According to a new market research report “Blockchain Market with COVID-19 Impact Analysis, by Component (Platforms and Services), Provider (Application, Middleware, and Infrastructure), Type (Private, Public, and Hybrid), Organization Size, Application Area, and Region—Global Forecast to 2026” published by MarketsandMarkets™, the Blockchain Market size is projected to grow from USD 4.9 billion in 2021 to USD 67.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 68.4% during the forecast period.
The major driving factors contributing to the high growth rate of Blockchain Market include an increasing venture capital funding and investment in blockchain technology, extensive use of blockchain solutions in banking and cybersecurity, high adoption of blockchain solutions for payment, smart contracts, and digital identities, and rising government initiatives.
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By component, the services segment to register the highest growth rate during the forecast period
Based on component, the global Blockchain Market is segmented into platform and services. Platform refers to the standalone platform that cannot be further segmented. Blockchain platform in the market enables customers to set up private, public, and consortium-based blockchain environments and provide them with capabilities to develop their own blockchain applications and solutions. These platforms enable people, products, applications, and services to interoperate across the blockchain network, cloud providers, and organizations. The services segment includes various services required to deploy, execute, and maintain blockchain platform in an organization, including technology advisory and consulting, development and integration, and support and maintenance.
The platform segment is expected to witness high adoption during the forecast period as the enterprises are expected to realize the various benefits offered by the technology, including reduced value chain cost, increased security, and faster operations enabling them to gain a leading edge over competitors. The services segment is expected to grow at a higher CAGR during the forecast period. The growth of the services segment would be dependent on the adoption of blockchain platform in the Blockchain Market during the forecast period. Services including technology advisory and consulting, development and integration, and support and maintenance form a critical component of the blockchain solution deployment enabling organizations to effectively utilize blockchain tools and support their core business operations effectively.
Based on application area, the Retail and e-commerce segment to grow at the highest CAGR during the forecast period
The Retail and e-commerce segment is projected to witness the fastest growth rate of during the forecast period. The retail and eCommerce application area are an associated global network of suppliers, retailers, eCommerce portals, and customers interacting in physical stores, as well as digital online channels. Today, all retail and eCommerce organizations are making huge investments to provide enhanced customer experience to clients. The blockchain technology is progressively elevating the customer experience. With positive customer experience, retail and eCommerce businesses are expected to achieve customer loyalty. The blockchain technology enables retailers to use smart contracts for settling any conflict related to customers without any intervention of the court. Smart contracts are stored in a digital ledger, which enables customers to record all transactions, such as receipts, warranty documents, and insurance papers, securely on the blockchain ecosystem. The transaction is public and cannot be altered or tampered. All transacting parties are responsible for their contractual obligations and the action taken is automated if conditions are not met.
For instance, an Israel-based blockchain startup offers a blockchain application for retailers to improve the overall efficiency in maintaining the records of customers related to warranty, insurance papers, and receipts. The information stored on the blockchain digital ledger makes it easier for customers to access information of their purchase and earn loyal or reward points. In case of any product malfunction, immediate assistance is provided to customers without any delay in services. Moreover, blockchain enables retailers’ access and accept cryptocurrencies instead of purchasing items to a payment processing. It helps online transfers in a secured and authenticated manner. The payment process with the blockchain technology is cheaper as compared to the credit card payment.
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North America to hold the largest market share during the forecast period
North America has several prominent market players delivering blockchain solutions to all end-users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the Blockchain Market’s growth. The geographical presence, significant Research and Development (R&D) activities, partnerships, and acquisitions and mergers are the major factors for deploying blockchain services.
Key and innovative vendors in Blockchain Market include IBM (US), AWS (US), SAP (Germany), Intel (US), Oracle (US), Huawei (China), Accenture (Ireland), Wipro (India), Bitfury (Amsterdam), Chain (US), Blockcypher (US), Guardtime (Estonia), Cegeka (Netherlands), Symbiont (US), BigchainDB (Germany), Applied Blockchain (UK), Auxesis Group (India), Spinsys (US), Infosys (India), NTT Data (Japan), Factom (US), R3 (US), Consensys(US), RecordsKeeper(Spain), Stratis (UK), Blockchain Foundry (Canada), Blockpoint (US), Leewayhertz (US), and Dragonchain (US).
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