government and banking institutions from the public sector is anticipated to boost segmental growth.
The private cloud segment is growing at a moderate growth rate, the private cloud server enables the reversal of transactions and monitoring at a considerably faster rate compared to the public cloud therefore the demand for the private cloud segment is growing consistently.
On the basis of end-use, the Global Blockchain Technology market has been segmented into financial services, government, healthcare, media and entertainment, retail, transportation and logistics, travel, and others. The financial sector accounted for the largest Market share in 2019 as blockchain technology offers speedy transaction, transparency, and openness in the financial services. Leading banks from Around The World are approaching technological companies for the implementation of blockchain technology into their day-to-day operations. For instance, the Bank of America has collaborated with Microsoft Corporation for using blockchain technology for their digital transactions.
The Global Blockchain Technology market has been segmented based on component into application and solution, infrastructure and protocols, and middleware. The infrastructure and protocol segment accounted for the largest Market share in 2019, it mainly focuses on developing software building blocks that are necessary to deploy blockchain technology. Prominent examples of a blockchain protocol include ethereum, Openchain, Hyperledger, etc. these protocols are used by the application developers to create ledger network for users.
The increasing usage of open-source platforms such as Distributed Ledger Technology (DLT) has increased transparency and increased transactional speed considerably. Additional increasing uses of blockchain technology for developing games is expected to further boost the blockchain technology market growth over the forecast period.
The Global Blockchain Technology market is segmented on the basis of application type into digital identity, exchanges, payments, smart contracts, supply chain management, and others. The payment segment accounted for the largest Market share in 2019 with greater than 60% market share. Blockchain technology helps to improve the transaction speed, transactional transparency, and reduction in operational expenses, therefore this particular technology is gaining much attention from Industries around the world. The substantial growth in the cryptocurrency market for transactions and payments is anticipated to boost the segmental growth over the forecast period.
The Banking and Finance sector is utilising blockchain technology for Overseas transactions, institutions in the sector are collaborating with the technological Giants to implement blockchain technology into their online banking applications for improving efficiency. Few prominent examples of banks investing in blockchain technology include Deutsche Bank, BNY Mellon, ANZ Banking Group, DBS Bank, HSBC Bank among others.
The market can be segmented based on enterprise size into large enterprises, and small & medium enterprises (SME). The small and medium enterprises are exponentially adopting blockchain technology in their business operations. Moreover increasing usage of Advanced Technologies such as Artificial Intelligence and machine learning from the SMEs, is expected to further boost the market growth.
Based on the end-use type the Global blockchain Technology market has been segmented into Financial Services, healthcare, retail, transportation, and logistics government, media and entertainment, and others.
The North American blockchain technology market is growing at the fastest growth rate, the market was valued at USD 957 million in 2019. Faster technological adoption, high per capita income, growing online transactions, and substantial growth in the banking and finance sector in the North American countries such as the US and Canada are expected to boost the regional market growth.
Asia Pacific blockchain Technology market Is emerging as the fastest growing market in the world. Asian countries such as China, India, and Japan experiencing huge investments in this particular Technology special leave from the financial sector; therefore these countries hold huge market growth potential upcoming few years.
Following is the list of top blockchain technology companies in the world that are profile in this particular report:
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