The global Blockchain
market is forecast to reach USD 60.12 Billion by 2026, according to a
new report by Reports and Data. Blockchain brings digital technology into
real-time computing systems management. The market has the ability to change
aspects of digital technology, which includes the method of conducting
business, enhancing education, delivering healthcare, shopping, learning,
social media, and entertainment.
Blockchain has further evolved and
aids in the conduction of financial transactions. Increase in cashless
payments, credit and debit cards, and card-based payment methods are dominating
the market. Blockchain supports these changes by increasing the transaction
processing speed and providing greater efficiency in real-time processing.
Blockchain offers a sturdy environment
for sharing data in a secure way in real-time. The technology provides enhanced
security to the real-time digital economic process. Blockchain in retail
industries is being used by Walmart and Visa. They are using blockchain to
streamline the supply chain, speed-up payments, and store records.
Blockchain significantly decreases
cost by removing the “middleman” in digital marketing. In the case of search
engine marketing through blockchain, website owners can save cost by removing
the need for Google or Facebook or any other intermediaries.
To identify the key trends in the industry,
click on the link below: https://www.reportsanddata.com/report-detail/blockchain-market
Further key findings from the report
suggest
Ø Organizations
are nowadays deploying smart contracts to reduce cost and avoid fraud. These
contracts deployed over blockchain guarantees that contract terms and
conditions cannot be modified. The technology makes it nearly impossible for
any third party to alter the contract. Smart contracts held the largest market
share of ~24% in the year 2018.
Ø Supply
chain management is forecasted to record the highest growth rate of 24.1%
during the forecast period. Blockchain revolutionizes retail sector supply
chain management by deploying real-time digital ledger of transactions and
movements for all participants in their supply chain network. Benefits gained
by this will save the company’s time and money, and redefine the way of business.
Ø Blockchain
makes it possible for retail giants to create their own brand of currency for
customers to claim rewards. It can also allow brands to share those loyalty
points among themselves to reward their customers. Retail and e-commerce are
forecasted to grow with a CAGR of 24.4% during the forecast period.
Ø Availability
of resources and capital for the incorporation of new technologies are
forecasted to drive the market growth in large enterprises. They held a larger
market share of ~63% in the year 2018. High investment in research and
development activities to build the best-fit technology to enhance the
organization’s business is driving the market for blockchain.
Ø Small and
medium-sized enterprises are forecasted to grow with a higher CAGR of 24.1%
during the forecast period. With the fall in low infrastructure cost and
growing transparency of the market, SMEs are expected to grow during the coming
years.
Ø Infrastructure
providers held a market share of ~37% in the year 2018, and application
providers are forecasted to grow with a CAGR of 23.7% during the forecast
period.
Ø North
America held the largest market share of ~43% in the year 2018. The region
emerged as the most attractive market for blockchain owing to the high adoption
of technology in banking, financial services and insurance sector, and retail
and e-commerce. The highly competitive market in the region owing to the
presence of major key companies is also driving the market.
Ø Key
participants include IBM, Microsoft, SAP, Oracle, Symbiont, Huawei, Blockpoint,
BTL Group, Factom, and Earthport, among others.
For the purpose of this report,
Reports and Data have segmented into the global blockchain market on the basis
of provider, application, organization size, vertical, and region:
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Provider Outlook (Revenue, USD
Billion; 2016-2026)
- Application Providers
- Middleware Providers
- Infrastructure Providers
Application Outlook (Revenue, USD
Billion; 2016-2026)
- Payments
- Exchanges
- Smart Contracts
- Documentation
- Digital Identity
- Supply Chain Management
- Others
Organization Size Outlook (Revenue,
USD Billion; 2016-2026)
- Small and Medium-Sized Enterprises
- Large Enterprises
Vertical Outlook (Revenue, USD
Billion; 2016-2026)
- Government
- IT & Telecommunications
- Healthcare
- BFSI
- Real Estate
- Retail and Ecommerce
- Media and Entertainment
- Transportation and Logistics
- Energy and Utilities
- Others
Regional Outlook (Revenue, USD
Billion; 2016-2026)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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More Report of Information and Communication Technology category at: https://www.reportsanddata.com/report/category/information-technology
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