Market Research Report
Blockchain Market by Component (Platform and Services), Provider (Application, Middleware, and Infrastructure), Type (Private, Public, and Hybrid), Organization Size, Application Area (BFSI, Government, IT & Telecom), Region - Global Forecast to 2025
|Published by||MarketsandMarkets||Product code||935683|
|Published||Content info||254 Pages
Delivery time: 1-2 business days
|Blockchain Market by Component (Platform and Services), Provider (Application, Middleware, and Infrastructure), Type (Private, Public, and Hybrid), Organization Size, Application Area (BFSI, Government, IT & Telecom), Region - Global Forecast to 2025|
|Published: May 5, 2020||Content info: 254 Pages||
"Increasing focus on reducing operational cost and faster transactions to drive the overall blockchain market"
The global blockchain market size is expected to grow from USD 3.0 billion in 2020 to USD 39.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 67.3% during the forecast period. Various factors, such as increasing venture capital funding and investments in the blockchain technology, growing need to simplify business processes and create business transparency and immutability, reduction in operational cost, and increasing popularity of blockchain technology in retail and supply chain management are expected to drive the market. However, uncertain regulatory and compliance environment and limited availability of technical skillsets for implementing the blockchain technology may restrain the blockchain market growth.
Based on application area, the retail and eCommerce segment is expected to grow at the highest CAGR in the blockchain market during the forecast period. Retail and eCommerce organizations are making huge investments to enhance customer experience. The use of blockchain payments in the retail and eCommerce industry has increased during COVID-19 as several end-users are opting for use of cryptocurrency over conventional payment options. 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.
Based on organization size, the large enterprises segment is expected to hold a larger market size in the blockchain market during the forecast period. The availability of sufficient capital and other resources to incorporate newer technologies is expected to enable large enterprises to take the lead in the market. Another factor that contributes to a higher market share of large enterprises in the blockchain market is the high investments in R&D activities to develop best-fit technology to enhance an organization's business efficiency.
North America is estimated to hold the largest market size and dominate the global blockchain market in 2020, as the region is an early adopter of the blockchain technology. North America is considered the most advanced region in terms of technology adoption and infrastructure. The regional presence of key industry players offering blockchain technology solutions is the main factor driving the North American blockchain market.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Several new startups in APAC have entered the blockchain market and started developing blockchain solutions. Investors are investing in startups that are helping these small firms innovate the blockchain technology. The integration of the blockchain technology to transform business processes in the developing countries of APAC could boost the blockchain market growth in APAC.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the blockchain marketplace.
Major vendors in the global blockchain market include IBM (US), AWS (US), Microsoft (US), SAP (Germany), Intel (US), Oracle (US), Bitfury (Netherlands), Cegeka (Netherlands), Earthport (UK), Guardtime (US), Digital Asset Holdings (US), Chain (US), Huawei (China), BlockCypher (US), Symbiont (US), BigchainDB (Germany), Applied Blockchain (UK), RecordsKeeper (Gibraltar), BlockPoint (US), Auxesis Group (India), BTL Group (Canada), Blockchain Foundry (UK), AlphaPoint (US), NTT Data (Japan), Factom (US), SpinSys (US), ConsenSys (US), Infosys (India), iXLedger (UK), and Stratis (UK). It also includes an in-depth competitive analysis of the key players in the blockchain market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
The market study covers the blockchain market across segments. It aims at estimating the market size and the growth potential of the market across segments, such as component, provider, type, application area, organization size, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in the blockchain market with information on the closest approximations of the revenue numbers for the overall blockchain market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
(Business overview, Products and Services offered, Recent developments & SWOT analysis)*
Details on Business overview, Products and Services offered, Recent developments & SWOT analysis might not be captured in case of unlisted companies.