The Blockchain market was valued at USD 4,900.0 Million in 2020, and it is expected to reach a value of USD 70,100.0 Million by 2027, at a CAGR of 50.50% over the forecast period (2020 - 2027).

The global blockchain market is rapidly growing and is expected to continue to do so in the future years, due to the expanding number of innovations and consumer awareness of the benefits of employing blockchain technology is expected to propel the industry forward in the near future. The key aspects driving the growth of the global blockchain market include the adoption of blockchain technology across BFSI, healthcare, media and entertainment, and many others.

blockchain-market

Wide acceptance of blockchain solutions for payment, digital identities, and smart contracts are also among some of the prospects that drive the industry growth during the forecast period. The increased venture capital investing in blockchain technology startups can also be attributed to the market's growth. Blockchain technology witnessed significant growth after the advent of Bitcoin, and it is now being used by various financial institutions for transactions. In the last two to three years, blockchain technology solutions have gained in popularity for a variety of commercial applications, including payments, exchanges, documentation, and many others. Many startups such as Blockpoint, Auxesis Group, Symbiont, SpinSys, Bitfury, Neufund, Fetch.AI, Confirm, Genomes, QubiTech, and CiveQ among others have entered the market and begun developing blockchain-based solutions

Segmental Analysis

The global blockchain market is segmented on the basis of component, type and application. Based on the component, the market is segmented as platform and services. Based on the type, the market is segmented as public, private, and hybrid. Whereas, based on the applications, the market is segmented as Food Agriculture, Transportation Logistics, Manufacturing, Energy Utilities, Healthcare Life Sciences, Media Entertainment, BFSI, Retail E-Commerce, IT Telecom, and Others.

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Analysis by Component

In 2021, the blockchain platform segment of the market is projected to hold the most lucrative share of more than 40% in the market. Availability of a diverse range of platforms for blockchain such as Ethereum, Hyperledger, R3 Corda, Ripple, and Quorum are among a few of them. Various features offered by these platforms are a major aspect that supports the industry growth over the forecast period.

Analysis by Type

In 2021, the public blockchain segment of the market is projected to hold the most lucrative share of more than 20% in the market. The segmental growth of the market is attributed to the increased focus of various organizations and governments to establish efficient and open transactions. Whereas, the private segment also holds a substantial market share, as it enables businesses to reverse transactions and change regulations and a minimal transaction cost.

Analysis by Applications

In 2021, the BFSI segment held a substantial share of more than 16% of the market. In financial services, blockchain technology is used to manage financial transactions in businesses. The need for blockchain technology in financial services is being driven by the technology's ability to deliver secure and efficient transactions. Due to factors including increasing cryptocurrencies, high compatibility with the industry ecosystem, speedy transactions, Initial Coin Offerings (ICOs), and lower total cost of ownership, the technology is predicted to be widely utilized in this vertical.

Top Players Company Profiles

IBM Corp. (US)
AWS Inc. (US)
SAP SE (Germany)
Intel Corp. (US)
Oracle Corp. (US)
Huawei Technologies (China)
Accenture Plc (Ireland)
Wipro Ltd. (India)
Bitfury (The Netherlands)
Infosys Ltd. (India)

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