Global Blockchain Market Report to 2027: Simplification of Processes, Along with Transparency, Security and Immutability Drive Growth: Research and Markets
DUBLIN, March 21, 2023 /PRNewswire/ — “Blockchain Market by Component (Platforms and Services), Vendor (Application, Middleware and Infrastructure), Type (Public, Private and Hybrid), Organization Size (SMBs and Large Organizations), Application and Region – Global Forecast to 2027 Report ” has been added ResearchAndMarkets.com’s Offering.
The analyst predicts that the global blockchain market will grow from projected USD 7.4 billion in 2022 to USD 94.0 billion by 2027 with a compound annual growth rate (CAGR) of 66.2%. One of the factors driving the market growth is increasing government initiatives using blockchain technology.
By services, Development and integration services to account for the highest market share in the forecast period
Development and integration service providers offer customized blockchain development services and enterprise-class integration services for blockchain platforms and protocols.
The service providers provide cross-industry blockchain development services to streamline enterprise business operations with improved interoperability, enhanced security and transparency. Blockchain development services fast track peer-to-peer transactions.
These providers use distributed ledger technologies and popular blockchain frameworks such as EthereumHyperledger, Stellar, IOTA, Steem, Ripple and Multichain.
By vendor, application vendors will grow at the highest CAGR during the forecast period
A blockchain platform enables end users to build applications on a distributed network. Application providers are third-party entities that deploy and manage blockchain solutions for customers across applications. Blockchain technology is a shared, decentralized ledger, which is distributed across a business network that permanently records business transactions.
Companies such as AWS, Oracle, IBM, Intel, Huawei, Accenture, Wipro and Infosys are some of the vendors operating in the global blockchain market. For example, IBM’s blockchain platform helps speed up the process of universal payments across national borders. The blockchain solution provides businesses and consumers with an improved payment system that reduces settlement time and lowers the costs of making global payments.
Another example is Huawei Cloud Blockchain Service (BCS) which is a secure blockchain platform that allows businesses and developers to easily create, deploy and manage applications with Huawei Cloud. Blockchain applications are becoming more and more sought after, but they can be challenging to set up for smaller businesses with limited IT resources.
A combination of a managed platform with professional assistance can help small organizations quickly implement blockchain. For example, the SAP Cloud Platform Blockchain Service – SAP’s main offering in blockchain technology – is a blockchain-as-a-service (BaaS) offering that provides a simple and low-risk approach to creating blockchain-based applications in the cloud.
Market dynamics
Drivers
- Increase risk capital funding and investments in blockchain technology
- Increasing demand in retail, SCM and banking applications for secure and transparent transactions
- Simplification of processes, together with transparency, security and immutability
- High use of blockchain solutions for payments, smart contracts and digital identities
- Lower operating costs
Limitations
- Uncertain regulations and compliance environment
- High costs when implementing blockchain technology
Possibilities
- Increasing government initiatives to increase demand for blockchain platforms and services
- Merger of Blockchain, Iot and AI
- Increasing demand for real-time data analysis, improved visibility and proactive maintenance
- The potential of blockchain technology in new industries
- Blockchain games
- Seafood tracking
- Truck transport
Challenges
- Security, privacy and control of blockchain transactions
- Limited availability of technical skills to implement blockchain technology
- Resistance from sitting
Usage cases
- Leveraging innovative technologies such as Blockchain, AI and IoT to transform supply chain operations in the healthcare sector
- To reduce food waste by improving food safety and traceability, helping online and offline consumers globally
- Blockchain helps Rcs Global track responsibly produced raw materials
- Carrefour Sa joined IBM’s Blockchain-based Food Trust Network
- Virgin Diamond used Netobjex’s digital twin platform
- Curry & Company partnered with Intel’s integrated blockchain-based IoT solution to track perishable goods
- Bumble Bee Seafoods partnered with Sap to trace a fish supply chain in the Indonesian village
- Group of banks leveraged IBM’s Blockchain platform to facilitate global payments
- Saudi Customs used blockchain technology for pilot shipment
- Icici Bank and Emirates Nbd partner with Edgeverve Finacle to pilot the first blockchain-based network
- Arab Jordan Investment Bank (Ajib) leverages Oracle Blockchain platform for cross-border money transfers
Companies mentioned
- Accenture
- Used blockchain
- Auxesis group
- AWS
- Bigchaindb
- Bit fury
- Blockchain foundry
- Block cipher
- Blockpoint
- Cegeka
- Chain
- Consensys
- Dragon necklace
- Fact
- Duty time
- Huawei
- IBM
- Infosys
- Intel
- Leewayhertz
- NTT data
- Oracle
- R3
- Record holder
- SAP
- Spinsys
- Stratis
- Symbiont
- TCS
- Vmware
- Wipro
For more information on this report, visit https://www.researchandmarkets.com/r/x2rlm1
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