Blockchain Technology Market Analysis | Coherent Market Insights

1

• Coherent Market Insights
• Market Research and Business Consulting Services
• https//www.coherentmarketinsights.com/
• COVID-19 Impact Tracker

2
BLOCKCHAIN TECHNOLOGY MARKET ANALYSIS

• Blockchain Technology Market, by Type (Public
  blockchain, Private blockchain and Consortium
  blockchain), by Application (Application,
  Financial Services and Non-Financial sector), and
  by Region (North America, Latin America, Europe,
  Asia Pacific, Middle East and Africa) - Size,
  Share, Outlook, and Opportunity Analysis, 2019 -
  2027
• The global blockchain technology market was
  accounted for US 1,977.1 Mn in terms of value in
  2019 and is expected to grow at CAGR of 58.7 for
  the period 2019-2027

3
Market Drivers

• Faster and economical transactions offered by
  blockchain technology are expected to drive
  growth of the global Blockchain Technology Market
  during the forecast period
• In blockchain technology, the data is
  decentralized, which thereby removes the need for
  intermediaries or third parties to verify
  transactions. Elimination of third party
  interference reduces the magnitude of the cost
  required for third-party verification and data
  authentication. This control is distributed
  between the parties involved transactions, which
  in turn, makes it faster. Furthermore, blockchain
  technology significantly minimizes the
  infrastructure cost incurred due to
  intermediaries thereby speeding up the
  transactions. As a result of this, blockchain
  technology has attracted various sectors
  including nonfinancial sectors. Thus, reduced
  time for transactions is expected to drive the
  market growth over the forecast period.
• Availability of secured medium to carry out
  truncations is expected to propel the global
  blockchain technology market growth over the
  forecast period
• The online payments through blockchain technology
  are secure since there are no intermediaries and
  the data is decentralized. The chain of
  transition is completely automated from beginning
  to end and requires no documentation, thereby
  reducing the errors caused by duplication.
  Moreover, the availability of real-time tracking
  of transactions averts the fraud caused by errors
  during online payment. This has enabled online
  transactions with large-scale payment. Hence,
  these factors are expected to propel the global
  blockchain technology market growth in the near
  future.

4

• North America region dominated the global
  blockchain technology market in 2019, accounting
  for 42.6 share in terms of value, followed by
  Europe, Asia Pacific, Middle East and Africa and
  Latin America.

5
Market Restraints

• Stringent government regulations regarding
  blockchain-related transactions are expected to
  hamper the global blockchain technology market
  growth over the forecast period
• Government regulations play a key role in
  regulating and approving the large-scale
  deployment of any technology, especially related
  to the financial sector with a large consumer
  base. Since centralized systems have been part of
  the financial sector for a long time, sudden
  switch to a decentralized networks with
  blockchain will necessitate regulatory
  compliance. The technology providers must adhere
  to the data privacy laws, which differ according
  to each country. Countries such as Australia,
  China, and Japan have major restrictions for
  blockchain technology with stringent regulatory
  structure. Hence, these regulatory policies are
  expected restrain the global blockchain
  technology market growth during the forecast
  period.
• Challenges related to modernization of technology
  are expected to hamper the global blockchain
  technology market growth over the forecast period
• Large scale deployment of blockchain technology
  requires mapping and scaling of the existing
  technology. In this, government regulation,
  funding, and economic conditions in the country
  play a critical role. Along with the time
  required to meet regulatory compliances, the
  adoption of completely new technology needs time
  and cost to replace and upgrade the old one.
  Hence, time, costs, and regulatory approvals
  required for technology upgrades are expected to
  restrict the market growth over the forecast
  period.

6
Market Opportunities

• Large scale use of blockchain technology in
  cybersecurity, banking, and IoT can provide major
  growth opportunities
• Blockchain technology provides end-to-end,
  faster, and secured transactions. Since there is
  no third-party intervention, the cybersecurity
  industry has rapidly started adopting this
  technology. Moreover, banking financial services
  and insurance and Internet of Things (IoT)
  sectors have started adopting blockchain
  technology gradually, owing to its lucrative
  benefits. Service providers can capitalize on
  this untapped market and expand their consumer
  base.

7

• Gradual adoption in healthcare and music sector
  is expected to present lucrative growth
  opportunities
• Various enterprises in the healthcare and music
  industry have started adopting blockchain
  technology gradually. In the music industry, this
  technology can aid in maintaining a distributed
  database of information about the ownership of
  music rights. In the music industry, this
  technology can aid in maintaining a distributed
  database of information about the ownership of
  music rights. Moreover, verification and
  authentication of documents for notary services
  can be done by using blockchain technology.

8
Market Trends

• Increased investments in Blockchain Startups
• According to the report Deep Shift Technology
  Tipping Points and Societal Impact, by The World
  Economic Forum in 2015, 10 percent of the world
  GDP will be stored on blockchain platforms by
  2027. The financial industry is the major
  investor in blockchain technology solutions
  across the globe. Investments in blockchain
  technology gained traction since 2014. 2016
  reported a total investment of US 1.4 Bn in
  blockchain technology. By 2015, around 30 global
  major banks were a part of the R3 consortium.
  Chain Inc., Consensus Systems, Ripple, and R3
  were the top venture capital-funded start-ups
  during the period from 2014 to 2015.
• FinTech investments
• Since 2015, there has been a significant increase
  in global FinTech investments. FinTech
  investments have gained significant traction in
  Asia Pacific, Europe, and the U.S. Europe
  leading the global FinTech investments. The
  global blockchain technology market is expected
  to witness significant growth during the forecast
  period, owing to FinTech investments in the
  sectors of insurance, banking, and online
  payment.

9
Segment information

• In global Blockchain Technology Market, by type,
  Consortium blockchain sub-segment dominated the
  global market in 2019, accounting for 53.0 share
  in terms of value, followed by Public blockchain
  and Private blockchain respectively.

10
Competitive Section

• Key players operating in the global blockchain
  technology market are Digital Asset Holdings,
  LLC, Microsoft Corporation, Ripple, Deloitte
  Touche Tohmatsu Limited, R3, Consensus Systems
  (ConsenSys), IBM Corporation, JP Morgan Chase
  CO, Coinbase, Accenture and Chain Inc.

11
Key Developments

• Key players in the market are focused on
  collaborations and partnerships, in order to
  enhance the market presence. For instance, in
  August 2019, Digital Asset Holdings LLC
  collaborated with the Australian Stock Exchange
  (ASX) to integrate blockchain technology into its
  share settlement and clearing system.
• Major market players are involved in product and
  service launches, in order to gain a competitive
  advantage in the market. For instance, in May
  2019, Microsoft Corporation introduced its own
  blockchain service, Azure Blockchain Service that
  will let businesses develop their applications on
  its Cloud-based platform.

12

• Request Sample Report
• Request Customization
• Download PDF Brochure
• Talk to Analyst
• Reference https//www.coherentmarketinsights.com
  /market-insight/blockchain-technology-market-2846

13
About Us

• Coherent Market Insights is a global market
  intelligence and consulting organization focused
  on assisting our plethora of clients achieve
  transformational growth by helping them make
  critical business decisions.
• What we provide
• Customized Market Research Services
• Industry Analysis Services
• Business Consulting Services
• Market Intelligence Services
• Long term Engagement Model
• Country Specific Analysis

14
About Us

• Coherent Market Insights is a global market
  intelligence and consulting organization focused
  on assisting our plethora of clients achieve
  transformational growth by helping them make
  critical business decisions.
• What we provide
• Customized Market Research Services
• Industry Analysis Services
• Business Consulting Services
• Market Intelligence Services
• Long term Engagement Model
• Country Specific Analysis

15
About Us

• Coherent Market Insights is a global market
  intelligence and consulting organization focused
  on assisting our plethora of clients achieve
  transformational growth by helping them make
  critical business decisions.
• What we provide
• Customized Market Research Services
• Industry Analysis Services
• Business Consulting Services
• Market Intelligence Services
• Long term Engagement Model
• Country Specific Analysis