Blockchain Market Is Expected to Grow at A CAGR from 2019-2028

The blockchain technology is one of the most promising upcoming technological trends in the information technology domain. It enables a ledger that can be accessed by parties involved in the transaction and can act as the universal irrefutable depository of all transactions between the involved parties. The numerous benefits involved in developing such a platform have already attracted the attention and hence, investments, from the financial sector as well as many technological giants. Not only does the technology hold the ability to disrupt the way the financial sector often works but will also have ramifications on many other industries including consumer goods, and media & telecom, among others. 

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BLOCKCHAIN MARKET DYNAMICS

The global market is primarily being driven by the growing demand for distributed ledger technology, to upgrade the simplicity in business procedure, and scalability in the market is expected to drive the growth of blockchain. This can boost the growth of the market. Data monetization would make both AI and advanced blockchain easily accessible to smaller companies. The developing and growing AI technology are costly for organizations, especially those that do not own data sets. A decentralized market would create space for such companies where it is otherwise too expensive. Therefore, Blockchain AI is the ultimate enabler of data monetization, which is expected to be one of the biggest driving factors for the blockchain AI market.

Moreover, a wide range of players in the finance market is looking out for investment opportunities and many have made the first phase of investments to develop products and services in the industry. Though the market may be struggling with regulatory uncertainties and security concerns, the coming years are expected to witness a larger role of the concerned technology in financial transactions, spanning diverse domains and industries.

COVID 19 IMPACTS ON BLOCKCHAIN MARKET

The internet ecosystem has been playing a pivotal role all over the globe. Due to the COVID-19 pandemic, the dependency on online businesses has increased significantly. BFSI, healthcare and life sciences, telecom & IT, manufacturing, automotive, and media & entertainment, among others, are leveraging the internet to provide necessary services to consumers. During the COVID-19 pandemic period, it was found that the level of stability in crypto currency markets has significantly diminished while the irregularity level significantly augmented, the level of stability in international equity markets has not changed but gained more irregularity, crypt currencies became more volatile, the variability in stability and irregularity in equities has not been affected, and more irregularity during the COVID-19 pandemic compared to international stock markets. Additionally, the decentralized nature of cryptocurrencies does not allow cross-border regulatory authorities to impose restrictions on transactions. Lower transaction fees along with other factors are propelling market capitalization of cryptocurrencies, which are attracting venture capitalists to invest in blockchain technology start-ups.

BLOCKCHAIN MARKET SEGMENTAL OVERVIEW

The report analyses the Blockchain Market based on technology, component, blockchain type, service provider, organization size, application, deployment and geography.

BLOCKCHAIN MARKET BY TECHNOLOGY

The key technologies comprises of ML, NLP, context-aware computing and computer vision. Additionally, the intelligence market is sub-segmented into cyber intelligence, ground-based intelligence, naval intelligence, space intelligence, airborne intelligence.

The machine learning technology is projected to grow at the fastest CAGR during the forecast period, owing to numerous benefits that it provides, such as eradication of the requirement of a financial institution to validate transactions, reduce duplicative recordkeeping, eliminate reconciliation, minimize error rates, and facilitate faster settlement. With the use of this technology, the databases could become universal, thereby allowing multiple institutions to use it at the same time to bring various systems closer together and help increase efficiency.

BLOCKCHAIN MARKET BY COMPONENT

The various components of blockchain technologies consist of platform, services, consulting, system integration & deployment, support and maintenance. Platform as a service is expected to play a lead role in the market. Further, growing adoption of blockchain as service, increased transaction management efficiency, change in international trade and digitalization across various industry sectors and transparency of information is fuelling the market growth. However, high initial investments and security issues are anticipated being major drawbacks for market development during the forecast timespan.

BLOCKCHAIN MARKET BY BLOCKCHAIN TYPE

The global blockchain market by blockchain type is classified into the public, private and consortium. A private blockchain has an access control layer built into the protocol. This means the network members have control over who can join the network and who can participate in the consensus process of the blockchain. A private blockchain is a similar version to the existing infrastructure, wherein a centralized authority has the power to change the rules and transactions based on the need. The private blockchain is of significant interest to financial institutes and large companies. However, private blockchain requires dissimilar entities to consolidate and agree to a common set of standards through which it is estimated to operate.

On the other hand, a public blockchain is an ideal choice when a network needs to be decentralized. It is a completely transparent database of transactions on an open network, where a massively distributed ledger operates by having a large number of participants that can independently verify each transaction, resulting in trust by numbers. Bit coin is an example of an application of a public blockchain. However, the public blockchain segment dominated the global market, in terms of revenue, and is expected to maintain this trend throughout the forecast period, owing to its reliability.

BLOCKCHAIN MARKET BY SERVICE PROVIDER

The infrastructure & protocol providers develop core software building blocks, which are essential to deploy a blockchain network. The rising demand for the blockchain protocol such as ethereum, hyper ledger, open-chain, and bigchaindb to name a few, is a major factor that supports the growth of the infrastructure & protocol segment. The protocols help blockchain network and application developers in constructing customized distributed ledger network for the users.

Development of open-source Distributed Ledger Technology (DLT) which works as a distributed database and offers higher throughput, data transparency, support for permission in both public and private ledgers, and low latency. This is further expected to drive demand for the infrastructure & protocol segment over the forecast period. Moreover, growing demand for blockchain protocol to develop games such as CryptoKitties, Spells of Genesis, EtherWarfare, to name a few are expected to propel the growth of the infrastructure & protocol segment over the forecast period. 

BLOCKCHAIN MARKET BY ORGANIZATION SIZE

Based on enterprise size, the blockchain technology market is segmented into large enterprises and Small & Medium Enterprises (SME’s). The small & medium enterprises segment is expected to emerge as the fastest-growing segment over the forecast period. The SME’s are adopting solutions powered by machine learning and Artificial Intelligence (AI) as it allows businesses to access high-quality data and insights at a low cost. This is expected to drive the growth of the small & medium enterprise segment.

The increasing adoption of blockchain technology by SMEs to enable digital services across different business channels in SME is expected to drive demand for the market in small & medium enterprise segment. Additionally, SME’s are adopting these technologies to improve their data security and to automate financial transactions.

BLOCKCHAIN MARKET BY APPLICATION

The payment segment is predicted to grow at a higher CAGR in the forecast period. The ability of blockchain technology to provide transparency, minimize the operating cost, and improve the efficiency of payment systems is instrumental in driving the demand for the payments segment. Rising adoption of these technologies into payment processes by organizations to speed up the company transaction processes is further expected to drive the growth of the payment segment.

Financial service providers are using blockchain technology and its application in the payment area to offer cross border payments at low costs, more reliability, and higher security. For instance, in January 2017, SWIFT launched a Proof of Concept (POC) to explore DLT to help banks to monitor and manage their international Nostro accounts. Various banks across the globe namely, Deutsche Bank, ANZ Banking Group, BNY Mellon, RBC Royal Bank, and DBS Bank, among others, have joined SWIFT’s payment initiative to explore blockchain technology in payments.

BLOCKCHAIN MARKET BY DEPLOYMENT

The universal blockchain market is classified into proof of concept, pilot, and production. The proof of concept is expected to grow at a higher CAGR in the forecast period. The technology shift from centralized infrastructure management to the distributed ecosystem is paving the way for new business models in payments, internet banking, and financial transaction technologies by leveraging the power of both AI and blockchain solutions. Blockchain and AI solve different financial issues as a standalone solution, but they can work together to improve many business processes in the financial industry to make it smarter and perform more effectively.

BLOCKCHAIN MARKET BY GEOGRAPHY

Geographically, the blockchain market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and Rest of the world regions which includes Latin America, and Middle East & Africa. Asia Pacific (APAC) has witnessed an advanced and dynamic adoption of new technologies and is expected to record the highest CAGR in the global Blockchain AI market during the forecast period. APAC constitutes major economies, such as China, Japan, and Singapore, which are expected to register high growth rates in the Blockchain AI market. Industries such as financial institutions, financial institutions, healthcare & life sciences, telecom & IT, manufacturing, automotive, media, and entertainment are expected to adopt Blockchain AI solutions at the region's highest rate. Companies operating in APAC would benefit from flexible economic conditions, industrialization-motivated policies, political transformation, and the growing digitalization, which is expected to impact the business community significantly.

BLOCKCHAIN MARKET KEY PLAYERS

Some of the vital players operating in this market include Figure Technologies (US), Cyware Labs (US), Core Scientific (US), NetObjex (US), Fetch.ai (UK), Ai-Blockchain (US), AlphaNetworks (US), Bext360 (US), Blackbird.AI (US), BurstIQ (US), Chainhaus (US), CoinGenius (US), Computable (US), Finalize (US), Gainfy (US), Hannah Systems (US), LiveEdu (UK), Mobs (US), Neurochain Tech (France), Numerai (US), SingularityNET (The Netherlands), Stock (US), Synapse AI (US), Talla (US), Verisart (US), VIA (US), Vytalyx (US), Wealthblock.AI (US), and Work was done (US) among others.

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