Blockchain Technology Market Share, Key Market Players, Trends & Forecast, 2020–2028
Increasing global demand for transparent and secure payment systems in banking and financial institutions as well as growing adoption of blockchain in supply chain management will drive market growth.
Market Size – USD 3 Billion in 2020 Market Growth – 66% Market Trends – Increasing demand for digital payment systems, growth in IT and telecommunication
The global blockchain technology market size is expected to reach USD 172.9 billion by 2028, registering a CAGR of 66% over the forecast period, according to the latest report by Reports and Data. Major factor driving market revenue growth is increasing global demand for transparent and secure payment systems in banking and financial institutions. Moreover, large scale adoption of blockchain in supply chain management is expected to drive market growth.
Blockchain technology is a network of peer-to-peer nodes that store transactional information of public in several databases. This form of storage is commonly referred to as a “digital ledger.” Because of this, blockchain is also known as Distributed Ledger Technology (DLT). It uses decentralization and cryptographic hashing to render the history of every digital object unalterable and transparent.
Over the forecast period, market growth is expected to be driven by rising demand for digital payment systems, growth in IT and telecommunications industries, and technological advancements in the industry.
Furthermore, government support for R&D activities in order to introduce security solutions in financial institutions will help the market expand. In addition, combining blockchain technology with IoT and Artificial Intelligence (AI) opens up new business opportunities. This will enable cross-border transfers to be made more quickly and at a lower cost. On the other hand, increasing demand for clear record-keeping processes as well as global crypto-currency developments are expected to drive market growth.
Furthermore, blockchain technology has been instrumental in the ongoing COVID-19 pandemic. This technology has enabled collection of real-time data about affected areas, tracking of infected patients, and reporting of direct combat efforts. In the goods supply chain, the application has proven to be extremely useful. Multiple organizations can share and maintain a shared database using blockchain technology.
For example, during the COVID-19 pandemic in 2020, the World Health Organization (WHO) collaborated with blockchain technology companies to launch MiPasa, a platform for tracking epidemiological patterns and addressing discrepancies globally. This Hyperledger Fabric-based DLT platform was developed in collaboration with Oracle, IBM, Microsoft, and HACERA, an enterprise blockchain platform.
However, high security costs due to privacy protection, lack of knowledge about security arrangements, and uncertainty of blockchain technology are major factors that will limit the blockchain technology market to a certain extent during the forecast period. Furthermore, lack of qualified professionals to operate such technology as well as growing need for a large network pose challenges to market development.
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Some Key Highlights in the Report:
- The private segment accounted for largest revenue share in the global market in 2020 due to growing adoption of private cloud by large, small and medium enterprises.
- The infrastructure and protocols segment accounted for largest market share in 2020.
- The digital identity application segment is expected to register a significant CAGR during the forecast period due to rising cyberattacks, and growing government emphasis on digitalizing all public transactions for transparency across private & public sectors.
- The large enterprises segment accounted for largest revenue share in the market in 2020.
- The banking and financial services segment accounted for largest revenue share among end user outlook in the global market in 2020 due to rising cryptocurrencies trends and digital payments globally.
- North America region is expected to account for largest revenue share over the forecast period due to early adoption of blockchain technologies in the region.
- Revenue from Asia Pacific blockchain technology market is expected to grow at a significantly high rate due to increasing government initiatives and regulations on development of the financial sector in the region.
- Prominent players in the market are IBM Corporation, Microsoft Corporation, Hewlett Packard, Cyber Infrastructure Pvt. Ltd, Enterprise Company, BTL Group Ltd., Infosys Limited, Accenture PLC, Deloitte Touche Tohmatsu Limited, Solulab Inc., Empirica S.A, The Linux Foundation, Oracle Corporation, Amazon Web Services, Inc., and Global Arena Holding, Inc. (GAHI)
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/press-release/global-blockchain-technology-market
Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the global blockchain technology market on the basis of type, application, end user and region:
Type Outlook (Revenue, USD Billion; 2018 – 2028)
Component Outlook (Revenue, USD Billion; 2018 – 2028)
- Application & Solution
- Infrastructure & Protocols
Application Outlook (Revenue, USD Billion; 2018 – 2028)
- Digital Identity
- Smart Contracts
- Supply Chain Management
Enterprise Size Outlook (Revenue, USD Billion; 2018 – 2028)
- Large Enterprises
- Small & Medium Enterprises
End-use Outlook (Revenue, USD Billion; 2018 – 2028)
- Financial Services
- Media & Entertainment
- Transportation & Logistics
Region Outlook (Revenue, USD Billion; 2018 – 2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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