The Blockchain market size is projected to grow from USD 4,982 million in 2021 to USD 67,385 million by 2026, at a Compound Annual Growth Rate (CAGR) of 68.4% during the forecast period. The major driving factors contributing to the high growth rate of blockchain market include increasing venture capital fundings and investment in blockchain technology; extensive use of blockchain solutions in banking and cybersecurity; high adoption of blockchain solutions for payment, smart contracts, and digital identities; and rising government initiatives.
By component, the services segment to register the highest growth rate during the forecast period
Based on component, the global blockchain market is segmented into platform and services. Platform refers to the standalone platform that cannot be further segmented. Blockchain platform in the market enables customers to set up private, public, and consortium-based blockchain environments and provide them with capabilities to develop their own blockchain applications and solutions. These platforms enable people, products, applications, and services to interoperate across the blockchain network, cloud providers, and organizations. The services segment includes various services required to deploy, execute, and maintain blockchain platform in an organization, including technology advisory and consulting, development and integration, and support and maintenance.
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Based on application area, the Retail and e-commerce segment to grow at the highest CAGR during the forecast period
The Retail and e-commerce segment is projected to witness the fastest growth rate of during the forecast period. The retail and eCommerce application area are an associated global network of suppliers, retailers, eCommerce portals, and customers interacting in physical stores, as well as digital online channels. Today, all retail and eCommerce organizations are making huge investments to provide enhanced customer experience to clients. The blockchain technology is progressively elevating the customer experience. With positive customer experience, retail and eCommerce businesses are expected to achieve customer loyalty. The blockchain technology enables retailers to use smart contracts for settling any conflict related to customers without any intervention of the court. Smart contracts are stored in a digital ledger, which enables customers to record all transactions, such as receipts, warranty documents, and insurance papers, securely on the blockchain ecosystem. The transaction is public and cannot be altered or tampered. All transacting parties are responsible for their contractual obligations and the action taken is automated if conditions are not met.
Key and innovative vendors in Blockchain market include IBM (US), AWS (US), SAP (Germany), Intel (US), Oracle (US), Huawei (China), Accenture (Ireland), Wipro (India), Bitfury (Amsterdam), Chain (US), Blockcypher (US), Guardtime (Estonia), Cegeka (Netherlands), Symbiont (US), BigchainDB (Germany), Applied Blockchain (UK), Auxesis Group (India), Spinsys (US), Infosys (India), NTT Data (Japan), Factom (US), R3 (US),Consensys(US), RecordsKeeper(Spain), Stratis (UK), Blockchain Foundry (Canada), Blockpoint (US), Leewayhertz (US), and Dragonchain (US).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence Blockchain market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2021 to innovate their offerings and broaden their customer base.
IBM is a computer, technology, and IT consulting corporation. With a presence in more than 175 countries and a count of 350,000 employees, IBM is the worlds biggest technology company. IBM operates through segments, such as Cloud and cognitive software; Global Business Services (GBS), Global Technology Services, Global Financing, and Systems. The company’s main activity is to find solutions for its wide range of clients using advanced technologies. Its clients comprise individual users, specialized businesses, and institutions, such as government, IT, defense, and educational organizations. The cybersecurity services offered by IBM include data security services, security intelligence and operations, consulting, secure engineering and application security, and security strategy risk and compliance. The company is present in North America, Europe, APAC, MEA, and Latin America.
IBM Blockchain helps enterprises improve their business efficiency and solve business challenges by building trusted networks across industries. IBM Watson IoT Blockchain Service is a SaaS solution that enables devices to send data to blockchain ledgers for inclusion in shared transactions with tamper-resistant records. Leveraging the IBM Blockchain Platform, business partners can access and supply IoT data between multiple parties in a business process, increasing collaboration, transparency, and trust. Each transaction can be verified to prevent disputes and ensure each partner is held accountable for their individual roles. IBM’s service offerings include data security services, security intelligence and operations, consulting, secure engineering and application security, and security strategy risk and compliance.
Amazon Web Services (AWS) is a subsidiary of Amazon. It provides on-demand cloud computing platforms to individuals, governments, and companies. AWS comprises more than 212 services, including storage, computing, networking, database, analytics, application services, deployment, mobile, developer tools, and IoT tools. AWS is present across 77 Availability Zones across 24 geographic locations with plans to launch 12 more Availability Zones and four more AWS regions in Indonesia, Italy, Japan, and Spain, respectively. Silver Lining, Cloudticity, Databricks, and TensorIoT are some partners of the company. The company has a strong foothold in the Americas, EMEA, and APAC and has been categorically focusing on expanding its foothold in the emerging markets by pushing products through regional distributors, channel partners, resellers, service partners, and technology partners.
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Amazon Managed Blockchain is a fully managed service that allows organizations to set up and manage a scalable blockchain network with just a few clicks. It eliminates the overhead required to create the network and automatically scales to meet the demands of thousands of applications running millions of transactions. Once the network is up and running, Managed Blockchain makes it easy to manage and maintain a blockchain network. It manages certificates, lets clients easily invite new members to join the network, and tracks operational metrics such as usage of computing, memory, and storage resources. In addition, Managed Blockchain can replicate an immutable copy of your blockchain network activity into Amazon Quantum Ledger Database (QLDB), a fully managed ledger database. This allows organizations to easily analyze the network activity outside the network and gain insights into trends.
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