The global blockchain technology market is estimated to reach USD 57,641.3 million, by the end of 2025, and is anticipated to grow at a CAGR of 69.4% over the forecast period, 2019 to 2025, according to a new report by Million Insights. Blockchain technology helps to monitor all types of cryptocurrency transactions. This technology works as a record-keeping & electronic transaction & record processing system. This solution enables users that are connected over the network to track data through a secured network, thereby, eliminating the need for third party authentication.
The market is anticipated to propel at a rapid pace due to various benefits such as minimized error rate, elimination of reconciliation, and reduction in record delicacy. Blockchain technology solution makes the database to be universal and allows different institutions to utilize the same. This universal access at the same time increases the efficiency of the system.
Market Share Insights
Leading players in the market include Microsoft Corporation; Linux Foundation; IBM Corporation; Deloitte; BTL Group; R3; Chain Inc.; Global Arena Holding, Inc. (GAHI); Circle Internet Financial Limited; Eric Industries; Ripple; and Post-Trade Distributed Ledger.
Companies are engaged in investment for new technology development and collaborations to increase their presence across the world. For instance, in 2019, Icertis has collaborated with Microsoft Corporation to develop an enhanced blockchain framework to deliver high efficiency.
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Regional Insights
In 2018, North America accounted for USD 612.3 million in the overall market. This growth is contributed to the rapid adoption of innovative solutions in the countries such as Canada, and the U.S. Blockchain technology is widely used in the government, retail, and the BFSI sector for payment transactions, smart contracts, and digital identity detection solutions.
The Asia Pacific is projected to grow at a significant rate owing to the rising financial sector across countries like India, and China. In banks, for managing the Know Your Customer (KYC) documents, blockchain technology is utilized. Furthermore, growing research initiatives for developing blockchain solution is predicted to support market growth. For example, in 2018, the Chinese academy of sciences has announced the development of a new lab in the country.
COVID-19 Impact Analysis
The outbreak of COVID-19 has negatively impacted the global blockchain technology market. COVID-19 crisis has disrupted the supply chains network of all industries and their commerce business. Blockchain technology is expected to be critical for the potential rebuilding of the disrupted networks. This technology provides transparent and secured data on transactions and goods services.
Amid COVID-19 blockchain in the finance sector is expected to grow at a faster pace than other industries. Data storage, goods authentication, and food tracking applications involve financial transactions, which are projected to contribute to market growth.
Furthermore, the online gaming trend is on rising during the coronavirus pandemic, as people are staying at home. These online gaming applications are expected to proliferate digital currency usage, which, in turn, is boosting the need for blockchain technologies.
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