Blockchain Market by Provider, Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Supply Chain Management, and GRC Management), Organization Size, Industry Vertical, and Region - Global Forecast to 2023
Increasing focus on reducing operational cost and faster transactions to drive the overall blockchain market
The global blockchain market size is expected to grow from USD 1.2 billion in 2018 to USD 23.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 80.2% during the forecast period. Various factors, such as, increasing venture capital funding and investments in the blockchain technology, a growing need to simplify business processes and create business transparency and immutability, reduction in operational cost, increasing popularity of blockchain technology in retail and supply chain management are expected to drive the market. . However, uncertain regulatory and compliance environment and limited availability of technical skillsets for implementing the blockchain technology may restrain the blockchain market growth.
The retail and eCommerce industry vertical to grow at the highest CAGR during the forecast period
The retail and eCommerce industry vertical is expected to grow at the highest CAGR in the blockchain market by vertical during the forecast period. Retail and eCommerce organizations are making huge investments to enhance customer experience. The blockchain technology is progressively elevating the customer experience. With a positive customer experience, retail and eCommerce businesses are expected to achieve customer loyalty. The blockchain technology enables retailers to use smart contracts for settling any conflict related to customers without any intervention of the court.
The large enterprises segment to hold a larger market size during the forecast period
The large enterprises segment is expected to hold a larger market size in the blockchain market by organization size during the forecast period. Availability of sufficient capital and other resources to incorporate newer technologies are expected to enable large enterprises to take the lead in the market. Another factor that contributes to a higher market share of large enterprises in the blockchain market is the high investments in R&D activities to develop the best-fit technology to enhance an organization’s business efficiency.
North America to account for the largest market share, whereas Asia Pacific (APAC) to grow at the highest CAGR
North America is estimated to hold the largest market size and dominate the global blockchain market in 2018, as the region is an early adopter of the blockchain technology. North America is considered the most advanced region in terms of technology adoption and infrastructure. The regional presence of key industry players offering blockchain technology solutions is the main factor driving the North American blockchain market.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Several new startups in APAC have entered the blockchain market and started developing blockchain solutions. Investors are investing in startups that are helping these small firms innovate the blockchain technology. The integration of the blockchain technology to transform business processes in the developing countries of APAC could boost the blockchain market growth in APAC.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the blockchain marketplace.
By Company: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20%
By Designation: C-level - 35%, Director level - 25%, and Others - 40%
By Region: North America - 45%, Europe - 20%, APAC - 30%, RoW - 5%
Major vendors in the global blockchain market include IBM (US), AWS (US), Microsoft (US), SAP (Germany), Intel (US), Oracle (US), Bitfury (US), Cegeka (Netherlands), Earthport (UK), Guardtime (Estonia), Digital Asset Holdings (US), Chain (US), Huawei (China), BlockCypher (US), Symbiont (US), BigchainDB (Germany), Applied Blockchain (UK), RecordsKeeper (Gibraltar), Blockpoint (US), Auxesis Group (India), BTL Group (Canada), Blockchain Foundry (Singapore), AlphaPoint (US), and Factom (US).
The market study covers the blockchain market across segments. It aims at estimating the market size and the growth potential of the market across segments, such as provider, application, organzation size, industry vertical, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in the blockchain market with information on the closest approximations of the revenue numbers for the overall blockchain market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.