Blockchain Market To Reach USD 203.2 Billion By 2027 | CAGR 76.5% - Forencis Research

Global Blockchain Market: Key Highlights

• According to the new market research report “Blockchain Market by Platform (Public, Private, Consortium), by Consensus Type (Proof of Work (PoW), Proof of Stake (PoS), Delegated Proof of Stake (DPoS), Others), by Deployment (On-premises, On-cloud), by Provider (Infrastructure Provider, Middleware, Application), by application (Payments, Transactions, Supply Chain Management, Digital IDs, Others), by End-User (BFSI, Government, Healthcare, Media and Entertainment, Advertising, Others), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America,) – Global Forecast (2019 to 2027)”, the global blockchain market is estimated to reach USD 203.2 Billion by 2027 at a CAGR of around 76.5% during the review period.
• Growing demand for smart contracts, increasing demand of efficient and transparent operations are driving the demand for blockchain market.
• However, security concerns remain a significant challenging factor for the growth of the blockchain market.

Global Blockchain Market: Key Market Dynamics

• Growing demand for smart contracts is expected to drive the market of blockchain, as the adoption of smart contracts is gaining popularity in various sectors and currently it is used in various applications. 
• Collaboration of Internet of Things (IoT) is expected to rise the market in near future as the implementation of blockchain will enhance the IoT providing fast transactions, less risk and cost to the apps. 
• Security concerns is expected to challenge the growth of the market as the data recorded can be hacked by the miners using 51% attack or by any other type of cyber-attack.

Global Blockchain Market: Regional Overview

• Asia-Pacific

The blockchain market in Asia-pacific is projected to be fastest growing in coming decades. The regulatory authorities have introduced various initiatives in the region to surge the adoption of blockchain technology. In addition, a large share of youth population is concentrated in this region which may also be a contributing factor in the growth of the market in the region.

• Europe

Europe is predicted to gain the largest market share in the market. The blockchain technologies is being adopted substantially by the organizations in this region and the enhanced regulatory framework related to blockchain may surge the demand of the technology in the region. In April 2018, European Blockchain Partnership was created under this European Blockchain Services Infrastructure (EBSI) will be built to provide public services using blockchain technology across the European Union. 

Global Blockchain Market: Key Players Overview

• IBM:

IBM is a US-based company functioning in information technology domain. The product portfolio of the firm comprises of artificial intelligence (AI) platform, cloud, IT infrastructure, services, security and research. In addition to this there is a blockchain segment in the portfolio, the IBM Blockchain Platform is catered by the firm. This platform helps in making, managing and governing blockchain network. Moreover, in February 2020 Avril Group a France-based company linked with IBM Food Trust which is an ecosystem based on blockchain for food industry.    

• Microsoft:

Microsoft is an American multinational technological company engaged in designing, licensing, manufacturing and selling consumer electronics, software and other solutions related to PCs and such devices. The product portfolio of the organization covers following segments, software, PCs and Devices, entertainment, business, developer and IT, and others. In 2019, Starbucks using Microsoft Azure started providing customized order suggestions to the customers using app of Starbucks.

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