Blockchain Technology Market Analysis by Service Provider, Organization Size, Applications and End-Users
New York, US, May 12, 2022 (GLOBE NEWSWIRE) -- Blockchain Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Blockchain Market” information by Service Provider, by Organization Size, by End-Users, by Application and Region – Forecast to 2030” market size to reach USD 137.59 billion, growing at a compound annual growth rate of 67.54% by 2030.
Blockchain Market Scope:
Blockchain refers to an immutable, shared ledger that enables tracking assets and recording transactions in a business network. The growing focus on the decentralization of data ledgers and information has caused a rise in the growth of the blockchain technology market. The market simplifies the susceptibilities of the database functions by making transparent interactions.
Competitive Analysis
The global market for blockchain technology has prominent leaders such as:
- BitFury Group Ltd
- Digital Asset Holdings, LLC
- Microsoft Corporation
- Chain Inc
- IBM Corporation
- Abra, Inc
- Coinbase
- Deloitte Touche Tohmatsu Limited
- Blockchain Tech LTD
- Ripple Labs Inc
- Earthport Plc
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Market USP Exclusively Encompassed:
MBlockchain arket Drivers
The global market for blockchain technology has registered a massive surge in the growth rate in the last few years. The market's growth is primarily attributed to the rising demand for digital identity across the globe. Furthermore, the growing adoption of blockchain technology-based identification platforms across several countries worldwide is another crucial parameter projected to boost the market's growth over the forecasted timeframe. In addition, the increasing capitalization of market-related cryptocurrencies is anticipated to catalyze the market's growth over the coming years.
Blockchain Market Restraints
On the other hand, the sophisticated integration procedure associated with blockchain technology may impede the market's growth. Furthermore, the lack of technical teams across several regions worldwide is likely to restrain the market's growth.
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COVID-19 Impact
The COVID-19 pandemic has had a severe impact on most market sectors across the globe. Thus, all the industries must fight the battle with health and financial problems and suffer from the forced recession. In addition, the global economic loss of millions and trillions of dollars and the quick recovery have become a huge reason for concern.
The COVID-19 pandemic has impacted the blockchain technology market revenue for a short time. The blockchain would take an important part in propelling several activities regarding digital transformation and several initiatives during this crisis scenario. As per the blockchain technology market research report by MRFR, the technology can be used to surveillance public health information, donation of tracking, crisis management, and security of the medical supply chains. Also, the blockchain market can quickly capture the long-lasting effect that the COVID-19 has caused on several industry levels.
The blockchain technology market research report by OECD or Organization for Economic Co-operation and Development states that, compared to 2019, the blockchain technology market will witness a slight 8% decline in technology investment in 2020. Thus, several market entities and governments focus on deploying numerous innovative technologies to improve the customer experience. Over the forecasted era, such active initiatives are likely to propel the blockchain technology market demand for several solutions.
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Segmentation of Market Covered in the Research:
The blockchain technology market has been fragmented into segments based on end-users, application, organization size, service provider, and region.
The blockchain technology market is likely to be led by payment & transaction, smart contract, and digital identity based on application.
Based on the organization size, the global market for blockchain technology is driven by large enterprises.
Based on the service provider, the global market for blockchain technology is led by the solution provider segment in the forthcoming period.
Based on the end-user, the global market for blockchain technology is driven by the forecast period by the telecommunication & IT and BFSI segment.
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Regional Analysis
The global blockchain technology market is analyzed across five major regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
As per the MRFR research report, the North American region secured the top position in the global blockchain technology market in 2018. The regional market was valued at over USD 612.3 million in 2018. The regional market's growth is mainly credited to the rapid adoption of these innovative blockchain technologies in most developed countries, such as the United States and Canada. Furthermore, the increasing adoption of this technology among several verticals such as government, BFSI, and retail for detection of digital identity, smart contracts, wallet & payment solutions are also likely to positively impact the regional market's growth over the assessment timeframe.
The blockchain technology market for the Asia-Pacific region is anticipated to grow substantially over the forecasted era. The growing economic sector across several emerging economies such as China and India is the major parameter causing an upsurge in the regional market's growth. Furthermore, the growing use of blockchain technology in managing to Know Your Customer or KYC documents by the Asian-Pacific region banks is also likely to boost the regional market's growth over the assessment timeframe. Moreover, the factors such as the growing initiatives by the research institutes and the governments, the growing development of laboratories to focus on advanced mathematics, the advancement of this technology, and the integration of huge data are also projected to boost the regional market's growth.
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