Blockchain Technology Market to Flatten Due to COVID-19 Pandemic; Key Market Players to Redesign Developmental Strategies 2020-2030

Information leakages are posing a serious threat to the survival and credibility of business entities. Breaches of classified data by hackers for malignant purposes has become a priority concern for organizations worldwide. In the wake of such dangers, blockchain technology serves as a life support for various businesses

DUBAI / ACCESSWIRE / June 16, 2020 / Future Market Insights: Over the years, blockchain technologies have transitioned from being mere public ledgers to acting as currency media for daily operations. Its usage has evolved to store, accumulate and share transactional records across participants in an immutable manner. This immutability of sensitive information has rendered blockchain as a tremendously popular technology across businesses looking to leverage operational efficiency.

Blockchain technology's most prominent usage has translated itself as bitcoin, a form of cryptocurrency adopted by banks to streamline their financial dealings. The technology has also generated a ripple effect across various other industries, including transportation and logistics and oil & gas.

The COVID-19 pandemic has provided a wide ground for the blockchain technology to flourish. From healthcare to food distribution, blockchain has made it easier to assist patients in maintaining their health records safely and authentically, trace the origin, logistics and distribution of their drugs and make use of hyperledgers integrated with internet of things to track food distribution from the farm to the table.

Moreover, the luxury goods retail industry is anticipated to integrate blockchain technology to enhance their business models. Based on these trends, the blockchain technology market shall register an incremental opportunity exceeding US$ 55 Bn across the forecast period 2020-2030.

"Blockchain technology integration is a revolutionary step to streamline business operations across several end-use industries. Its ability to incorporate the transmission of value and information will facilitate the development of sophisticated and multi-functional forms of digital payments in the years to come," infers a leading analyst at FMI.

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Blockchain Technology Market- Key Takeaways

The global blockchain technology is expected to grow at over 50% in the year 2020.
Supply chain management shall emerge as the primary use case incorporating blockchain technology during the forecast period. Decentralized finance is anticipated to tail behind.
Large business enterprises will remain the primary end-users of blockchain technologies to streamline and safeguard their business operations.
The banking & financial services industry (BFSI) shall be the primary revenue generator for blockchain service providers, followed by the transportation and logistics segment.
North America and Europe shall account for the maximum market footprint for blockchain technology solution providers. This growth is spurred by a high demand from government, transportation, banking and e-commerce sectors.

Blockchain Technology Market- Key Drivers

Horizontal interactions among network participants enables better management of the blockchain technology platforms, facilitating greater adoption.
Enhanced data transparency and immense simplification of operations between multiple parties makes it highly likely to be adopted by end-use industries.
Massive government support in Europe and North America to invest in emerging blockchain technologies is anticipated to propel the market to a higher pedestal.

Blockchain Technology Market- Key Constraints

While it may be a distributed network, blockchain technologies are short-changed in terms of possessing a distributed computing system rendering it limited in effectiveness.
Still in its nascent stages, blockchain technology will require a considerable amount of time to firmly establish itself in the information technology market as research is still ongoing about its efficacy.
High energy consumption over public networks has raised questions on blockchain technology's possible detrimental impact on the environment.

Anticipated Impact of the COVID-19 Outbreak

The COVID-19 pandemic has provided significant inroads to the blockchain technology market. A major impact has been observed in the transportation and logistics sector. SkyCell, a prominent Swiss smart container manufacturer, has been extensively utilizing blockchain technology to streamline its logistical capabilities.

The company has especially played a pivotal role in transporting shipments of pneumococcal vaccines to Germany in its containers equipped with IoT sensors. The contents within the containers are closely monitored through these sensors and the information gathered is stored on a cloud-based, blockchain encrypted technological platform. Such advancements have greatly assisted in saving critical patients' lives during a time of crisis.

The coronavirus pandemic has ushered in an era of volatility, uncertainty, complexity and ambiguity (VUCA). In order to overcome the VUCA scenario, blockchain technology is anticipated to offset this environment by reconciling differences through the collation of a common consensus among industries on a common platform and develop an element of trust.

Considering the wide array of applications, integration of blockchain technology is anticipated to see a sharp increase in the post-COVID-19 era, yielding significant returns on companies' investments and help them capture a greater foothold in their area of operations. The banking industry is especially poised to register an impressive resurgence in this regard. Blockchain has allowed customers to finalize transactions without additional offline or online confirmations.

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Competition Landscape

Since blockchain technology is in a fledgling stage, the market is characterized by the presence of several start-up companies strategizing to cement long-term collaborations with prominent technological integrators and acquire a competitive edge. Besides, a number of existing technological solutions providers have forayed in the blockchain technology market, thereby making it highly competitive in nature. The prominent market players include IBM, Amazon Web Services, Inc., SAP, Intel, Microsoft, Bitfury Group Limited, Guardtime, Cegeka, Earthport PLC and Oracle.

In addition, the following market players are estimated to lead the blockchain technology innovations in the years to come: SoluLab, LimeChain, CONSENSYS, Accubits Technologies, LimeChain and PixelPlex. Players such as CONSENSYS are concentrating on providing comprehensive decentralized application solution by collaborating with other technology companies; while companies such as Cegeka are leveraging their existing blockchain technologies by virtue of innovations to broaden business horizons.

More Valuable Insights on Blockchain Technology Market

FMI's research on the blockchain technology market is segmented into four major segments. By solution, the global blockchain technology market is segmented into applications, middleware and blockchain platforms. With respect to use case, the global blockchain technology market is segregated into supply chain management, digital identity, payments and money, trading, commerce and exchange, smart contracts, and decentralized finance. With regards to enterprise size, the global blockchain technology market has been segmented into large enterprises, and small and medium-sized enterprises (SMEs).

On the basis of industry, the global blockchain technology market is segmented into BFSI, healthcare, retail and e-commerce, hospitality and travel, government, media and entertainment, and transportation and logistics, among others. The extensive segregation of the market helps readers evaluate lucrative opportunities in the global blockchain technology market.

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