Blockchain Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Public Blockchain, Private Blockchain, Hybrid Blockchain, Consortium Blockchain), By Component (Platform, Services), By Application (Payments, Smart Contracts, Digital Identity, Supply-Chain Management, Others), By End-User (Transportation And Logistics, Banking And Financial Services, Manufacturing, Agriculture And Food, Energy And Utilities, Government, Healthcare, Insurance, Retail And Consumer Goods, Others), And By Geography - Forecasts From 2021 To 2026

The global blockchain market is projected to witness a compound annual growth rate of 60.24% to grow to US$56.283 billion by 2026, from US$2.075 billion in 2019. The rising spotlight on the decentralization of data ledgers has prompted the expansion of blockchain technology. The market growth is owed to the expanding interest for advanced platforms and solutions across sectors like financial and retail sectors to foster customized products and services. The growth of the market can be ascribed to the expanding number of dealers accepting cryptocurrency. Simultaneously, the developing engrossment of monetary establishments like financial institutions in blockchain technology to secure payments, maintain customer identities, settle cross-border payments, etc. is likewise propelling the market development. Moreover, high investments in blockchain by major banks and other monetary establishments have prompted different progressive innovations in the technology, subsequently improving its effectiveness. Other parameters adding to the inclining appropriation of the technology are the annihilation of the requirement for authenticating transaction processes, a decrease of mistake rates, limited reconciliation, and help in a quicker settlement. Additionally, the escalating requirement for uncomplicating the business processes and the requirement for supply chain management applications amalgamated with blockchain technology will further push the growth of the overall blockchain market. Furthermore, the increasing adoption of distributed ledger technology (DLT) systems to record transactions with advanced data analytics and secured mechanisms is one of the major parameters driving the blockchain technology market growth.

Increasing adoption of blockchain technology for digital identity applications

Digital identity has become essential to the viability and growth of the digital economy, which has become fundamental and imperative to every organization, and across every sector. Blockchain-based biometrics are used to help clients map and place their physical IDs to their digital IDs and allow firms and organizations to pursue novel market opportunities that are part of a wider and broader ecosystem. Blockchain in digital identity is used to reduce repetition time in background checks, allows patients to manage and share their health records, secure and allow seamless travel, and provides proof of insurance or ownership. Major companies have been working to provide blockchain-based digital identity solutions to their customers. For instance, Accenture had developed and built a unique digital identity model or prototype to modernize identity management for individuals and organizations.

Moreover, by leveraging the power of biometrics and blockchain, the company’s system forms tracking, establishing, and maintaining digital identities more user-friendly, secure, efficient, and less open to fraud. Other firms are also making a substantial impact in the market. NEC, one of the major players in the market, had been enabling digital identity management, with the use of blockchain technology. The company had been aiming to enhance the speed of transactions, security as well as user experience. These trends are expected to have a positive impact on the market, in the coming years. In June 2021, access, a blockchain-powered platform that provides secure and safe digital identity management solutions for commercial and private use, announced that it had been launched in Kuwait. The company had been aiming to enhance its presence in the GCC market, in the coming years. Other players are also making significant developments in the market. In June 2021, the European Commission had announced the introduction of a legislative proposal for an EU digital identity wallet, which would be used to provide services, such as filing tax returns, or opening a bank account, digitally. The e-wallet had been based on blockchain technology.

Rising use of blockchain in the healthcare sector

With the increasing investments and spending in healthcare, surging hospital costs, growth in healthcare data storage, and other related factors, the necessity of advanced distributed ledger systems and technology will continue to surge at an exponential rate. According to the World Health Organization, global healthcare spending rose between the years 2000 and 2019 reaching more than US$8.3 trillion. Moreover, according to statistics compiled by Dell EMC, healthcare organizations, worldwide, had seen s surge in health data growth rate of around 878%, since the year 2016, reaching around 8.41 petabytes. This has to a growth in data disruption attacks and challenged their resources and abilities to protect the data, across their respective networks. These developments are some of the major factors in the increasing usage of blockchain in healthcare. Blockchain in healthcare is used in several applications, such as protection of healthcare data, management of electronic medical record (EMR) data, electronic health records data management, personal health record data management, and other related applications. A single blockchain network could offer a secure and digital environment and create a universal electronic health record. Various companies have been making significant developments in the market, in the past few years. For instance, Abto Software provides and offers custom software services and blockchain solutions that enhance the collaboration between healthcare stakeholders, reduction in operational costs, and automate business processes. The company had been providing tools for medical data interoperability with novel and next-generation HER/EMR, tackling healthcare accessibility with telemedicine and other related applications.

Asia Pacific region to have a significant share

Blockchain technology has a plethora of potential to reshape the region. Asian investors have always favoured hard assets, like gold and property. Blockchain-based assets are like this need, as they can be controlled and held directly, outside the need and custodianship of a respective financial institution. Moreover, Asian cities are denser and more populated than the others. Seven out of the ten largest cities in the world are in the region. As many Asian countries are mainly export-driven economies, blockchain-based apps and platform that optimizes trade finance transactions, are expected to gain ground and transaction in the coming years. Furthermore, Asian countries have a rising middle class and young population. For instance, India has a median age of 28.7 years and had been expected to rise by 1.04% in the year 2021, according to the country’s official sources. Major countries in the region have been making significant developments in the market, in the past few years. For instance, in 2019, The Monetary Authority of Singapore announced that it had built a blockchain-based multi-currency payment and transaction platform.

The novel platform had been able to process different currencies, within the same set of networks, and took the input of Temasek Holdings and JP Morgan to create. There have been other developments in the market in the past few years. China, one of the biggest economies in the world, has been accelerating its plans to develop and adopt blockchain technology, intending to become a world leader in this respective technology, by the year 2025. The country had announced the establishment of an advanced blockchain-based industrial system, to incorporate and use the technology into its development and economic plans.

Blockchain Market Scope:

Report Metric	Details
Market size value in 2019	US$2.075 billion
Market size value in 2026	US$56.283 billion
Growth Rate	CAGR of 60.24% from 2019 to 2026
Base year	2019
Forecast period	2021–2026
Forecast Unit (Value)	USD Billion
Segments covered	Type, Component, Application, End-user, And Geography
Regions covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies covered	IBM, AWS, Microsoft, Oracle, Blockchain Foundry, Blockchain.com, Ripple Labs,   Consensys, Chain, Intellectsoft, AgriDigital, BigchainDB, Circle, Blockdaemon,   Accenture PLC
Customization scope	Free report customization with purchase

 

Segmentation

• By Type

  • Public Blockchain

  • Private Blockchain

  • Hybrid Blockchain

  • Consortium Blockchain

• By Component

  • Platform

  • Services

• By Application

  • Payments

  • Smart Contracts

  • Digital Identity

  • Supply-Chain Management

  • Others

• By End-User

  • Transportation and Logistics

  • Banking and Financial Services

  • Manufacturing

  • Agriculture and Food

  • Energy and Utilities

  • Government

  • Healthcare

  • Insurance

  • Retail and Consumer Goods

  • Others

• By Geography

  • North America

  • South America

  • Europe

  • Middle East and Africa

  • Asia Pacific

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Frequently Asked Questions (FAQs)

Q1. What will be the global blockchain market size by 2026?
A1. The global blockchain market is projected to reach a market size of US$56.283 billion by 2026. 

Q2. What is the size of the global blockchain market?
A2. Blockchain Market was valued at US$2.075 billion in 2019. 

Q3. What are the growth prospects for the blockchain market?
A3. The global blockchain market is projected to witness a significant CAGR of 60.24% during the forecast period. 

Q4. Who are the major players in the blockchain market report?
A4. Some of the major players discussed in the blockchain market report are IBM, AWS, Microsoft, Oracle, Blockchain Foundry, Blockchain.com, Ripple Labs, Consensys, Chain, Intellectsoft, AgriDigital, BigchainDB, Circle, Blockdaemon, and Accenture PLC among others. 

Q5. What factors are anticipated to drive the blockchain market growth?
A5. The blockchain market growth is owed to the expanding interest for advanced platforms and solutions across sectors like financial and retail sectors to foster customized products and services.

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