Market Overview
Based on blockchain technology, a new wave of the Internet known as “web 3.0” is already upon us. Promoting decentralization, data security, and internet freedom attracts followers worldwide. Blockchain has more applications than just cryptocurrencies, even though this is how most people think about it. Several sectors are aggressively embracing this invention. eCommerce, supply chains and transportation, healthcare, and finance are a few industries where blockchain technology has already found use. Market Research Future estimates that the blockchain technology market will reach USD 137.59 billion by 2030, expanding at a CAGR of 67.54%.
The uplifting applications on the decentralization of information and data ledgers have resulted in the escalation of Blockchain technology. This Blockchain Technology Market enables the invariableness of the purposes of the database by making transparent interactions.
The products produced by Blockchain Technology Industry are gaining speedy mileage and covering a wide range of domains such as retail, healthcare, and BFSI. Also, there’s a huge market prospect and potential for the Blockchain Technology Market. Therefore, Blockchain is expected to gain huge popularity in the future years because of its organic nature.
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Segment Overview:
According to the Blockchain Technology Market Analysis, this market can be classified based on the application, service provider, organization size, end-users, and region.
By Application:
The Blockchain technology market is segmented into the following divisions based on the types of application:
- Payment and transaction
- Digital identity
- Exchanges
- Smart contract
- Documentation
- Other
By Organization Size:
Based on organization size, the divisions of the Blockchain technology market are:
- Small enterprises
- Medium enterprises
- Large enterprises
By Service Provider:
This segment classifies the usage of different Blockchain technology. The divisions are as follows:
Middleware provider
- Application provider
- Infrastructure provider
- Solution provider
- Protocol provider
By End-users:
The Blockchain technology market is segmented into the following divisions based on the end-users.
- BFSI
- Life sciences and Health care
- Telecommunication and IT
- Hospitality and travel
- Government
- Retail
- Construction and real estate
- Others
Impact of COVID-19 on market growth
Globally, the pandemic has had a significant influence on many different businesses. As a result, every industry had to confront both financial and physical problems, and it had to experience this imposed recession. The quick recovery has become a major cause for concern, along with the massive global financial loss in the millions and billions of dollars.
According to the Organization for Economic Co-operation and Development’s (OECD’s) analysis of the blockchain technology market, there will be a minor 8% decrease in technological investment in the blockchain technology industry in 2020 compared to 2019. To improve the consumer experience, several commercial organizations and governments are focusing on implementing numerous novel technologies. Such proactive activities are anticipated to increase demand for a range of solutions in the blockchain technology market in the following years.
For a brief moment, this COVID-19 pandemic scenario impacted market revenue for blockchain technology. In this crisis, the blockchain would significantly propel several projects and different digital transformation-related activities. According to the market analysis of blockchain technology, this technology may be used to track donations, manage crises, secure medical supply chains, and monitor public health data. Additionally, the Blockchain sector may quickly capture COVID-19’s long-lasting impact on various industrial levels.
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Regional Analysis:
According to the Blockchain Technology Market Developments, in 2018, the North American region has dominated this market and it was expected at approximately USD 612.3 million. The reason behind such growth is the speedier adoption of these innovative Blockchain technologies in most of the established nations such as Canada and the United States. Also, the rising adoption of this technology among various verticals including retail, BFSI, government for detection of digital identity, wallet and payment solutions, smart contracts, etc. are assumed to enhance the Blockchain Technology Market Share.
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