Blockchain Market worth $ 67.4 billion by 2026

Chicago, July 4, 2022 (GLOBE NEWSWIRE) – According to a new market research report “Blockchain Market by component (platforms and services), supplier (application, middleware and infrastructure), type (private, public and hybrid), organization size, application area and region – global forecast for 2026 “ published by MarketsandMarkets ™, the Blockchain Market size is estimated to grow from USD 4.9 billion in 2021 to USD 67.4 billion by 2026, with a compound annual growth rate (CAGR) of 68.4% during the forecast period.

The main driving factors contributing to the high growth rate in Blockchain Market include increasing venture capital financing and investment in blockchain technology, widespread use of blockchain solutions in banking and cyber security, high use of blockchain solutions for payment, smart contracts and digital identities, and increasing government initiatives.

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Scope of the report

The scope of this report covers the Blockchain market by component, services, provider, type, organization size, application area and regions. In addition, this study analyzes the Blockchain market based on modern trends and developments, and its potential growth from 2021 to 2026. It provides detailed trends, supplier shares, size, forecast and analysis of key players in the market.

Based on regions, the Blockchain Market in Asia Pacific (APAC) is estimated to grow with the highest CAGR in the forecast period. APAC countries are increasingly investing in Blockchain projects. The region includes emerging economies, such as China, Japan, Singapore and the rest of the APAC. With the increasing technological innovations and the growing presence of a large number of organizations, the economies of APAC are witnessing high growth. The Blockchain market is currently in the beginning stages of exploration and adoption in the region. However, most technology and service providers look forward to blockchain technology as a lucrative opportunity. Furthermore, growth in the financial sector is expected to complement the use of blockchain tools and services. APAC countries show growth in start-up of cryptocurrency and blockchain technology. For example, a company called Bitspark from Hong Kong offers a remittance platform that uses blockchain technology to send and receive payments in emerging markets. The region analyzes the potential of blockchain technology to explore new opportunities and possible challenges to overcome. Supply chains in APAC are often significantly more difficult to manage compared to other regions of the world. To reduce these complexities, the use of blockchain in the region is increasing. With the increasing penetration of the Internet and smartphones, e-commerce became a strong driving force for APAC in 2020, further necessitating the demand for efficient blockchain tools and services in the region to optimize as well as cost-effectively manage the supply chain. This also increases the need for blockchain solutions and services in the region.

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Based on component, the global Blockchain market is segmented into platform and services. Platform refers to the stand-alone platform that cannot be further segmented. The blockchain platform in the market enables customers to set up private, public and consortium-based blockchain environments and give them opportunities to develop their own blockchain applications and solutions. These platforms enable people, products, applications and services to work together across the blockchain network, cloud providers and organizations. The service segment includes various services required to deploy, perform and maintain the blockchain platform within an organization, including technology consulting and consulting, development and integration, and support and maintenance.

The platform segment is expected to witness high adoption during the forecast period as companies are expected to realize the various benefits offered by the technology, including reduced value chain costs, increased security and faster operations that allow them to gain an edge over competitors. The service segment is expected to grow with a higher CAGR during the forecast period. The growth in the service segment will depend on the blockchain platform being used in the market during the forecast period. Services including technology consulting and consulting, development and integration, and support and maintenance are a critical component in the rollout of blockchain solutions that enable organizations to effectively use blockchain tools and support their core business effectively.

Important and innovative suppliers in The blockchain market includes IBM (USA), AWS (USA), SAP (Germany), Intel (USA), Oracle (USA), Huawei (China), Accenture (Ireland), Wipro (India), Bitfury (Amsterdam), Chain (USA) , Blockcypher (USA), Guardtime (Estonia), Cegeka (Netherlands), Symbiont (USA), BigchainDB (Germany), Applied Blockchain (UK), Auxesis Group (India), Spinsys (USA), Infosys (India), NTT Data (Japan), Factom (USA), R3 (USA), Consensys (USA), RecordsKeeper (Spain), Stratis (UK), Blockchain Foundry (Canada), Blockpoint (USA), Leewayhertz (USA) and Dragonchain (USA).

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