Global Blockchain Market (2021-2026) by Component, Provider, Type, Organization Size, Deployment, Application, Industry, and Geography, IGR Competitive Analysis, Impact of Covid-19, Ansoff Analysis
Introduction
The Global Blockchain Market is estimated to be USD 5.3 Bn in 2021 and is expected to reach USD 34 Bn by 2026, growing at a CAGR of 45%.
Key factors such as the rise of Blockchain as a Service (BaaS) that allows the customer to utilize cloud-based solutions for building and hosting their blockchain apps is a prominent driver for blockchain technology. Also, there has been a rising acceptance of cryptocurrencies, which has further fuelled the growth of the market. The adoption of blockchain technology, especially in the financial services sector, is broad because it can reduce the transaction processing time, thus reducing the complexities involved in a transaction, accelerating the growth of the market.
The high initial costs involved in setting up the process and operations, the stringent regulatory requirements in different countries, limited availability of technical skillsets for implementing the blockchain technology can be restraining factors for the growth of the market.
Market Dynamics
Drivers
- Increasing Adoption of Blockchain as a Service(BaaS)
- Increasing Merchants Accepting Cryptocurrencies
- Growing Need for Simplifying Business Processes
- Need for Increased Transparency and Faster Financial Transactions
- Blockchain Laws & Regulations
- High Initial Costs
- Increasing Adoption of Blockchain Technology in IoT & Cyber-Security
- Increasing Venture Capital Investment in Blockchain
- Rising Adoption of Blockchain for Payments
- Government Investments in Blockchain Technology Development Projects
- Data Safety & Security
- Integration with the Existing Applications
By Component, the market is classified as platform and services. Amongst the two, Services hold the highest market share during the forecasted period. The rise in the services is mainly due to the growth of cloud-based services such as smart contracts, crypto wallets, etc.
By Provider, the market is classified as Application Providers, Middleware Providers, and Infrastructure Providers. Amongst all, the Infrastructure Provider segment holds the highest market share as these providers develop the basic software requirements necessary for the network to operate on it. Also, the rising demand for blockchain protocols and standards has contributed to the growth of the segment.
By Type, Hybrid blockchain holds the highest market share during the forecast period. Hybrid Blockchain is a combination of both public as well as private type of blockchain technologies. Adopting the hybrid Blockchain by various end-users has helped in faster transaction speed and high security. The Hybrid Blockchain can effectively employ a public blockchain to make the ledger accessible to the public. These advantages support the growth of hybrid Blockchain.
By Organization Size, the Small and Medium-Sized Enterprises (SME) hold the highest market share. The adoption rate of blockchain technology is high in the SMEs to enable digital services across business channels in SMEs for streamlining business processes. Besides, the use of blockchain technology has been popular due to its transparency and low infrastructure costs.
By Deployment, Proof Of Concept holds the highest market share. A proof of concept can help figure out whether particular blockchain technology will be feasible to adopt for transactional purposes.
By Application, the Payment segment holds the highest market share. The application of blockchain technology in providing transparency, minimizing costs, and improving the efficiency of the payment systems for ensuring faster transaction processes has led to segmental growth. Also, factors such as increased adoption of cloud-based services in payment and transaction procedures are adding to the segment growth.
By Industry, the Banking And The Financial Services hold the highest market share during the forecast period. The advancement in technologies has given rise to cryptocurrencies and faster transactions. Since the use of blockchain technology helps secure the customers' transactions and offers compatibility with the financial services ecosystem, it is adding to the market growth.
By Geography, North America is projected to hold the highest market share during the forecast period. The factors attributing to the growth of the market are the presence of blockchain providers due to the robust technological infrastructure, rising digitalization, and increasing use of cryptocurrencies. Besides, the Government led investments of blockchain solutions in the different industry sectors, further contributing to the market growth of the region.
The Global Blockchain Market is segmented further based on Component, Provider, Type, Organization Size, Deployment, Application, Industry, and Geography.
Global Blockchain Market, By Component
- Introduction
- Platform
- Services
- Technology Advisory and Consulting Services
- Development and Integration Services
- Support and Maintenance
- Introduction
- Application Providers
- Middleware Providers
- Infrastructure Providers
- Introduction
- Private
- Public
- Hybrid
- Introduction
- Large Enterprises
- Small and Medium-Size Enterprises
- Introduction
- Proof of Concept
- Pilot
- Production
- Introduction
- Digital Identity
- Payments
- Smart Contract
- Supply Chain Management
- Others(Exchange, Documentation)
- Introduction
- Transportation and Logistics
- Agriculture and Food
- Manufacturing
- Energy and Utilities
- Healthcare and Life Sciences
- Media, Advertising, and Entertainment
- Banking and Financial Services
- Insurance
- IT and Telecom
- Retail and eCommerce
- Government
- Others (Travel and hospitality, education, real estate and construction, and mining)
- Introduction
- North America
- South America
- Europe
- Asia Pacific
- Rest of the World
Some of the companies covered in this report are IBM Corporation, Microsoft Corporation, Linux Foundation, R3 Technologies Inc., BTL Group, Chain Inc., Deloitte, Circle Internet Financial Limited, Global Arena Holding, Inc. (GAHI), and Ripple, etc.
IGR Competitive Quadrant
The report includes IGR Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Lions:Represents companies with a strong foothold in the market, with the highest market share, large investments in technologies, new products.
Bulls:Companies that are medium in size competing with their USPs, growing companies with proven market share.
Rabbits:Small companies but growing rapidly, constantly improving their offerings in the market
Tortoise:Companies that are slow in growth, having a long legacy, and stable or negative in performance
Why buy this report?
The report offers a comprehensive evaluation of the Global Blockchain Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
The report includes in-depth market analysis using Porter’s 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.
The report also contains the competitive analysis using IGR Positioning Quadrants, Infogence’s Proprietary competitive positioning tool.
Report Highlights:
- A complete analysis of the market including parent industry
- Important market dynamics and trends
- Market segmentation
- Historical, current, and projected size of the market based on value and volume
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
- 1 Report Description
- 1.1 Study Objectives
- 1.2 Market Definition
- 1.3 Currency
- 1.4 Years Considered
- 1.5 Language
- 1.6 Key Shareholders
- 2 Research Methodology
- 2.1 Research Process
- 2.2 Data Collection and Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research
- 2.3 Market Size Estimation
- 2.4 Assumptions of the Study
- 2.5 Limitations of the Study
- 3 Executive Summary
- 4 Market Overview
- 4.1 Introduction
- 4.2 Market Dynamics
- 4.2.1 Drivers
- 4.2.2 Restraints
- 4.2.3 Opportunities
- 4.2.4 Challenges
- 4.3 Trends
- 5 Market Analysis
- 5.1 Porter’s Five Forces Analysis
- 5.2 Impact of COVID-19
- 5.3 Ansoff Matrix Analysis
- 6 Global Blockchain Market, By Component
- 6.1 Introduction
- 6.2 Platform
- 6.3 Services
- 6.3.1 Technology Advisory and Consulting Services
- 6.3.2 Development and Integration Services
- 6.3.3 Support and Maintenance
- 7 Global Blockchain Market, By Provider
- 7.1 Introduction
- 7.2 Application Providers
- 7.3 Middleware Providers
- 7.4 Infrastructure Providers
- 8 Global Blockchain Market, By Type
- 8.1 Introduction
- 8.2 Private
- 8.3 Public
- 8.4 Hybrid
- 9 Global Blockchain Market, By Organization Size
- 9.1 Introduction
- 9.2 Large Enterprises
- 9.3 Small and Medium-Size Enterprises
- 10 Global Blockchain Market, By Deployment
- 10.1 Introduction
- 10.2 Proof of Concept
- 10.3 Production
- 11 Global Blockchain Market, By Application
- 11.1 Introduction
- 11.2 Digital Identity
- 11.3 Payments
- 11.4 Smart Contract
- 11.5 Supply Chain Management
- 11.6 Others (Exchange, Documentation)
- 12 Global Blockchain Market, By Industry
- 12.1 Introduction
- 12.2 Transportation and Logistics
- 12.3 Agriculture and Food
- 12.4 Manufacturing
- 12.5 Energy and Utilities
- 12.6 Healthcare and Life Sciences
- 12.7 Media, Advertising, and Entertainment
- 12.8 Banking and Financial Services
- 12.9 Insurance
- 12.10 IT and Telecom
- 12.11 Retail and e-commerce
- 12.12 Government
- 12.13 Others (Travel and hospitality, education, real estate and construction, and mining)
- 13 Global Blockchain Market, By Geography
- 13.1 Introduction
- 13.2 North America
- 13.2.1 US
- 13.2.2 Canada
- 13.2.3 Mexico
- 13.3 South America
- 13.3.1 Brazil
- 13.3.2 Argentina
- 13.4 Europe
- 13.4.1 UK
- 13.4.2 France
- 13.4.3 Germany
- 13.4.4 Italy
- 13.4.5 Spain
- 13.4.6 Rest of Europe
- 13.5 Asia-Pacific
- 13.5.1 China
- 13.5.2 Japan
- 13.5.3 India
- 13.5.4 Indonesia
- 13.5.5 Malaysia
- 13.5.6 South Korea
- 13.5.7 Australia
- 13.5.8 Russia
- 13.5.9 Rest of APAC
- 13.6 Rest of the World
- 13.6.1 Qatar
- 13.6.2 Saudi Arabia
- 13.6.3 South Africa
- 13.6.4 United Arab Emirates
- 13.6.5 Latin America
- 14 Competitive Landscape
- 14.1 IGR Competitive Quadrants
- 14.2 Market Share Analysis
- 14.3 Competitive Scenario
- 14.3.1 Mergers & Acquisitions
- 14.3.2 Agreements, Collaborations, & Partnerships
- 14.3.3 New Product Launches & Enhancements
- 14.3.4 Investments & Fundings
- 15 Company Profiles
- 15.1 Alphapoint
- 15.2 Amazon Web Services, Inc.
- 15.3 Asta Solutions Pty Ltd.
- 15.4 Bacoor, Inc.
- 15.5 Chain, Inc
- 15.6 Coinbase, Inc.
- 15.7 Digiledge
- 15.8 Digital Asset Holdings, LLC
- 15.9 Earthport
- 15.10 Exioms Technology Pvt. Ltd.
- 15.11 Hewlett Packard Enterprises (HPE)
- 15.12 Huobi
- 15.13 IBM Corporation
- 15.14 Microsoft Corporation
- 15.15 Paystand
- 15.16 Peer Ledger
- 15.17 R3 Technology Inc
- 15.18 SAP SE
- 15.19 SimplyFi SofTech India Pvt. Ltd
- 15.20 SmartMesh Foundation Pte. Ltd
- 15.21 BTL Group Ltd.
- 15.22 Circle Internet Financial Limited
- 15.23 Deloitte Touche Tohmatsu Limited
- 15.24 Global Arena Holding, Inc. (GAHI)
- 15.25 The Linux Foundation
- 15.26 Monax
- 15.27 Ripple
- 15.28 Oracle Corp
- 15.29 TCS
- 15.30 Leeway Hertz
- 15.31 Capgemini SE
- 16 Appendix
- 16.1 Questionnaire
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook