Blockchain Market - Forecast(2021 - 2026)

 

Blockchain Market Overview

Global Blockchain Market is forecast to reach $44.2 billion by 2026, growing at a CAGR of 36.1% during the forecast period from 2021 to 2026. The rising adoption of blockchain solutions due to their capability of providing increased transparency towards financial transaction management in cryptocurrency and increasing digitalisation are majorly driving the market growth of blockchain market. Higher deployments of blockchain technology across various industry verticals such as retail, banking, e-commerce and many others are also helping in boosting its market growth. Moreover, blockchain is getting widely deployed due to lesser chances of human error and rising rate of digitalization, thus helping in significant market growth. Rising demand for cryptocurrency such as Bitcoin along with increasing utilization of cryptography will drive the market growth.


Report Coverage

The report: “Blockchain Market – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Blockchain Market.
By Type:Private, Public, Consortium and Hybrid
By End Users: Banking & Financial Services, Healthcare, Retail & E-Commerce, Government, Media & Entertainment, Transportation & Logistics, IT & Telecom and Others
By Deployment type:  Platform and Service
By Organization Size:Small and Medium Enterprises and Large Enterprises
By Geography:North America (U.S, Canada and Mexico), Europe (U.K, Germany, France, Italy, Spain,Netherlands and Others), Asia-Pacific (China, Japan, India, South Korea, Australia and Others), South America (Brazil, Argentina and Others), RoW (Middle East and Africa).


Key Takeaways

  • Hybrid Blockchain market is expected to have a major market share during the forecast period 2021-2026 owing to growing adoption from ecommerce, banking and many such industrial sectors.
  • Key market players such as IBM Corporation and Microsoft Corporation have been helping towards significant market growth in North America.
  • Rising rate of digitalization across industries along with providing an increased transparency system for financial data management are acting as major driving factors towards significant growth of Blockchain market.

Blockchain Market, By Deployment Type, 2020

 

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Blockchain Market Segment Analysis - Type

With the growing adoption towards blockchain by major industries, the hybrid blockchain market is expected to have a major share at 39.1% in 2020. Since hybrid blockchain combines the benefits of both public and private types, they are gaining much popularity in the blockchain market. Adoption of hybrid blockchain by various end users has been helping towards high market growth due to their capabilities like faster speed and a high security. Moreover, hybrid types of blockchain act as cost-efficient tool due to lower transaction cost compared to other types. Deployment of hybrid blockchain for e-commerce sites due to its cost saving feature through the use of peer to peer networks, distributed apps and revenue models have been causing huge dominance by the e-commerce sector. With providing higher efficiency, hybrid blockchain are facing major market demands due to its demanding applications in supply chain management, banking and many others. These factors have been contributing towards higher dominance of hybrid blockchain by the organizations.


Blockchain Market Segment Analysis - By Application

Blockchain technology is rapidly progressing in the field of automotive and transportation with the potential for diversity and innovation application in automotive industry. Original equipment manufacturers (OEMs) are mapping connected cars, for real time monitoring, auditability, and scalability which are the key factors favoring blockchain technology market driving the market at 42.9%  CAGR through 2026. Autonomous connected cars, vehicles built with cyber security have come together with the cause of organizing into IoT suppliers around the new era of blockchain powered cases. Based on block chain technology, the functional areas that lead in automotive industry are smart manufacturing, connected living, IoT and connected insurances.

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