Blockchain Market Research Report
Blockchain Market
The global Blockchain market is increasing
at a significant rate over the forecast period starting from 2020 till 2027.
According to the GMI Research forecast, the market is growing due to rapid
innovation the bitcoin transaction and increasing awareness related to the
numerous exceptional advantages offered by blockchain such as enables
verification with no dependency on the third party, record the transactions in
chronological order, and other benefits.
Blockchain is known as a system
of recording information in such a way that makes it impossible or difficult to
change, hack, or cheat the system. It is also considered a digital ledger of
duplicated transactions and distributed across the entire network of computer
systems on the blockchain.
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Some
of the major factors contributing to the growth of the global blockchain market
include the rapid innovation in the bitcoin transaction and the growing
awareness associated with the several benefits provided by a blockchain, such
as record the transactions in chronological order, allows verification with no
dependency on the third party, and numerous other advantages. Blockchain
technology is one of the most promising technology in the IT domain. This
technology has hugely disrupted the way financial sector operators and has
affected various other sectors such as media, consumer goods, and others.
Furthermore, the growing adoption of distributed ledger technology (DLT)
systems based on advanced data analytics is one of the major factors enhancing
the growth of the blockchain market size.
The strong demand for cloud-based
services, especially among the organizations, is expected to surge the demand
of the market. The blockchain-as-a-Services (BaaS) allows the companies to opt
for various applications such as enterprise resource management systems,
security management systems, and various other systems. The outbreak of the
COVID-19 pandemic has adversely influenced the rising demand of the market. The
current coronavirus has created numerous challenges for the blockchain market,
particularly in 2020. Blockchain technology has been used for crisis
management, public health data surveillance, donation tracking, and other
operations. The pandemic situation has temporarily closed different industries,
which has affected the blockchain market. On the other hand, the high cost
involved in the initial stage is hindering the market growth.
Key Players of the Global Blockchain
Market:
·
IBM Corporation
·
Amazon Web Services, Inc.
·
Microsoft
·
SAP SE
·
Intel Corporation
·
Oracle
·
Bitfury Group Limited
·
Cegeka
·
Guardtime
·
Digital Asset Holdings, LLC
Market Segmentation:
Global Blockchain Market Report
Segment by Component:
·
Platform
·
Services
Global Blockchain Market Report Segment by Provider:
·
Application Providers
·
Middleware Providers
·
Infrastructure Providers
Global Blockchain Market Report Segment by Type:
·
Private
·
Public
·
Hybrid
Global Blockchain Market Report Segment by Organization Size:
·
Large Enterprises
·
SMEs
Global Blockchain Market Report Segment by Application Area:
·
Transportation and Logistics
·
Agriculture and Food
·
Manufacturing
·
Energy and Utilities
·
Healthcare and Life Sciences
·
Banking and Financial Services
·
IT and Telecom
·
Retail and eCommerce
·
Others
Global Blockchain Market Report
Segment by Region:
·
North America
o
United States of America
o
Canada
·
Asia Pacific
o
China
o
Japan
o
India
o
Rest of APAC
·
Europe
o
United Kingdom
o
Germany
o
France
o
Spain
o
Rest of Europe
·
RoW
o
Brazil
o
South Africa
o
Saudi Arabia
o
UAE
o
Rest of the world (remaining countries of the
LAMEA region)
About GMI
Research
GMI
Research is a full-service market research and business-consulting organization
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