Blockchain Market - Consainsights

01

Executive Summary

Global Blockchain Market Size, 2017-2026 (USD Billion)

The global Blockchain market size is expected to grow from USD 4.78 billion in 2021 to USD 94.65 billion by 2027 at a CAGR of 64.5%.

Impact of COVID-19 on Global Blockchain Market

Blockchain technology ensures security and transparency within transactions. Endless opportunities and solutions the blockchain can offer many industries and consumers have created an increase in interest over the past few years. Recently, the need for blockchain technology has grown when a single microbe shows how connected the world is and how supply-chain networks and transport providers are weakened when unexpected demand for essential goods (defense equipment and testing equipment) arises from COVID-19 disease. Various levels of regulations imposed by national and local governments around the world over concerns about COVID-19 are delayed and disrupt almost all procurement networks. COVID-19 not only restricted the flow of goods and people but also slowed down the development of blockchain technology itself.

Driver: Increased investments and venture capital funding in blockchain technology

Blockchain companies have already raised more than USD 7 billion in business revenue and private funding in H1'21, the highest amount collected during a full year in history. Even legacy financial institutions bet on space. The blockchain record year is driven by increasing consumerism and the need for a center for cryptocurrencies. Both groups are slowly starting to move the needle to help crypto and, therefore, blockchain has become the norm.

Restraint: Uncertain regulatory landscape

The US government has general unequal control of digital finance and blockchain. New and sophisticated technologies are therefore part of the learning curve of regulators and government officials. There are also many agencies that claim to have control over digital assets separately, making it very difficult for companies to know how they operate in the US sector. The industry needs clear rules and regulations or the government is completely backed up as it did in the early days of the internet.

Opportunity: Government initiatives

Blockchain received major authorization in 2020 when the Congressional Blockchain Caucus urged President Trump and party officials to write a strategy to fight coronavirus. Caucus members in a September 2020 letter urged fellow leaders to consider blockchain use in the COVID-19 epidemic as an effective contribution to identity protection, secure chains, and registration, in addition to supporting other serious use cases. High-interest rates in the blockchain are not confusing, yet. Epidemics and the resulting challenges in areas such as the economy, health care, and supply chain have revealed significant shortcomings in existing processes and supporting technology infrastructure. As a result, officials at various levels, from the government to retail, have faced major security and visibility issues, among other major vacancies.

Challenge: Data security and privacy concerns

Blockchain is one of the most exciting developments in the technology space in recent years. However, blockchain technology and data privacy rules and regulations have been greatly improved independently. Improved data protection systems with increasingly risky fines incentive businesses to continue to review their privacy practices. Significant clarity and complexity are currently available to organizations that apply data privacy requirements to blockchain technologies and related services.

Retail and ecommerce segment to grow with the highest CAGR during the forecast period

The blockchain marketplace for eCommerce is different. Not controlled by any organization. It connects people directly with others through a distributed peer-to-peer network instead of keeping it on a central website. The blockchain-based eCommerce market helps pay directly between the buyer and the seller, usually through cryptocurrencies. Some of the Blockchain eCommerce markets available today include; Open Bazaar, Scanetchain, Blockscart, Soma, Cybermiles, GAMB, eCoinmerce, Bleexy and Origami Network.

North America to hold the largest market share during the forecast period

North America dominated the market in 2021 and accounted for more than 35.0% of global revenue. The increasing adoption of blockchain technology by organizations in the region is driving regional market growth. Industries such as government, retailers, and BFSI use payment and wallet solutions, smart contracts, and digital identity acquisition solutions, which create the need for blockchain technology. In addition, the presence of a large number of players in the region also promotes regional market growth.

Key Players

The major players operating in the global Blockchain market are IBM (US), SAP (Germany), Oracle (US), Intel (US), AWS (US), Huawei (China), Accenture (Ireland), Wipro (India), Bitfury (Amsterdam), Chain (US), Blockcypher (US), Guardtime (Estonia), Cegeka (Netherlands), Symbiont (US), Spinsys (US), BigchainDB (Germany), Applied Blockchain (UK), Auxesis Group (India), Infosys (India), NTT Data (Japan), R3 (US), Consensys (US), RecordsKeeper (Spain), Factom (US), Blockpoint (US), Stratis (UK), Blockchain Foundry (Canada), Leewayhertz (US), and Dragonchain (US).

Revenue Share (%), By Component (2019)
Revenue Share (%), By Provider (2019)
Revenue Share (%), By Type (2019)
Revenue Share (%), By Organization Size (2019)
Revenue Share (%), By Application Area (2019)
Revenue Share (%), By Region (2019)

02

Market Overview

The base currency considered was the US Dollar (USD). Conversion of other currencies to USD was considered on the basis of the average exchange rate for the respective review-period years. The exchange rate conversion for forecast period was determined according to the base year’s conversion rates.
The base year was identified based on the availability of annual reports and secondary information. The base year considered for this study is 2027.
The review period considered for this study is from 2018-2027. The CAGR is for the forecast period, 2022-2027.
Market size estimations for the forecast years were in real terms. Inflation is not part of the pricing, and the average selling price (ASP) was kept constant throughout the forecast period for each country.
Distribution of primary interviews conducted was based on the regional share of the market and the presence of key players in each region.
As a result of data triangulation through multiple methodologies and approaches, the weighted averages of resulting estimates were considered to be the final values.

The currency used in this report is USD, with the market size indicated in terms of USD million/billion.
For companies reporting their revenues in USD, the revenues were taken from their respective annual reports/SEC filings.
For companies reporting their revenues in other currencies, the average annual currency conversion rates were used for a particular year to convert the value to USD Market Definition.

03

By Type

By Type, The global Blockchain Market analysis covers Hybrid, Private, Public.

The Hybrid segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Hybrid: global Blockchain Market Revenue Opportunity (Us$ Mn)

The Private segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Private: global Blockchain Market Revenue Opportunity (Us$ Mn)

The Public segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Public: global Blockchain Market Revenue Opportunity (Us$ Mn)

04

By Component

By Component, The global Blockchain Market analysis covers Platform, Services.

The Platform segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Platform: global Blockchain Market Revenue Opportunity (Us$ Mn)

The Services segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Services: global Blockchain Market Revenue Opportunity (Us$ Mn)

05

By Provider

By Provider, The global Blockchain Market analysis covers Application Providers, Infrastructure Providers, Middleware Providers.

The Application Providers segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Application Providers: global Blockchain Market Revenue Opportunity (Us$ Mn)

The Infrastructure Providers segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Infrastructure Providers: global Blockchain Market Revenue Opportunity (Us$ Mn)

The Middleware Providers segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Middleware Providers: global Blockchain Market Revenue Opportunity (Us$ Mn)

06

By Organization Size

By Organization Size, The global Blockchain Market analysis covers Large Enterprises, Small and Medium-Sized Enterprises.

The Large Enterprises segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Large Enterprises: global Blockchain Market Revenue Opportunity (Us$ Mn)

The Small and Medium-Sized Enterprises segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Small and Medium-Sized Enterprises: global Blockchain Market Revenue Opportunity (Us$ Mn)

07

By Application Area

By Application Area, The global Blockchain Market analysis covers Agriculture and Food, Banking and Financial Services, Energy and Utilities, Government, Healthcare and Life Sciences, IT and Telecom, Insurance, Manufacturing, Media, Advertising, and Entertainment, Other Application Areas, Retail and Ecommerce, Transportation and Logistics.

The Agriculture and Food segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Agriculture and Food: global Blockchain Market Revenue Opportunity (Us$ Mn)

The Banking and Financial Services segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Banking and Financial Services: global Blockchain Market Revenue Opportunity (Us$ Mn)

The Energy and Utilities segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Energy and Utilities: global Blockchain Market Revenue Opportunity (Us$ Mn)

The Government segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Government: global Blockchain Market Revenue Opportunity (Us$ Mn)

The Healthcare and Life Sciences segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Healthcare and Life Sciences: global Blockchain Market Revenue Opportunity (Us$ Mn)

The IT and Telecom segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

IT and Telecom: global Blockchain Market Revenue Opportunity (Us$ Mn)

The Insurance segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Insurance: global Blockchain Market Revenue Opportunity (Us$ Mn)

The Manufacturing segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Manufacturing: global Blockchain Market Revenue Opportunity (Us$ Mn)

The Media, Advertising, and Entertainment segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Media, Advertising, and Entertainment: global Blockchain Market Revenue Opportunity (Us$ Mn)

The Other Application Areas segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Other Application Areas: global Blockchain Market Revenue Opportunity (Us$ Mn)

The Retail and Ecommerce segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Retail and Ecommerce: global Blockchain Market Revenue Opportunity (Us$ Mn)

The Transportation and Logistics segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Transportation and Logistics: global Blockchain Market Revenue Opportunity (Us$ Mn)

08

By Region

By Region, The global Blockchain Market analysis covers Asia-Pacific, Europe, Latin America, Middle East and Africa, North America.

The Asia-Pacific segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Asia-Pacific: global Blockchain Market Revenue Opportunity (Us$ Mn)

The Europe segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Europe: global Blockchain Market Revenue Opportunity (Us$ Mn)

The Latin America segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Latin America: global Blockchain Market Revenue Opportunity (Us$ Mn)

The Middle East and Africa segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.

Middle East and Africa: global Blockchain Market Revenue Opportunity (Us$ Mn)

The North America segment market was valued at US$ XX Mn in 2019 and grown at XX% CAGR over the historic years (2019 - 2027) to reach US$ XX Mn and is projected to grow at XX% CAGR over the forecast period to reach US$ XX Mn by 2027. The market represented the US$ XX Mn opportunity over 2019 - 2027 and estimated to create US$ XX Mn opportunity over 2019 - 2027.