Blockchain Global Market Report 2020-30: Covid 19 Growth and Change from Publisher provides the strategists, marketers and senior management with the critical information they need to assess the global blockchain market.
This report focuses on blockchain market which is experiencing strong growth. The report gives a guide to the blockchain market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
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Major players in the blockchain market are Amazon Web Services, Inc., BTL Group Ltd., r3, Bitfury, IBM, ConsenSys, LeewayHertz, 4IRE Labs, Factom, and Synsoft Global.
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Where is the largest and fastest growing market for the blockchain- How does the market relate to the overall economy, demography and other similar markets- What forces will shape the market going forward- The Blockchain market global report from Publisher answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider blockchain market, and compares it with other markets.
– The market characteristics section of the report defines and explains the market.
– The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the Covid 19 virus and forecasting its growth.
– Market segmentations break down market into sub markets.
– The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of Covid 19 for all regions, key developed countries and major emerging markets.
– Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
– The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
– The blockchain market section of the report gives context. It compares the blockchain market with other segments of the blockchain market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, blockchain indicators comparison.
Markets Covered: 1) By Type: Private; Public; Hybrid
2) By Provider: Application; Middleware; Infrastructure
3) By Application: BFSI; Telecom & IT; Government
Companies Mentioned: Amazon Web Services, Inc.; BTL Group Ltd.; r3; Bitfury; IBM
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
The global blockchain market is expected to decline from $2.45 billion in 2019 to $2.27 billion in 2020 at a comping annual growth rate (CAGR) of -7.27%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities that eventually led to a slowdown in the economy. The market is then expected to recover and grow very rapidly to reach $15.88 billion in 2023 at a CAGR of 91.25%.
The blockchain market consists of sales of blockchain technology by the entities that develop this technology. Blockchain is a decentralized ledger or a database that records the data of the organizations in many databases which is called a block over a network called chain connected in peer to peer version referred to as node. Blockchain is preferred for its safe, secure and transparent nature.
North America was the largest region in the blockchain market in 2019. Asia Pacific is expected to be the fastest-growing region in the forecast period.
Federated blockchain, also called as a consortium blockchain, is expected to be a major trend shaping the blockchain market in the forecast period. Federated blockchain is a private permission type of blockchain, which gives permission for multiple entities to have access to the network by voting or token system. Decentralization is maintained by the prior selection of the authority nodes by the organizations in the network which can exchange the data or information continuously. In 2018, IBM introduced Batavia, which a blockchain-based trade finance platform and a consortia group of 5 banks namely, UBS, Erste Group, Commerzbank, CaixaBank and Bank of Montrea and is powered by IBM.
The blockchain market covered in this report is segmented by type into private; public; hybrid. It is also segmented by provider into application; middleware; infrastructure and by application into BFSI; telecom & IT; government.
The inefficiency of scalability in blockchain technology impedes the blockchain market as it obstructs the processes involved. There is a partial dependence of the blockchain network’s health over the number of nodes in the network and the spread of those nodes across the world. The bigger the blocks, the increase in the size of the blockchain is even faster which removes out the solo miners eventually that results in more pile-up of transactions. For instance, bitcoin scalability is an issue that resulted from a limited rate of processing of transactions that relates to an increase in the number of transactions and the limited size of blocks. In 2019, the blockchain size has grown to 242.386 GB from 184.622 GB in 2018 and 134.715 GB in 2017. In 2018, in a week there were 165,000 unconfirmed transactions resulting in scaling issues due to a huge number of transactions. Similarly, in December 2017, scalability issues have congested the Ethereum network by Cryptokitties app due to a six-fold increase in transactions with Cryptokitties release and resulted in a pile-up of all un-processed transactions. Thus, an increase in the number of transactions results in scalability issues, which hampers the growth of the market.
In February 2019, Hyland, a US-based content service provider and software developer, has acquired Learning Machine for an undisclosed amount. With this acquisition, Hyland aims to support its customers by generating and managing its contracts that can be verified and shared very fast. Learning Machine is a start-up offering blockchain credentialing solutions that helps the customers by offering platform for creating, issue and verifying contract using blockchain technology.
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The growing demand for blockchain technology in industries and the public sector is expected to drive the growth of the market. Blockchain has been the base for cryptocurrencies since it is a decentralized database; therefore, it has found its most important use in financial services for making the digital transactions safe, secure, and transparent. Companies like Circle and BitPesa use blockchain technology for international overseas payments. Now, it has also found its use in the supply chain, healthcare, government, and other sectors. In Dubai, all the government-related financial transactions are taking place through blockchain technology making it the first government to be powered with blockchain. In May 2019, Muzika, an online music stream platform, has partnered with Binance, the world’s leading crypto exchange and a decentralized network, for creating a decentralized digital music ecosystem to decrease the gap between the musicians and listeners, and to give the musicians the deserved recognition. Therefore, the demand for blockchain across industries is expected to drive the blockchain technology market.
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