The global blockchain market is expected to grow at a CAGR of 80.0% during the forecast period with its market size predicted to reach USD 42.0 billion by 2024.
Industry Insights by Provider (Middleware Provider, Application & Solution Provider, and Infrastructure & Protocols Provider), by Application (Smart Contracts, Payments, Documentation, Supply Chain Management, Exchanges, Governance, Risk, and Compliance Management, Digital Identity, and Others), by Organization Size (Large Enterprises, and Small & Medium Enterprises), by Vertical (Government, Retail & E-Commerce, Transportation & Logistics, BFSI, Media & Entertainment, IT & Telecommunication, Healthcare & Life Sciences, Real Estate, Travel & Hospitality, and Others)
Globally, blockchain industry players are leveraging market growth through the formulation of several policies and reforms by a government organization in various developed as well as developing economies along with entering into several partnership agreements. The key players in blockchain market are launching new link for various supply chain experts. Furthermore, there are several software development enterprises that are embracing the technique at an extensive rate as it helps them in fighting against fraudulent activities.
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Small and medium enterprises category is expected to witness faster growth during the forecast period in the Blockchain market
On the basis of organization size, the global blockchain market is divided into large enterprises and small and medium enterprises. Among the two categories, the small and medium enterprises category is expected to witness faster growth during the forecast period. The growth of this segment is attributed towards increasing utilization of these techniques that helps in eliminating wastage of resources and cost, thereby enhancing efficiency and effectiveness in their business operations.
On the basis of vertical, the global blockchain market is divided into government, retail and e-commerce, transportation and logistics, BFSI, media and entertainment, IT and telecommunication, healthcare and life sciences, real estate, travel and hospitality, and others. Of all, the BFSI sector is expected to witness the fastest growth during the forecast period owing to the increase in shifting the trend of business organizations from central infrastructure administration to distributed situation.
Furthermore, BFSI segment is observing the increasing significance of distributed ledger technique that provides secure access to their users. Moreover, distributed ledgers are extensively being utilized by financial authorities to reorganize their internal procedures and reduce operational cost. This domain is further strengthening the growth of blockchain market across the globe.
Geographically, North America has accounted for the largest share in blockchain market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of organizations having a huge base of operation, adoption of payment and documentation uses in several industries along with widespread execution of smart contracts. Moreover, Asia-Pacific is expected to witness the fastest growth during the forecast period due to huge investment undertaken towards the development of blockchain market that helps in reducing excessive labor cost.
Some of the key players operating in the global blockchain market are IBM Corporation, Ripple, Amazon Web Services, Inc., Microsoft Corporation, Abra, Chain Inc., BigchainDB Gmbh, Ethereum Foundation, Earthport PLC, Factom, BTL Group Ltd., Humaniq, Tierion, BlockCypher Inc., AlphaPoint, and Bitfury Group Limited.
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In the primary data collection process, there are several sources interviewed in order to obtain precise quantitative and qualitative information for this study. The primary sources those are included for the data collection of this study comprises of manufacturers, commercial growers, industry consultants and other key industry experts. There are several others sources that helped in gaining insightful information about this market are CEOs, marketing and sales directors, vice presidents, and key opinion leaders from various key companies operating in the global blockchain market. Primary research in this report has been conducted for estimating market size, market dynamics, and strategies adopted by the key players in this market.
Secondary sources referred for this research report includes association for blockchain, business filings such as financial statements, annual reports, investor presentations and trade associations. The secondary data has been used for estimating overall market size and growth of blockchain market that has been authenticated with the supporting facts gathered through primary data collection.
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The report provides the market value for the base year 2018 and a yearly forecast till 2024 in terms of revenue (USD Million). The report segments the global blockchain market on the basis of provider, application, enterprise size, vertical, and region.
Global Blockchain Market Coverage
Provider Insight and Forecast 2014-2024
Application Insight and Forecast 2014-2024
Enterprise Size Insight and Forecast 2014-2024
Vertical Insight and Forecast 2014-2024
Blockchain Market by Region
Rest of the World (RoW)
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