The major driving factors contributing to the high growth rate of blockchain market include increasing venture capital fundings and investment in blockchain technology; extensive use of blockchain solutions in banking and cybersecurity; high adoption of blockchain solutions for payment, smart contracts, and digital identities; and rising government initiatives.
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By organization size, SMEs expected to grow at a higher CAGR during the forecasted period
There have been technology disruptions in both large and small-to-medium-sized businesses, because of the pandemic on organizations worldwide. Businesses are adapting to blockchain-based applications to enhance operational efficiency, transparency, data security, risk mitigation, and speed of transactions among business partners. Organizations of all sizes are more likely to adopt blockchain technology if they have access to the necessary infrastructure and resources. SMEs aim to strategize, synergize, and standardize to boost integrated business efficiency, particularly in terms of marketing capacity, scale, scope, and financial performance with the help of blockchain technology. It is anticipated that the demand for IoT-based blockchain services and solutions will be fueled by the transformed IoT-enabled marketspace for protecting the security of shared data. Blockchain usage is particularly alluring for small businesses as it provides an affordable and efficient way to carry out transactions. Even though SMEs are still in the early stages of adopting blockchain technology, these instances show that they are moving in the right direction, supporting higher CAGR expectations.
Based on application area, the Retail and ecommerce segment to grow at the highest CAGR during the forecast period
When it comes to the applicability and implementation of blockchain technology, the retail and e-commerce segment is anticipated to exhibit the highest CAGR. The global network of suppliers, e-commerce portals, customers interacting in physical stores, and digital online channels all represent the segment’s applicability area. The customer experience has significantly improved since blockchain technology was introduced. The segment has been able to increase the number of customers they serve as a result, which demonstrates their loyalty. Smart contracts can be used by retailers to resolve any customer-related disputes with the help of blockchain technology. Customers can securely record all transactions, including receipts, warranty documents, and insurance papers, on the blockchain ecosystem because smart contracts are stored in a digital ledger. The transaction cannot be altered or tampered with because it is public. Contractual obligations are the responsibility of all parties involved in the transaction, and automated action is taken if conditions are not met.
In the e-commerce sector, for instance, several multinational corporations are implementing blockchain technology to improve supply chain tracking and security. To investigate blockchain solutions, giants like Amazon, Walmart, IKEA, Nestle, and Alibaba have collaborated with tech giants like IBM and Microsoft. Due to the technology’s potential to provide secure, real-time access to data by creating an identical copy of the ledger across the computer network to ensure data transparency and accountability, these giants have invested heavily in their retail and e-commerce sectors to benefit from blockchain. All these examples point to the segment’s predicted higher growth rate.
By Region, Asia Pacific to grow at the highest CAGR during the forecast period
In the Asia-Pacific region, the blockchain market is still in the early stages of exploration and adoption. However, most of the service and technology providers are viewing blockchain technology as a lucrative opportunity. In addition, it is anticipated that financial sector expansion will complement the use of blockchain services and tools. Startups in cryptocurrency and blockchain technology are expanding in Asia pacific nations. A Hong Kong-based company known as Bitspark, for instance, provides a remittance platform in emerging markets that makes use of blockchain technology to send and receive payments. The region is looking into the potential of blockchain technology to investigate new opportunities and potential problems to solve. When compared to other parts of the world, supply chains in APAC are frequently significantly more challenging to manage. The use of blockchain in the region is growing to lessen these arising complexities. Ecommerce turned out to be a major driver in 2020 due to the growing popularity of smartphones and the internet. This means that there will be a strong demand in the region for efficient blockchain tools and services for both optimizing and cost-effectively managing the supply chain. Additionally, this is increasing the region’s demand for blockchain solutions and services complementing the regions high growth rate.
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Key Players
Key and innovative vendors in Blockchain market include IBM (US), AWS (US), SAP (Germany), Intel (US), Oracle (US), Huawei (China), Accenture (Ireland), Wipro (India), Bitfury (Netherlands), Chain (Hong Kong), Blockcypher (US), Guardtime (Estonia), Cegeka (Belgium), Symbiont (US), BigchainDB (Germany), Applied Blockchain (UK), Auxesis Group (India), SpinSys (US), Infosys (India), NTT Data (Japan), Factom (US), R3 (US), ConsenSys (US), RecordsKeeper (El Salvador), Stratis (UK), Blockchain Foundry (Canada), Blockpoint (US), LeewayHertz (US), and Dragonchain (US).
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