Blockchain Market Based on Key Players, Types and Application - Forecast 2027
The Global Blockchain Market is projected to reach a value of over USD 203.2 Billion by 2027 at a CAGR of around 76.5%.
Blockchain is an emerging technology which have potential to impact many sectors as it increases efficiency, cut down costs, and stimulates transparency in the organization. Blockchain is a tamperproof digital ledger executed in a distributed manner and without any centralized authority. It allows a group of users to register transactions in a distributed ledger within the group. There are numerous blocks in the ledger, each block contains block header that have metadata about the block and block data that have transaction related data. Excluding the first block in the chain, all other blocks have a cryptographic link to the previous block.
BLOCKCHAIN MARKET: Drivers & CHALLENGES
Market Driver:
Growing Demand of Smart Contracts
Smart contracts automatize the procedure of contracts which reduces the interactions of the parties, and also the cost related to administration. The smart contracts are gaining traction in public and private sector because of the feature of peer-to-peer operation on public platform, also it improves the efficiency and transparency in the operational activities of the organization. Other important features of the smart contracts compelling its demand are flexibility, legality and enhanced security. Adoption of smart cards can be observed in legal industry, shipping and logistics, real estates, and others.
Hence, growing demand of smart contracts can be a contributing factor in the growth of the blockchain market, during the forecast period.
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Market Challenge:
Security Concern
The significant issue in the adoption of blockchain is the security concern of the data recorded in the blockchain. The transactions recorded in the blockchain does not have any centralized authority to keep an eye on the transactions which intensifies the risk of the cyber-attack on the data. Another security issue with the blockchain is 51% Attack. In this attack a community of miners attacks on the blockchain and tries to control more than 50% of the mining hash rate of the network. As the majority of the control of chain will be under miners they can interfere in the recording of the upcoming transactions and this could lead to loss of confidential data.
Hence, security concern can be a limiting factor in the growth of the blockchain market, during the forecast period.
Blockchain market: Key segments
- Segmentation based on platform: Public, Private, and Consortium
- Segmentation based on consensus type: Proof of Work (PoW), Proof of Stake (PoS), Delegated Proof of Stake (DPoS), and Others
- Segmentation based on deployment: On-premises and On-cloud
- Segmentation based on provider: Infrastructure Provider, Middleware, and Application
- Segmentation based on application: Payments, Transactions, Supply Chain Management, Digital IDs and Others
- Segmentation based on end-users: BFSI, Government, Healthcare, Media and Entertainment, Advertising, and Others.
- Segmentation based on region covers: North America, South America, Europe, Asia-Pacific, and Middle East & Africa with individual country-level analysis.
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List of the leading companies operating in the Blockchain Market include:
- IBM (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Microsoft
- Alibaba Group
- Intel Corporation
- Oracle
- com
- SAP SE
- Bitfury
- Fujitsu
- Mastercard
- Other Key Companies
Blockchain MARKET: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Blockchain Market, by Platform
- Public
- Private
- Consortium
Blockchain Market, by Consensus Type
- Proof of Work (PoW)
- Proof of Stake (PoS)
- Delegated Proof of Stake (DPoS)
- Others
Blockchain Market, by Deployment
- On-premises
- On-cloud
Blockchain Market, by Provider
- Infrastructure Provider
- Middleware
- Application
Blockchain Market, by Application
- Payments
- Transactions
- Supply Chain Management
- Digital IDs
- Others
Blockchain Market, by End User
- BFSI
- Government
- Healthcare
- Media and Entertainment
- Advertising
- Others
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Blockchain Market by Region
- Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
- North America (US, Canada, Mexico)
- Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
- Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
- South America (Brazil, Argentina, Rest of South America)
Key Questions answered by the report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
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