According to Coherent Market Insights, the global blockchain technology market is projected to exhibit a CAGR of 66.2% over the forecast period (2019 – 2027)
Key Trends and Analysis of the Global Blockchain Technology Market:
Blockchain is a decentralized, distributed public ledger, which is used to record transactions. It is a growing list of blocks, which are linked using cryptography. Bitcoin is the first application of blockchain technology. Blockchain technology market is still in nascent stage and companies are experimenting this technology across various applications. Advantages of blockchain such as decentralization, cryptographic security, and transparency are increasing its adoption. Furthermore, blockchain also provides increased speed of transaction processing and greater efficiency in real time processing. This has led to the growth of the global blockchain technology market.
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Among type, consortium segment is expected to grow at a highest CAGR over the forecast period, owing to improvement in security, privacy, compliance and performance, increase convenience for multiple organizations through mobile interaction. Similar to private blockchain, the participants of consortium blockchain enters with permission and hence, it is a trusted blockchain and transaction approval speed of consortium blockchain is higher than public blockchain. For instance, in November 2017, Microsoft expanded its partnership with consortium R3 to make it easier for financial institutions to deploy blockchains in its Azure cloud.
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Among application, supply chain segment is expected to grow at a highest CAGR over the forecast period, owing increasing need for supplychain transparency and rising demand for enhanced security of supplychain transactions. For instance, IBM has a collaboration with 10 food suppliers, including brands such as Nestle, Tyson Foods, Unilever, Walmart, and Kroger, to track food products from farm to grocery store shelves in the interest of efficiency and food safety.
Asia Pacific is expected to be the most lucrative market for blockchain technology over the forecast period, owing to factors such as digitization of currency and safe online payment gateways, and increasing online transactions in the region. Also, key players in Asia Pacific are launching blockchain technology platforms. For instance, in July 2018, IBM launched a blockchain platform exclusively for banking and financial services in China.
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Key Market Takeaways:
- The market is expected to witness a CAGR of 66.2% during the forecast period (2019–2027), owing to increasing digital transactions, which require security, transaction transparency, and low cost transaction
- Various factors are expected to drive growth of the global blockchain technology market over the forecast period. With rising number of internet users, the use of banking applications increases. Furthermore, digital transactions account for majority of the commodity exchanges. The critical elements of digital transaction include participants, personal information of the individual participating in the transaction, an asset, the exchange or transaction, and the ledger technology used to record the transaction. Blockchain technology provides facility to secure this data along with transaction transparency. For instance, in 2017, Monetary Authority of Singapore (MAS) partnered with R3, a consortium of banks and regulators, to create a prototype for a blockchain-based digital Singaporean dollar to facilitate digital transactions. This would reduce tampering of records through a decentralized trust system, with 24-hour processing and no human-based–checks required. The partnership has successfully developed software prototypes of three different models for decentralized inter-bank payment that are now being explored.
- The major restraining factor for blockchain technology is regulatory landscape of distributed ledger technology, which is immature and complex. Moreover, regulatory landscape is different for all the components of distributed ledger technology. The regulatory environment for cryptocurrency is complex due to unclear and complex rules and regulations of various countries. Some of the major economies across the globe such as U.S, Canada, China, South Korea, Singapore, India, Australia, and Russia are not accepting cryptocurrency as a legal currency, while countries such as Japan, Switzerland, and South Africa are relaxing their rules and regulations for the use of cryptocurrencies.
- Some of the major players operating in the global blockchain technology market include Accenture Plc, Amazon Web Services, Inc., Advanced Micro Devices, Inc., IBM Corporation, Infosys Ltd., Intel Corporation , Microsoft Corporation, NVIDIA Corporation, SAMSUNG, SAP SE, Siemens AG, Xilinx, Inc., and others
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