February 12, 2021
According to a recent study titled ‘Global Blockchain Market Analysis, 2020’, available with Market Study Report LLC, global blockchain market is set to garner significant returns over 2020-2025, registering a CAGR of 73.1% over 2020-2025.
As per the report findings, growing popularity and acceptance of blockchain technology across various industry verticals, including fintech, IT & communication, media, healthcare, and life science is projected to drive global blockchain market growth.
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For those unfamiliar, blockchain is a distributed collection of financial accounts that is comprise of a continuous list of records of cryptocurrency transactions.
Based on type, hybrid segment accounts for a significant portion of global blockchain industry share as it fulfills the necessities of the industries by providing features of both public and private blockchain solutions. Further, growing customer preference towards enhanced security, transparency and escalating demand for fast processing applications for transactions and payments is adding to the segment growth.
Considering the end user spectrum, global blockchain market is categorized into government & transportation, manufacturing, logistics, energy & utilities, healthcare & life science, BFSI, media & entertainment, retail & ecommerce, IT & telecom, and others. Among these, BFSI segment is witnessing strong gains due to surging adoption rate of this technology and rising investment by several financial institutions to streamline processes, improve audit transparency, and decrease security-related risks.
Meanwhile, deployment of blockchain technology in the healthcare sector is growing at a tremendous pace in view of increasing utilization of the technology for continuously tracking the supply chain of healthcare products from production units. The strong demand can be credited to its ability to allow pharmaceutical firms in monitoring illegitimate activities, such as counterfeiting and illegal manufacturing of harmful medicines and stock hoarding.
Apart from this, the research literature defines the market size and shares in terms of component (services, platform), provider (infrastructure provider, application provider, infrastructure provider), organization size (large, medium, small), application (documentation, payment, exchanges, digital identity, supply chain management, others), and geography (North America, South America, Asia Pacific, Europe, Middle East & Africa)
Key players impacting global blockchain market dynamics are R3, BTL Group, Ripple, Monax Industries Ltd., Huawei Technologies Co., Ltd., ConsenSus, Amazon Web Services, Earthport (acquired by VISA), NTT Data Corp., Oracle Corp., Intel Corp., SAP SE, Microsoft Corp., and IBM Corp.