Blockchain Market International Growth Scenario with 68.1% of CAGR by 2027 - Hewlett Packard Enterprise Development LP (HPE), Oracle Corporation, Intel Corporation, Ripple, Bitfury Group

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.

Blockchain Market to 2027 - Global Analysis and Forecasts by Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Governance, Risk & Compliance, and Others); Industry Vertical (BFSI, Retail, Government, Transportation and Logistics, Healthcare, Automotive, Media & Entertainment, and Others)

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The blockchain market was valued at US$ 1.57 Bn in 2018 and is expected to reach US$ 162.84 Bn by 2027 with a CAGR growth rate of 68.1% in the forecast period from 2019 to 2027.

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.

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.

The global Blockchain is anticipated to exhibit very high growth in near future. Some of the major driving factors contributing to the market growth include extensive adoption of Blockchain solutions in the BFSI sector; advantages such as higher transparency, higher operational efficiency and substantial cost savings; and increasing number of innovative start-ups worldwide will drive the market during the forecast period and have a high impact in the short term. However, factors such as concerns related to data privacy, confidentiality and security; unclear regulatory environment; and interoperability, scalability, and sustainability challenges are anticipated to hinder the market growth in the coming years. During the forecast period, trends such as Rising Government Support and Initiatives and Combination of Blockchain and Artificial intelligence for advanced applications are expected to provide exciting opportunities for the players operating in the Blockchain market.

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