Blockchain Market is projected to reach a value of over USD 203.2 Billion by 2027 at a CAGR of around 76.5%.
BLOCKCHAIN MARKET: Summary
The Global Blockchain Market is projected to reach a value of over USD 203.2 Billion by 2027 at a CAGR of around 76.5%.
Blockchain is an emerging technology which have potential to impact many sectors as it increases efficiency, cut down costs, and stimulates transparency in the organization. Blockchain is a tamperproof digital ledger executed in a distributed manner and without any centralized authority. It allows a group of users to register transactions in a distributed ledger within the group. There are numerous blocks in the ledger, each block contains block header that have metadata about the block and block data that have transaction related data. Excluding the first block in the chain, all other blocks have a cryptographic link to the previous block.
BLOCKCHAIN MARKET: Drivers & CHALLENGES
- Growing Demand of Smart Contracts
Smart contracts automatize the procedure of contracts which reduces the interactions of the parties, and also the cost related to administration. The smart contracts are gaining traction in public and private sector because of the feature of peer-to-peer operation on public platform, also it improves the efficiency and transparency in the operational activities of the organization. Other important features of the smart contracts compelling its demand are flexibility, legality and enhanced security. Adoption of smart cards can be observed in legal industry, shipping and logistics, real estates, and others.
Hence, growing demand of smart contracts can be a contributing factor in the growth of the blockchain market, during the forecast period.
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- Security Concern
The significant issue in the adoption of blockchain is the security concern of the data recorded in the blockchain. The transactions recorded in the blockchain does not have any centralized authority to keep an eye on the transactions which intensifies the risk of the cyber-attack on the data. Another security issue with the blockchain is 51% Attack. In this attack a community of miners attacks on the blockchain and tries to control more than 50% of the mining hash rate of the network. As the majority of the control of chain will be under miners they can interfere in the recording of the upcoming transactions and this could lead to loss of confidential data.
Hence, security concern can be a limiting factor in the growth of the blockchain market, during the forecast period.
Blockchain market: Key segments
- Segmentation based on platform: Public, Private, and Consortium
- Segmentation based on consensus type: Proof of Work (PoW), Proof of Stake (PoS), Delegated Proof of Stake (DPoS), and Others
- Segmentation based on deployment: On-premises and On-cloud
- Segmentation based on provider: Infrastructure Provider, Middleware, and Application
- Segmentation based on application: Payments, Transactions, Supply Chain Management, Digital IDs and Others
- Segmentation based on end-users: BFSI, Government, Healthcare, Media and Entertainment, Advertising, and Others.
- Segmentation based on region covers: North America, South America, Europe, Asia-Pacific, and Middle East & Africa with individual country-level analysis.
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Blockchain MARKET: Report SCOPE
The report on the blockchain market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report FeaturesSpecificsHistorical/Estimated/Forecasted Market Size Years2018–2027Base Year for Market Calculation2019Forecasted Period2020–2027 (2020 estimated year, forecasted up to 2027)Measured UnitsValue (USD Million)Segments IncludedPlatform, Consensus Type, Deployment, Provider Application, End-users, and RegionRegional CoverageNorth America, South America, Asia-Pacific, Europe, Middle East & Africa
KEY Companies Covered
- IBM (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Alibaba Group
- Intel Corporation
- SAP SE
- Other Key Companies
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Blockchain MARKET: report segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Blockchain Market, by Platform
Blockchain Market, by Consensus Type
- Proof of Work (PoW)
- Proof of Stake (PoS)
- Delegated Proof of Stake (DPoS)
Blockchain Market, by Deployment
Blockchain Market, by Provider
- Infrastructure Provider
Blockchain Market, by Application
- Supply Chain Management
- Digital IDs
Blockchain Market, by End User
- Media and Entertainment
Blockchain Market, by Region
- North America
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
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Table of Content
2 Research Design & Scope
3 Executive Summary
4 Market Dynamics
5 Industry Trends — Porters Five Forces Analysis
6 GLOBAL BLOCKCHAIN MARKET BY PLATFORM, Market Size in USD Million (2019–2027)
7 GLOBAL BLOCKCHAIN MARKET BY CONSENSUS TYPE, Market Size in USD Million (2019–2027)
8 GLOBAL BLOCKCHAIN MARKET BY DEPLOYEMENT, Market Size in USD Million (2019–2027)
9 GLOBAL BLOCKCHAIN MARKET BY PROVIDER, Market Size in USD Million (2019–2027)
10 Competitive Landscape
11 Company Profiles
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