Global Blockchain Market worth US$67.4 billion by 2026: New Report
According to a new market research report “Blockchain Market by Component (Platforms and Services), Provider (Application, Middleware, and Infrastructure), Type (Private, Public, and Hybrid), Organization Size, Application Area, and Region—Global Forecast to 2026” published by MarketsandMarkets™, the global Blockchain Market size is projected to grow from USD 4.9 billion in 2021 to USD 67.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 68.4% during the forecast period.
The major driving factors contributing to the high growth rate of Blockchain Market include an increasing venture capital funding and investment in blockchain technology, extensive use of blockchain solutions in banking and cybersecurity, high adoption of blockchain solutions for payment, smart contracts, and digital identities, and rising government initiatives.
This report’s scope covers the Blockchain Market by component, services, provider, type, organization size, application area, and regions. Moreover, this study analyses the Blockchain Market based on contemporary trends and developments, and its potential growth from 2021 to 2026. It provides detailed trends, vendors’ shares, size, forecast, and analysis of key players in the market.
Based on regions, Blockchain Market in Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period. APAC countries are increasingly investing in Blockchain projects. The region comprises emerging economies, such as China, Japan, Singapore, and rest of APAC. With the increasing technological innovations and the growing presence of a large number of organizations, economies in APAC are witnessing high growth. Presently, the Blockchain Market is in the nascent phase of exploration and adoption in the region. However, most technology and services providers are looking forward to blockchain technology as a lucrative opportunity. Moreover, growth in the financial sector is expected to complement the adoption of blockchain tools and services. APAC countries are showing growth in cryptocurrency and blockchain technology startups.
The region is analyzing 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 as compared to other regions of the world. To reduce these complexities, the adoption of blockchain in the region is increasing. With the rising penetration of the internet and smartphones, eCommerce became a strong driving force for APAC in 2020, which is further necessitating the demand for effective blockchain tools and services in the region for optimizing as well as cost-effectively managing the supply chain. This is also fuelling the need for blockchain solutions and services in the region.
Based on component, the global Blockchain Market is segmented into platform and services. Platform refers to the standalone platform that cannot be further segmented. Blockchain platform in the market enables customers to set up private, public, and consortium-based blockchain environments and provide them with capabilities to develop their own blockchain applications and solutions. These platforms enable people, products, applications, and services to interoperate across the blockchain network, cloud providers, and organizations. The services segment includes various services required to deploy, execute, and maintain blockchain platform in an organization, including technology advisory and consulting, development and integration, and support and maintenance.
The platform segment is expected to witness high adoption during the forecast period as the enterprises are expected to realize the various benefits offered by the technology, including reduced value chain cost, increased security, and faster operations enabling them to gain a leading edge over competitors. The services segment is expected to grow at a higher CAGR during the forecast period. The growth of the services segment would be dependent on the adoption of blockchain platform in the market during the forecast period. Services including technology advisory and consulting, development and integration, and support and maintenance form a critical component of the blockchain solution deployment enabling organizations to effectively utilize blockchain tools and support their core business operations effectively.
