Disruptive blockchain solutions for innovative applications beyond cryptocurrencies is creating a huge opportunity worth $67+ Bn that is set to transform the IT infrastructure. The global blockchain market is projected to be valued at $67.4 Bn by 2026, owing to the adoption of blockchain in the government sector by developed economies, which will help boost the confidence on the technology for companies in regulated industries worldwide.
According to MarketsandMarkets analysis,
- The global blockchain industry is estimated to grow at a CAGR of 68.4% in the coming 5 years, driven by lower operational costs, transparency and immutability transactions and information exchanges, and security and privacy for critical data logs.
- Blockchain applications is expected to create opportunity worth ~USD 43 Bn, in which about 40% is being contributed by the BFSI vertical.
- Adjacent technologies hold a potential of USD 14+ Bn in the blockchain market; more than 75% of which will be contributed by Blockchain-as-a-Service (BaaS).
Currently, businesses have low access to primary intelligence to clarify some unknowns and adjacencies in these opportunity areas –
- Blockchain is gaining traction for innovative use cases such as OEM assembly line, fintech solutions, identity verification, financial track record verification, sovereign identity, and ground operations optimization in airports.
- Technologies such as AI, IoT, Automation, and Analytics enable blockchain to widen its horizon by leveraging blockchain's capabilities to develop unique and unconventional solutions for the industry problems.
- Luxury brands such as Louis Vuitton (LVMH) developed, AURA - a Ethereum blockchain-based platform, a unique identifier tagged to each of the luxury product enables the customer to access its online certificate which has been cryptographically signed by the brand and all those involved in its supply chain (design, raw materials, manufacturing, distribution).
- IBM developed the TrustChain Initiative with Helzberg Diamond and Richline Group. TrustChain blockchain solution is used to trace jewels from mines to retailers. This solution enables jewellers to certify their products as ethically sourced jewels and not through illegal means.
Some of the growth problems encountered by blockchain companies are:
Customer prioritization and assessing unmet needs:
- What are the disruptions in our clients' businesses? How can we support them for our own growth?
- Who are the most potential customers going forward? Should we prioritize innovative unique use cases from Automotive, Aerospace, Luxury Goods, etc. over conventional use cases from BFSI, Healthcare, and Supply Chain?
- What are the key unmet needs of customers? Who are the key stakeholders in different verticals? Do vendor selection criteria differ by vertical? Which new product features should be added to the existing products?
Where to play:
- Which applications and use cases should we focus on? Should it be decentralized identity, carbon credit management, NFT, CBDC, or any other?
- Which regions should we place our bets on? Should we continue with developed countries or do developing countries offer more growth opportunities?
Building a compelling Right-to-Win (RTW):
- For M&A, which are the right targets for us? Should we target adjacent technology companies or customer companies? Should we enter new markets directly or through partners?
- How can we differentiate from top players? What is their right-to-win vs ours?
Key uncertainties/perspectives which industry leaders seek answers to:
For Blockchain companies:
- Will blockchain replace traditional banking systems as the primary form of financial systems?
- Can blockchain become an alternative and possibly eventually replace internet giants with a decentralized peer to peer network architecture?
- Will there be a significant shift in opportunity for blockchain in areas such logistics and healthcare sectors, especially in the post COVID-19 scenario, over the next 5 to 10 years? If yes, what will be the market potential in these sectors over the same period?
- Will blockchain as a technology sustain itself or live up to its potential opportunity hype in-stated currently?
For Companies in Adjacent markets:
- Will blockchain replace traditional banking systems as the primary form of financial systems?
- Can blockchain become an alternative and possibly eventually replace internet giants with a decentralized peer to peer network architecture?
- Will there be a significant shift in opportunity for blockchain in areas such logistics and healthcare sectors, especially in the post COVID-19 scenario, over the next 5 to 10 years? If yes, what will be the market potential in these sectors over the same period?
- Will blockchain as a technology sustain itself or live up to its potential opportunity hype in-stated currently?
Therefore, MarketsandMarkets research and analysis focuses on high-growth markets and emerging technologies, which will become ~80% of the revenues of wearable players from the ecosystem in the next 5–10 years. It helps find blind spots in clients’ revenue decisions because of interconnections and unknowns that impacting clients and their client’s clients.
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