The global blockchain market is set to gain traction from the increasing demand for blockchain-as-a-service (BaaS) from various organizations. BaaS helps customers to develop, host, and use applications, functions, and smart contacts in an organization. The blockchain market size was USD 2.01 billion in 2019 and is projected to reach USD 69.04 billion by 2027, exhibiting a CAGR of 56.1% during the forecast period. This information is given by Fortune Business Insights(TM) in a new study, titled, "Blockchain Market Size, Share & COVID-19 Impact Analysis, By Component (Platform/Solution and Blockchain-as-a-Service (BaaS)), By Type (Public Blockchain, Private Blockchain, and Consortium Blockchain), By Deployment (Proof of Concept, Pilot, and Production), By Application (Digital Identity, Payments, Smart Contract, Supply Chain Management, and Others), By Industry (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Entertainment, Retail & Consumer Goods, Travel and Transportation, and Others), and Regional Forecast, 2020-2027."
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This Report Answers the Following Questions:
Drivers & Restraints
Rising Usage of DLT System for Recording Transactions Safely to Boost Growth
The rising adoption of distributed ledger technology (DLT) systems is one of the major factors contributing to the blockchain technology market growth. It is capable of recording transactions with advanced data analytics and secured mechanisms. Several companies located across the U.S. and Germany are adopting the strategy of collaboration to develop innovative DLT systems. However, the requirement of huge investments and venture capital funds may hamper the demand for blockchain technology.
COVID-19 to Affect Growth Positively by Surging Adoption Globally
The outbreak of the COVID-19 pandemic is compelling multiple companies to adopt innovative technologies for propelling digital transformation. Blockchain technology would help people to track public health data surveillance, secure medical supply chains, and manage crises. Hence, the market is set to exhibit considerable growth amid this pandemic. We are offering in-depth research reports to help you gain insights into the current condition of the market.
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Increasing Demand for Secure Blockchain Technology to Guarantee Growth at Promising Rate
"Government initiated awareness programs regarding benefits of blockchain technology among undeveloped nations is anticipated to fuel the demand in the global blockchain technology market, said a lead analyst at Fortune Business Insights.
Increasing adoption of e-financial services and rapid adoption of the blockchain technology in developed nations are expected to drive the global blockchain technology market during the forecast period. Increasing number of new blockchain products and their approval grants is also anticipated to act as a driving factor for the global Blockchain technology market.
Proof of Concept Segment Generated 72.6% in Terms of Share in 2019
Based on deployment, the proof of concept segment earned 72.6% in terms of the blockchain market share in 2019. It's increasing adoption across numerous companies because of its ability to optimize online transaction facilities is set to bolster growth of the segment.
Presence of Numerous Blockchain Technology Providers to Favor Growth in North America
Geographically, in 2019, North America procured USD 0.95 billion in terms of revenue. This growth is attributable to the presence of a large number of blockchain technology providers, such as IBM Corporation and Microsoft Corporation in the region. Also, the rising government initiatives to promote the usage of blockchain technology in public sectors, such as defense & military, banks, and airports would augment growth. Asia Pacific, on the other hand, is expected to showcase the highest CAGR throughout the forthcoming years. The increasing investments by corporate organizations and governments in new projects would aid growth.
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Key Players Aim to Enhance Their Portfolios by Developing Novel Products
The market contains various renowned companies that are trying to enhance their existing product lines and portfolios to strengthen their positions. Some of the others are striving persistently to develop innovative products to cater to the high demand. Below are the latest industry developments:
List of the blockchain technology providers operating in the global market:
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