Market Overview
A blockchain or also referred to as distributed ledger technology (DLT) is a growing list of records called blocks that are linked cryptography. Each block is comprised of a cryptographic hash of the previous block, which is a timestamp and transaction data. Blockchain is faster, more secure, and more economical technology used to carry out online transactions across financial services and nonfinancial sectors. Decentralization in this technology removes the need for any third party or intermediaries to verify online transactions. The application of blockchain has been extended in a variety of areas including mobile payment and factoring. There has been immense growth in the number of startups developing blockchain technology solutions during the period from 2014 to 2016. Blockchain has been deemed as a revolutionary technology since it aids in reducing risk, stamps out fraud, and brings transparency for a variety of applications.
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
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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.
Market Dynamics- Drivers
1. 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.
2. 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.
Market Opportunities
1. 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.
2. 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.
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Market Trends
1. 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.
2. 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.
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