Increasing adoption of cryptocurrency across the globe is driving blockchain market revenue growth
Market Size – USD 4.90 Billion in 2021, Market Growth – at a CAGR of 69.1%, Market Trends – High rate of adoption in Asia Pacific.
The blockchain market size is expected to reach USD 550.68 Billion in 2030 and register a revenue CAGR of 69.1% over the forecast period, according to the latest report by Reports and Data. Surge in data and identity theft activities is driving blockchain market revenue growth. Blockchain has developed over the years and aids in conduction of financial transactions. Increase in cashless payments, credit and debit cards, and card-based payment methods are becoming quite common. Blockchain supports these changes by increasing transaction processing speed and providing greater efficiency in real-time processing.
The global blockchain market size was USD 4.90 Billion in 2021 and is expected to register a revenue CAGR of 69.1% during the forecast period. Growing need for greater transparency and enhancing security and increasing adoption of cryptocurrency across the globe are key factors driving the global blockchain market revenue growth. On 28 September 2021, the Central Board of Secondary Education (CBSE), which is a national-level board of education in India implemented Blockchain to make results tamper-proof and go paperless.
Blockchain is a technology that keeps record of any digital transaction made by users in multiple systems for decentralized storage of data. Digital economy has changed dramatically over the years with a rise in the value of cryptocurrencies, such as ‘Bitcoin’ increasing exponentially in last couple of years. Technology that supports cryptocurrency is known as the blockchain. It serves as an encrypted ledger to keep a track on cryptocurrency’s value and ownership. Blockchain significantly decreases cost by removing the “middleman” in digital marketing. In case of search engine marketing through blockchain, website owners can save cost by removing the need for Google or Facebook or any other intermediaries.
Blockchain market’s increased revenue growth during COVID-19 can be used for a plethora of opportunities, such as tracking public health data surveillance, particularly during infectious disease outbreaks. With increased blockchain transparency, there will be more accurate reporting and efficient responses. Blockchain can aid in developing treatments swiftly as they would allow for rapid processing of data, thus enabling early detection of a disease before it turns into a pandemic. Moreover, this will enable government agencies to keep track of virus activites, patients, suspected new cases, and more. In response to the virus, tech companies have ramped up their collaborations in the blockchain.
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Some Key Highlights in the Report
- Smart contracts segment accounted for largest revenue share in 2020. Organizations are nowadays deploying smart contracts to reduce cost and avoid fraud. These contracts deployed over blockchain guarantees that contract terms and conditions cannot be modified. The technology makes it nearly impossible for any third party to alter contract.
- Supply chain management segment revenue is expected to register highest growth rate during the forecast period. Blockchain revolutionizes retail sector supply chain management by deploying real-time digital ledger of transactions and movements for all participants in supply chain network. Benefits gained by this will save company’s time and money and redefine the way of business.
- Availability of resources and capital for the incorporation of new technologies is expected to propel the adoption of blockchain in large enterprises. Large enterprises segment accounted for a larger revenue market share in 2020. High investment in research and development activities to build the best-fit technology to enhance organization’s business is driving revenue growth of large enterprises segment.
- Blockchain makes it possible for retail giants to create their own brand of currency for customers to claim rewards. It can also allow brands to share those loyalty points among themselves to reward their customers. Retail & e-commerce segment revenue is expected to grow at a significant rate during the forecast period.
- Market in North America accounted for largest revenue share in 2020. The region emerged as most attractive market for blockchain owing to more adoption of technology in banking, financial services and insurance sector, and retail and e-commerce. Highly competitive market in the region is due to presence of major companies which in turn is driving growth of the market.
- Major players in the market include IBM Corporation, Microsoft Corporation, SAP, Oracle, Symbiont, Huawei, Blockpoint, BTL Group, Factom, and Earthport.
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For the purpose of this report, Reports and Data has segmented blockchain market based on provider, application, organization size, end-use, and region:
Component Type Outlook (Revenue, USD Billion; 2019–2030)
- Platform
- Services
Type Outlook (Revenue, USD Billion; 2019–2030)
- Public
- Private
- Hybrid
Provider Outlook (Revenue, USD Billion; 2019–2030)
- Application Providers
- Middleware Providers
- Infrastructure Providers
Organization Size Outlook (Revenue, USD Billion; 2019–2030)
- Small and Medium-sized Enterprises
- Large Enterprises
Application Outlook (Revenue, USD Billion; 2019–2030)
- Payments
- Exchanges
- Smart Contracts
- Documentation
- Digital Identity
- Supply Chain Management
- Others
End-use Outlook (Revenue, USD Billion; 2019–2030)
- Government
- IT & Telecommunications
- Healthcare
- BFSI
- Energy and Utilities
- Others
Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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