New York, NY -- (SBWIRE) -- 07/17/2019 -- Market Size – USD 7.31 Billion in 2018, Market Growth - CAGR of 23.3%, Market Trends – The rise in the trend of cryptocurrency.
The global Blockchain market is forecast to reach USD 60.12 Billion by 2026, according to a new report by Reports and Data. Blockchain brings digital technology into real-time computing systems management. The market has the ability to change aspects of digital technology, which includes the method of conducting business, enhancing education, delivering healthcare, shopping, learning, social media, and entertainment.
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Blockchain has further evolved and aids in the conduction of financial transactions. Increase in cashless payments, credit and debit cards, and card-based payment methods are dominating the market. Blockchain supports these changes by increasing the transaction processing speed and providing greater efficiency in real-time processing.
Blockchain offers a sturdy environment for sharing data in a secure way in real-time. The technology provides enhanced security to the real-time digital economic process. Blockchain in retail industries is being used by Walmart and Visa. They are using blockchain to streamline the supply chain, speed-up payments, and store records.
Blockchain significantly decreases cost by removing the "middleman" in digital marketing. In the case of search engine marketing through blockchain, website owners can save cost by removing the need for Google or Facebook or any other intermediaries.
Further key findings from the report suggest
- Organizations are nowadays deploying smart contracts to reduce cost and avoid fraud. These contracts deployed over blockchain guarantees that contract terms and conditions cannot be modified. The technology makes it nearly impossible for any third party to alter the contract. Smart contracts held the largest market share of ~24% in the year 2018.
- Supply chain management is forecasted to record the highest growth rate of 24.1% during the forecast period. Blockchain revolutionizes retail sector supply chain management by deploying real-time digital ledger of transactions and movements for all participants in their supply chain network. Benefits gained by this will save the company's time and money, and redefine the way of business.
- Blockchain makes it possible for retail giants to create their own brand of currency for customers to claim rewards. It can also allow brands to share those loyalty points among themselves to reward their customers. Retail and e-commerce are forecasted to grow with a CAGR of 24.4% during the forecast period.
- Availability of resources and capital for the incorporation of new technologies are forecasted to drive the market growth in large enterprises. They held a larger market share of ~63% in the year 2018. High investment in research and development activities to build the best-fit technology to enhance the organization's business is driving the market for blockchain.
- Small and medium-sized enterprises are forecasted to grow with a higher CAGR of 24.1% during the forecast period. With the fall in low infrastructure cost and growing transparency of the market, SMEs are expected to grow during the coming years.
- Infrastructure providers held a market share of ~37% in the year 2018, and application providers are forecasted to grow with a CAGR of 23.7% during the forecast period.
- Key participants include IBM, Microsoft, SAP, Oracle, Symbiont, Huawei, Blockpoint, BTL Group, Factom, and Earthport, among others.
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For the purpose of this report, Reports and Data have segmented into the global blockchain market on the basis of provider, application, organization size, vertical, and region:
Provider Outlook (Revenue, USD Billion; 2016-2026)
- Application Providers
- Middleware Providers
- Infrastructure Providers
Application Outlook (Revenue, USD Billion; 2016-2026)
- Payments
- Exchanges
- Smart Contracts
- Documentation
- Digital Identity
- Supply Chain Management
- Others
Organization Size Outlook (Revenue, USD Billion; 2016-2026)
- Small and Medium-Sized Enterprises
- Large Enterprises
Vertical Outlook (Revenue, USD Billion; 2016-2026)
- Government
- IT & Telecommunications
- Healthcare
- BFSI
- Real Estate
- Retail and Ecommerce
- Media and Entertainment
- Transportation and Logistics
- Energy and Utilities
- Others
Regional Outlook (Revenue, USD Billion; 2016-2026)
- North America
o U.S.
- Europe
o UK
o France
- Asia Pacific
o China
o India
o Japan
- MEA
- Latin America
o Brazil
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/blockchain-market
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