Blockchain mechanism makes information immutable on the network. The capability of blockchain technology, to accommodate immutability of data, will motivate end users to accelerate adoption over the forecast period. As a result, by the end of the forecast period, the global blockchain technology market value is estimated to grow more than 35 times its value in 2019. The global market is projected to offer an incremental opportunity worth more than US$ 55 Bn in the forecast period of 2020 to 2030.
Blockchain technology has presented luxury brands with unique solution to tackle counterfeiters and entry to fraudulent products in the market. For instance, IBM’s TrustChain will rightly indicate the provenance of jewellery from mine to store, ensuring supply chain remains fraud-free. The ability to track a piece of jewellery with a unique special code will present the history of the product, right from country of origin to the seller and the reseller.
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During the COVID-19 pandemic, SkyCell has been at the forefront of transporting shipments of pneumococcal vaccines to Germany in its containers equipped with IoT sensors. Condition of the contents in the containers is controlled via sensors and the information is secured on cloud-based, blockchain-encrypted technology.
Key Takeaways of Blockchain Technology Market Study
- Blockchain platforms will offer the most lucrative opportunities for revenue generation, among all the blockchain technology-based solutions
- Blockchain-based supply chain management is the primary use case in the global market, followed by decentralized finance
- Large enterprises will continue being the primary contributors to the growth of the blockchain technology market on a global scale
- BFSI industry is the primary contributor to market growth with transportation and logistics industries following suit
“Blockchain infrastructure setup demands inherent complexities. Since the technology has not achieved commercialization on a global level, the demand for middleware solutions for integration, analytics and correlation, along with governance and security, is likely to rise among technology procurers,” says the FMI analyst.
Blockchain Technology Market Outlook & Key Findings
- Creative adaption of blockchain widens scope in retail, oil and gas, and transport and logistics
- Close 60% of Luxury brands deploy blockchain technology to prevent counterfeiting
- Blockchain technology adoption doubled in transportation and logistics during COVID-19 period
- Global blockchain technology market likely to grow at over 50% in 2020
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Competition Landscape of Blockchain Technology Market
The blockchain technology market has a handful of well-established companies. Some of these market leaders include,
- IBM
- Amazon Web Services, Inc.
- Microsoft
- SAP
- Intel
- Oracle
- Bitfury Group Limited
- Cegeka
- Earthport PLC
- Guardtime
The following promising players are estimated to lead the innovation of blockchain technology over the coming years:
- CONSENSYS
- PixelPlex
- LimeChain
- Accubits Technologies
- SoluLab
Blockchain Technology Market: Segmentation
The global blockchain technology market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.
Solution
- Applications
- Middleware
- Blockchain Platforms
Use Case
- Supply Chain Management
- Digital Identity
- Payments and Money
- Trading, Commerce and Exchange
- Smart Contracts
- Decentralized Finance
- Others (Voting, Property Records etc.)
Enterprise Size
- Large Enterprises
- SMEs
Industry
- BFSI
- Healthcare
- Retail and e-commerce
- Hospitality and Travel
- Government
- Media and Entertainment
- Transportation and Logistics
- Others (Food and Beverage, Real Estate etc.)
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Table Of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
3. Key Market Trends
4. Key Success Factors
5. COVID-19 Impact Analysis
6. Global Blockchain Technology Market Demand (in Value or Size in US$ Mn) Analysis 2015 – 2019 and Forecast, 2020 – 2030
7. Market Background