Blockchain Technology Market to Develop at 66.41% CAGR by 2027

Blockchain Technology Market Analysis

The blockchain technology market size is predicted to grow at a healthy 66.41% CAGR during the forecast period (2020- 2027), states the latest Market Research Future’s (MRFR) blockchain technology market forecast report.

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Opportunities

Rising Security about Payment and Transaction to Offer Robust Opportunities

Rising security concern for transactions and payment by companies is predicted to offer robust opportunities for the market in the forecast period. Blockchain technology Market offers secure and faster payment services through cryptography technology that keeps the data encoded until it will reach to receiver.

Restraints

Regulatory Uncertainties to act as Restraints

Regulatory uncertainties and security concerns will impact the blockchain technology market share over the forecast period.

COVID-19 Analysis

The current COVID-19 outbreak is impacting the blockchain industry in the short term. Blockchain will play a pivotal role to drive digital transformation activities and initiatives in the midst of the crisis. Technology can be utilized for crisis management, securing medical supply chains, public health data surveillance, donation tracking and others. Governments & other business entities are focusing on the deployment of innovative technologies for improving the customer experience. These initiatives are likely to fuel demand for blockchain solution in the future.

Market Drivers

Increasing Acceptance of Cryptocurrency to Boost Market Growth

The increasing acceptance of crypytocurrency worldwide is predicted to boost market growth over the forecast period. Central and commercial banks across the globe are now utilizing blockchain technology for payment processing and issuing of their digital currencies. This technology allows cross-border payments which are less expensive and faster as compared to traditional systems.

Market Segmentation

By service provider, the blockchain technology market is segmented into infrastructure and protocol provider, middleware provider, application and solution provider, and others.

By organization size, the large enterprise segment will lead the market over the forecast period. Large enterprises operating in sectors like supply chain, healthcare, financial services, and insurance are using blockchain technology for improving their efficiency in operations.

By application, the payments will dominate the market over the forecast period.

By end users, the BFSI segment will spearhead the market over the forecast period. Financial services use blockchain technology to manage financial transactions taking place in businesses.

Regional Analysis

North America to Head Blockchain Technology Market

North America will head the market over the forecast period. Faster adoption of highly innovative technologies in the developed nations like Canada and the US, the growing adoption of blockchain technology among verticals such as retail, government, BFSI, among others for smart contacts, digital identity detection, payment and wallet solutions, the increasing adoption of blockchain technology by organizations in the region, the presence of a large number of players, early adoption of blockchain technologies by the organizations, the emergence of several blockchain technology providers, and adoption of technology to develop business applications are adding to the global blockchain technology market growth in the region.

Key Players

Eminent players profiled in the global blockchain technology report include Deloitte Touche Tohmatsu Limited, IBM Corporation, Hewlett Packard, Enterprise Company, Accenture PLC, Infosys Limited, Cyber Infrastructure Pvt. Ltd, Solulab Inc., Empirica S.A, Microsoft Corporation, Oracle Corporation, and Amazon Web Services, Inc.

Industry Updates

Samsung SDS Co., an IT service unit of Samsung Group has come up with a web-based ‘paperless’ service which uses blockchain technology for preventing documents forgery. This service will allow safe management of different documents like certificates, consent agreements, and contracts through a connection with the API function of the company.

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