Blockchain market size is estimated to reach USD 67.4 billion by 2026 globally

Blockchain Market Size by Component (Platforms and Services), Vendor (Application, Middleware and Infrastructure), Type (Private, Public and Hybrid), Organization Size, Application Area and Region – Global Forecast to 2026

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Northbrook, IL 60062 — (SBWIRE) — 11/30/2022 — The size of the global blockchain market is expected to grow from $4.9 billion in 2021 to $67.3 billion by 2026, at a compound annual growth rate (CAGR) of 68 .4% during the forecast period. The main driving factors contributing to the high growth of the blockchain market include increasing venture capital funding and investment in blockchain technology; widespread use of blockchain solutions in banking and cyber security; high adoption of blockchain solutions for payment, smart contracts and digital identities; and increasing government initiatives.
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Major vendors in the Blockchain market include IBM (US), AWS (US), SAP (Germany), Intel (US), Oracle (US), Huawei (China), Accenture (Ireland), Wipro (India), Bitfury (Netherlands ), Chain (Hong Kong), Blockcypher (USA), Guardtime (Estonia), Cegeka (Belgium), Symbiont (USA), BigchainDB (Germany), Applied Blockchain (UK), Auxesis Group (India), SpinSys (USA), Infosys (India), NTT Data (Japan), Factom (USA), R3 (USA), ConsenSys (USA), RecordsKeeper (El Salvador), Stratis (UK), Blockchain Foundry (Canada), Blockpoint (USA), LeewayHertz ( USA) ), and Dragonchain (USA).

By organization size, SMEs are expected to grow at a higher CAGR during the forecast period

There has been technology disruption in both large and small to mid-sized businesses due to the pandemic in organizations around the world. Businesses are adapting to blockchain-based applications to improve operational efficiency, transparency, data security, risk reduction and speed of transactions between business partners. Organizations of all sizes are more likely to adopt blockchain technology if they have access to the necessary infrastructure and resources. SMEs aim to strategize, synergize and standardize to increase integrated business efficiency, especially in terms of marketing capacity, scale, scope and financial performance using blockchain technology. It is expected that the demand for IoT-based blockchain services and solutions will be driven by the transformed IoT-enabled market space to protect the security of shared data. The use of blockchain is particularly enticing for small businesses, as it provides an affordable and efficient way to conduct transactions. Although SMEs are still in the early stages of adopting blockchain technology, these cases show that they are moving in the right direction, supporting higher CAGR expectations.

Based on application area, the retail and e-commerce segment will grow at the highest CAGR during the forecast period

In terms of applicability and implementation of blockchain technology, the retail and e-commerce segment is expected to show the highest CAGR. The global network of suppliers, e-commerce portals, customers interacting in physical stores and digital online channels all represent the segment’s scope of application. The customer experience has improved significantly since blockchain technology was introduced. The segment has been able to increase the number of customers they serve as a result, which shows their loyalty. Smart contracts can be used by retailers to resolve any customer-related disputes using blockchain technology. Customers can securely record all transactions, including receipts, warranty documents and insurance papers, on the blockchain ecosystem because smart contracts are stored in a digital ledger. The transaction cannot be changed or tampered with because it is public. Contractual obligations are the responsibility of all parties involved in the transaction, and automated measures are taken if the conditions are not met.

In the e-commerce sector, for example, several multinational companies are implementing blockchain technology to improve supply chain tracking and security. To investigate blockchain solutions, giants such as Amazon, Walmart, IKEA, Nestle and Alibaba have partnered with technology giants such as IBM and Microsoft. Because of the technology’s potential to provide secure real-time access to data by creating an identical copy of the ledger across the computer network to ensure data transparency and accountability, these giants have invested heavily in their retail and e-commerce sectors to take advantage of blockchain. All these examples point to the segment’s projected higher growth rate.

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By region, Asia Pacific to grow at the highest CAGR during the forecast period

In the Asia Pacific region, the blockchain market is still in the early stages of exploration and adoption. However, most of the service and technology providers see blockchain technology as a lucrative opportunity. In addition, it is expected that the expansion of the financial sector will complement the use of blockchain services and tools. Cryptocurrency and blockchain technology startups are expanding in the Asia-Pacific region. A Hong Kong-based company known as Bitspark, for example, offers a remittance platform in emerging markets that uses blockchain technology to send and receive payments. The region is looking at the potential of blockchain technology to explore new opportunities and potential problems to solve. Compared to other parts of the world, supply chains in APAC are often significantly more challenging to manage. The use of blockchain in the region is increasing to reduce these complexities. Online shopping proved to be a major driver in 2020 due to the growing popularity of smartphones and the internet. This means that there will be a strong demand in the region for effective blockchain tools and services for both optimization and cost-effective management of the supply chain. In addition, this increases the region’s demand for blockchain solutions and services that complement the region’s high growth rate.

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