The “Blockchain Market Report 2021 – Global Forecast to 2026” has been added to ResearchAndMarkets.com’s offering.

Blockchain’s market is expected to increase from USD 4.9 Billion in 2021, to USD 67.4 Billion by 2026 at a compound annual growth rate (CAGR of 68.4%).

The main factors driving the rapid growth of the blockchain market are increasing venture capital fundings, investment in blockchain technology, extensive use of Blockchain solutions in banking, cybersecurity, high adoption of digital identity, payment and smart contracts; rising government initiatives.

Component-wise, the fastest growth rate for services will occur during the forecast.

Global blockchain market segmented by component into platform, services and platform. A platform is a single, standalone platform that can’t be segmented further. A blockchain platform on the market allows customers to establish private, consortium, or public blockchain environments. They also have the capabilities to create their own blockchain solutions and applications.

These platforms make it possible for people, products, apps, and services to communicate across different cloud providers, blockchain networks, and organisations. Services include various services that are required for an organization to implement, maintain, and execute a blockchain platform. These services include technology consulting and consultancy, integration and development, support, maintenance, and technical assistance.

As enterprises realize the many benefits of the platform technology such as reduced cost and quicker operations, the segment will see high adoption. This is expected to give them an advantage over their competitors. The forecast period will see a greater CAGR for the services segment.

Growth of the services market would depend on adoption of blockchain platform during the forecast period. A critical part of blockchain solution deployment is the provision of services that include technology advice and consulting, as well as development and integration. Support and maintenance are also essential. They enable organizations to efficiently use blockchain tools, which will allow them to support core business operations.

By Organisation size, the SME’s to register the highest growth rate during the forecast period

Segmentation of the blockchain market by size has been done. This is based on how many employees they have and whether or not the organization follows global standards. All sizes of enterprises around the globe have begun to use blockchain technology in order to disrupt the existing infrastructures and provide a better customer experience.

SME and large companies are focusing more on leveraging innovative blockchain solutions to enhance business efficiencies, transparency, and improve the overall business process.

Small and medium-sized enterprises (SMEs) are those with less than 1,000 employees. SME’s face several challenges, such as high entry barriers and reduced protection against market conditions. Due to multiple intermediaries required for trade across countries, the cost of operations is prohibitive. This limits the potential growth of SMEs that have limited resources. Blockchain technology could prove useful in these situations, as it allows an enterprise to lower its costs by eliminating intermediaries.

SMEs have another area in which they can use the blockchain technology to automate their day-to-day processes. This includes invoicing and inventory as well as payroll. Smart contracts are a key capability of the blockchain solution that can help SMEs reduce costs and streamline operations at a quicker rate.

Premium Insights

• To Drive Growth in the Blockchain Market, Increased Venture-Capital Fundings & Government Initiatives
• In 2021, Platforms will be the largest market in the world
• Technology Advisory and Consulting Services Will Account for a Higher Share in 2021
• App Providers Need to Be Prepared for an Increased Market in the Forecast Period
• The Forecast Period will see a larger Hybrid Segment
• Large enterprises to see a higher use of blockchain during the forecast period
• The Forecast Period: Insurance, Banking and Financial Services will Lead the Blockchain Market
• Asia-Pacific Emerges as Best Market to Invest in the Next Five Year

Market Dynamics

Drivers

• Venture Capital Funding and Investments In Blockchain Technology have risen
• Blockchain Technology for Retail and Supply Chain Management is Growing in Demand. It allows Transparency and Security to Transactions.
• Simplification of processes along with Transparency and Security.
• Lower Operational costs

Beware of Restraints

• Uncertain regulatory and compliance environment
• Blockchain Technology implementation can be costly

Opportunities

• In order to increase demand for Blockchain Platform and Services, there is a rise in government initiatives
• Combination of Blockchain and Iot
• Blockchain Solutions are used in Cybersecurity and Banking.
• Blockchain Solutions are highly adopted for payments, smart contracts, and digital identities.
• Rising Demand for Real-Time Analysis and Enhanced Visibility. Proactive Maintenance.
• Blockchain Technology has the potential to revolutionize industries

Challenges

• Blockchain Transactions Security and Privacy Control
• There is limited availability of technical skills to implement blockchain technology
• Opposition by Incumbents

Blockchain Regulations

The Implementation of Blockchain Technology: Steps to Take

Comparison Between Centralized/Permissioned Versus Decentralized/Permissionless Blockchain

• There are many types of Blockchain Technology
• Private Blockchain
• Public Blockchain
• Permissioned/Hybrid Blockchain

Analyse of the Value Chain

• Sources for Component and Hardware
• Planning and design
• Deployment and Infrastructure
• Solutions and service providers
• System Integrators
• Vertriebs channels and sales
• End-users

Technology Analysis

• Blockchain and the Internet of Things
• Blockchain and the Cloud
• Artificial Intelligence and Blockchain
• Blockchain and Supply Chain
• Big Data Analytics

Make Use of Cases

• Smart Dubai Initiative uses Blockchain Technology to Smart Transformation
• Id2020 Partnership
• Blockchain Project to Manage Inventory and Supply Chain
• Estonian government has adopted blockchain technology solutions
• Smart Contracts and Blockchain
• IBM (NYSE: ) Bunged up with Walmart (NYSE 🙂 (Us), To Track Pork in China, and Mangoes within the US for Food Safety
• Blockchain in Retail Compliance: Know Your Customer
• Blockchain Technology to Automate Customer Services
• Blockchain Project to Manage Inventory and Supply Chain
• Ibm. Use case 1: To Reduce Wastage by Improving Food Safety & Traceability. Also, to Support Its Offline and Online Consumers Across the Globe.
• Utilize Case 2: Oracle, NYSE:, to Use Innovative Technologies such as Blockchain, Ai and IoT in Transforming Supply Chain Operations within the Shipping Industry
• Ibm Use Case 3: Blockchain helps Rcs Global trace Responsibly Produced Roh Materials
• Consider Case 4. Carrefour (PA:) Sa Joined Ibm’s Blockchain-Based Food Trust Network
• Use Case 5: The Virgin Diamond Used Netobjex’s Digital Twin Platform
• Use Case 6: Curry & Company Teamed Up with Intel’s Integrated Blockchain-Based IoT Solution to Track Perishable Goods
• Take Case 7. Bumble Bee Seafoods and Sap collaborated to trace the fish supply chain in an Indonesian village.
• Use Case 8: Group of Banks Leveraged Ibm’s Blockchain Platform for Ease in Making Global Payments (NYSE:)
• Use case 9: Saudi Customs uses Blockchain Technology to Pilot Shipments
• Take Case 10. Icici Bank Emirates Nbd and (NYSE:) have partnered with Edgeverve Finacle in Piloting the First Blockchain-Based Network
• Use Case 11: Arab Jordan Investment Bank, (Ajib), uses the Oracle Blockchain Platform to facilitate cross-border money transfers

Blockchain associations and consortiums

• Enterprise Alliance
• Hyperledger Consortium
• Global Blockchain Business Council
• Blockchain Collaborative Consortium
• R3Cev Blockchain Consortium
• Continuous Linked Settlement Group
• Global Payments Steering Group
• Financial Blockchain Shenzhen Consortium
• Cu Ledger
• Wall Street Blockchain Alliance

Companies Mentioned

• IBM
• Amazon Web Services (NASDAQ:)
• Sap
• Intel (NASDAQ:
• Oracle
• Huawei
• Accenture (NYSE 🙂
• Wipro (NYSE:)
• Bitfury
• Chain
• Blockcypher
• Guardtime
• Cegeka
• Symbiont
• Bigchaindb
• Applied Blockchain
• Auxesis Group
• Spinsys
• Infosys (NYSE:)
• Ntt Data
• Factom
• R3
• Consensys
• Leewayhertz
• Profils for Start-ups
• Recordskeeper
• Stratis
• Blockchain Foundry
• Blockpoint
• Dragonchain

EMAIL NEWSLETTER

You can also join the crypto-verse

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7]
It takes just one click to unsubscribe.

Continue reading on DailyCoin