Global Blockchain Market is forecast to reach $44.2 billion by 2026, growing at a CAGR of 36.1% during the forecast period from 2021 to 2026. The rising adoption of blockchain solutions due to their capability of providing increased transparency towards financial transaction management in cryptocurrency and increasing digitalisation are majorly driving the market growth of blockchain market. Higher deployments of blockchain technology across various industry verticals such as retail, banking, e-commerce and many others are also helping in boosting its market growth. Moreover, blockchain is getting widely deployed due to lesser chances of human error and rising rate of digitalization, thus helping in significant market growth. Rising demand for cryptocurrency such as Bitcoin along with increasing utilization of cryptography will drive the market growth.
Blockchain Market Segment Analysis – Type
With the growing adoption towards blockchain by major industries, the hybrid blockchain market is expected to have a major share at 39.1% in 2020. Since hybrid blockchain combines the benefits of both public and private types, they are gaining much popularity in the blockchain market. Adoption of hybrid blockchain by various end users has been helping towards high market growth due to their capabilities like faster speed and a high security. Moreover, hybrid types of blockchain act as cost-efficient tool due to lower transaction cost compared to other types. Deployment of hybrid blockchain for e-commerce sites due to its cost saving feature through the use of peer to peer networks, distributed apps and revenue models have been causing huge dominance by the e-commerce sector. With providing higher efficiency, hybrid blockchain are facing major market demands due to its demanding applications in supply chain management, banking and many others. These factors have been contributing towards higher dominance of hybrid blockchain by the organizations.
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Blockchain Market Segment Analysis – By Application
Blockchain technology is rapidly progressing in the field of automotive and transportation with the potential for diversity and innovation application in automotive industry. Original equipment manufacturers (OEMs) are mapping connected cars, for real time monitoring, auditability, and scalability which are the key factors favoring blockchain technology market driving the market at 42.9% CAGR through 2026. Autonomous connected cars, vehicles built with cyber security have come together with the cause of organizing into IoT suppliers around the new era of blockchain powered cases. Based on block chain technology, the functional areas that lead in automotive industry are smart manufacturing, connected living, IoT and connected insurances.
Blockchain Market Segment Analysis – Geography
North America is expected to have a major growth in the global blockchain market during the forecast period from 2021 to 2026 at 30.5% CAGR. High investments towards research and development activities along with rising adoption of blockchain technology have been fuelling the growth for Blockchain market in this region. Presence of some key players such as IBM Corporation, Oracle Corporation and Microsoft Corporation are acting as major drivers for the growth of blockchain market. Rising growth of IT sector and high deployment of blockchain solutions across industries like retail, ecommerce and many others are also causing significant market growth in this region.
Blockchain Market Drivers
Increased transparency
The rising demand from various organizations towards blockchain technology has been growing due to increased transparency. Deployment of blockchain solutions has substantially helped the companies to maintain a track record of their transactions more efficiently, thus eliminating the requirement for lesser manpower and simplifying the data management process of organizations Blockchain allows users to view, verify and track entire transaction records easily, causing higher adoption from various industrial sectors. Moreover, alteration of a single transaction data is highly difficult due to alteration required for all subsequent records with permission access from all network participants. This makes the blockchain data more accurate, consistent as well transparent along with reducing the need of paper work, thus causing higher demands in the blockchain market. High rate of transparency has been acting as a major driver towards the rising growth of blockchain market, and helping the industries in accelerating its business growth.
Growing digitalization
Rising digitalization has been acting as a major driving factor towards boosting the market growth of blockchain technology. With technological advancements and digitalization, adoption of blockchain technology is gaining much popularity across various industries. Usage of blockchain technology helps in reducing the manpower requirement which leads to less human error thus acting as a secured and time efficient tool. Moreover, blockchain solutions help in removing the need for middlemen in application areas like payments and real estate, causing faster transactions. This ultimately attracts the industries to digitalise and replace their existing systems with a unified blockchain based system to get a more efficient and flexible experience. Due to dominance for adopting digitalised technology for improvement of work processes, major industries have been propelling the demands for blockchain market.
Blockchain Market Challenges
Security issues
Security and privacy concerns are some major factors that are restricting the growth of blockchain technology in the market. Rising rate of cybercrimes has been adversely affecting the deployments of blockchain technology across various industries. Though the transactions offer high levels of transparency and security, there are still chances of financial data records getting hacked by cyber criminals. Loss of financial transaction data records from any reason can have a negative impact on the market growth of any organization. Data protection is one of the major factors for efficient and reliable transaction management in order to improve customer satisfaction. High concerns regarding safety and security of blockchain technology has been causing lesser adoption by the organizations, thus restraining its market growth.
Blockchain Market Landscape
Partnerships and acquisitions along with product launches are the key strategies of the players in the Blockchain Market. The major key players in the Blockchain Market include IBM Corporation, Microsoft Corporation, SAP SE, Oracle Corporation, Amazon Web Services, ConsenSys, Digital Asset Holdings, Applied Blockchain Ltd., Intel Corporation and Bitfury.
Partnerships/Product Launches/Acquisition
In December 2019, Bitfury had launched a corporate blockchain platform named Exonum Enterprise. With this launch, the company claimed to help large companies in optimization of processes along with increased transparency.Exonum offers managing upto 5000 transactions within a second along with providing a dashboard to help users track blockchain activity. This solution has been linked with bitcoin’s blockchain which acts as a bridge between a system with limited access and a fully public network.
In August 2019, IBM had announced launch of a blockchain based supply chain verification network named as Trust your supplier (TYS). According to the company, TYS was designed in order to eliminate the manual time consuming process and minimize the risk of fraud and errors. TYS will further help in creating a frictionless connectivity across supply chains.
Key Takeaways
Hybrid Blockchain market is expected to have a major market share during the forecast period 2021-2026 owing to growing adoption from ecommerce, banking and many such industrial sectors.
Key market players such as IBM Corporation and Microsoft Corporation have been helping towards significant market growth in North America.
Rising rate of digitalization across industries along with providing an increased transparency system for financial data management are acting as major driving factors towards significant growth of Blockchain market.
Related Reports:
A. Blockchain Market in Small & Medium Business
https://www.industryarc.com/Report/17926/blockchain-market-in-small-medium-business.html
B. Blockchain Market in Supply Chain
https://www.industryarc.com/Report/17923/blockchain-market-in-supply-chain.html
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