Blockchain Market to Grow at 68.1% CAGR to Reach $162.84 Billion by 2027 Led by ARCTOUCH, BACANCY TECHNOLOGY, Bitfury Group, BitSE, Blockchangers, Blocko, BRSOFTECH, Chain, Ciklum, Code Brew, Codezeros, ConsenSys, PERFECTIAL, PixelPlex, Prolitus

The global blockchain market to Grow at a CAGR of 68.1% during (2019-2027) to reach $162.84 Billion by 2027 from $1.57 Billion in 2018 driven by the extensive Adoption of Blockchain Technology in BFSI Sector and the highly competitive environment in the US and strong presence of technology providers such as IBM and Microsoft.

North America is one of the fastest growing regions in terms of technological development. In the past few years, the region has witnessed significant adoption of blockchain solutions across all the industries. The North America region contributes to the largest market share in the global blockchain market. In terms of revenue, it is estimated that it would continue to dominate the global blockchain market throughout the forecast period from 2019 to 2027. The adoption of blockchain technology is very high in the US. The highly competitive environment in the US and strong presence of technology providers such as IBM and Microsoft is contributing to the high growth of blockchain market in North America.

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Global Blockchain Market Key Company Profiles:

• IBM Corporation
• Microsoft Corporation
• Accenture
• Amazon Web Services
• SAP Se
• Hewlett Packard Enterprise Development LP (HPE)
• Oracle Corporation
• Intel Corporation
• Ripple
• Bitfury Group


Market Insights:

Blockchain technology and its applications in the banking, financial services, and insurance sector have attracted a lot of attention in the past few years majorly due to its ability to transform the foundation and business models of existing industries. Presently, apart from cryptocurrency applications, the other major practical applications of blockchain are still in the banking and financial sector; but various companies and institutions are now rapidly developing blockchain based solutions to solve complex business problems. The rising adoption of blockchain technology among North America countries is set to nurture the global blockchain market in this region during the forecast period.

In terms of technology adoption and use cases, the BFSI industry is leading the market across the world. Blockchain solutions are being implemented in payments, remittances, identity management, fund processing, dispute management, risk management, and many other applications. BFSI sector has been held back due to limitations and obsolete aspects of the mainframe computing technology but with BFSI industry moving into the advanced age of real-time transaction processing, Blockchain is a principal facilitating technology. This technology has become progressively attractive to the BFSI sector for its tamper-proof ledger. With big market players such as IBM, Accenture, and Microsoft, more and more Blockchain solutions are being implemented across major banks and insurance companies. These factors drives the global blockchain market.

Segment by Application Insights:

The global blockchain market is bifurcated by application segment into payments, exchanges, smart contracts, documentation, digital identity, governance, risk & compliance, and others. With blockchain applications such as payments, smart contracts, and documentation among others, businesses have a huge opportunity to increase their revenue. Blockchain reduces cost, increase security, increase transparency, and decrease transaction time while reducing the need for a trusted third party. Blockchain handles a varying set of rules and configurations. An application such as smart contracts, can greatly improve process efficiency, reliability, transparency, and reduce risk. The blockchain will be adopted by the largest companies that drive innovation and solutions due to the global and collaborative nature of blockchain. With tech giants such as IBM, and Microsoft among others investing in this technology, the payments is going to drive the growth of the global blockchain market during the forecast period.

Segment by Industry Verticals Insights:

On the basis of industry vertical, the global blockchain market is categorized into BFSI, Retail, Government, Transportation and Logistics, Healthcare, Automotive, Media & Entertainment, and Others. The others segment in the blockchain market include Real Estate, Energy, Telecom, and Sports among others. Blockchain is a public ledger capable of automatically verifying and recording a high volume of digital transactions, regardless of location. As startups use blockchain technology to drive greater transparency across the digital information network, they are increasing awareness of the blockchain technology in various sectors. In the global blockchain market, BFSI sector is going to drive the growth of the market during the forecast period.

Strategic Insights:

Market initiative was observed as the most adopted strategy in the global blockchain market. Few of the recent market initiatives in the blockchain market are listed below:

2019: Carrefour and Nestle Partnered with IBM to use blockchain technology to food categories. The partnership would enable a rapid expansion of blockchain-based network that brings more transparency to the global food supply chain of retailers, growers, wholesalers, processors, distributors, and manufacturers.

2019: J.P. Morgan partnered with Microsoft to accelerate the adoption of enterprise blockchain. Through this partnership, J.P. Morgan’s Quorum would be the first distributed ledger platform accessible via Azure Blockchain Service. This partnership would enable both companies to build blockchain networks in the cloud.

2019: BMW and Intel partnered with Singapore government-supported blockchain Tribe accelerator. Both the firms would share their subject expertise in their respective fields with Tribe’s startups to help build a comprehensive ecosystem for industry 4.0.

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Global Blockchain Market Segmentation:

By Application
• Payments
• Exchanges
• Smart Contracts
• Documentation
• Digital Identity
• Governance, Risk & Compliance
• Others

By Industry Vertical
• BFSI
• Retail
• Government
• Transportation and Logistics
• Healthcare
• Automotive
• Media & Entertainment
• Others

By Geography
• North America
o U.S.
o Canada
o Mexico

• Europe
o France
o Germany
o Italy
o Russia
o UK
o Rest of Europe

• Asia Pacific (APAC)
o South Korea
o China
o India
o Australia
o Japan
o Rest of Asia Pacific

• Middle East and Africa (MEA)
o Saudi Arabia
o UAE
o South Africa
o Rest of MEA

• South America
o Brazil
o Argentina
o Rest of South America (SAM)


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1. Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Blockchain Market
2. Highlights key business priorities in order to assist companies to realign their business strategies
3. The key findings and recommendations highlight crucial progressive industry trends in the Blockchain Market, thereby allowing players across the value chain to develop effective long term strategies
4. Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
5. Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
6. Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
7. Examine the political, economic, social and technology impact of the five regions namely: North America, Europe, Asia Pacific, Middle East & Africa and South America.

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