MarketsandMarkets forecasts that the global blockchain market will grow from an estimated USD 7.4 billion in 2022 to USD 94.0 billion by 2027, at a compound annual growth rate (CAGR) of 66.2%. Increased venture capital fundings and investments in blockchain technology are expected to fuel market growth.
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By component, platforms to hold highest market share during forecast period
Components are divided as platforms and services. The blockchain platform is a decentralized solution used for tracking, documenting, and facilitating transactions. The blockchain technology was first utilized for financial transactions but can be applied to a variety of industries such as e-commerce and for supply chain management. These software solutions provide the framework necessary to create applications that rely on any kind of transaction. Blockchain platforms are software solutions that enable businesses to build applications with the blockchain technology. The blockchain technology refers to the use of a distributed, immutable ledger that documents transactions, activities, and resource movement across a network. A blockchain-based ledger system can be used by companies for any application that relies on any kind of transaction. The blockchain platform operates as a development platform with an integrated distributed ledger – which is an encrypted storage space for all kinds of data. The integrated data is then used to help develop consensus mechanisms that are used to validate and approve transactions.
By organization size, SMEs to grow at highest CAGR during forecast period
Organizations with less than 1,000 employees are categorized as SMEs which face several disadvantages including high barriers to entry and lower protection from market conditions. the requirement of several intermediaries for trading across regions exceedes the cost of operation, which limits the growth in implementation in SMEs with limited resources. in such scenarios, The blockchain technology can prove beneficial. It can enable enterprises to reduce costs by eliminating these intermediaries. basic day-to-day operations is manual or semi-automatic processes including invoicing, inventory, and payroll are some of the areas where SMEs can utilize blockchain technology. For instance, SMEs streamline their operations cost-effectively with the help of smart contracts, a critical capability offered by the blockchain solution. It can prove to be more economical.
What is blockchain?
According to MarketsandMarkets, blockchain is defined as a digitally distributed, decentralized, and shared database that assists enterprises in identifying, tracking, and tracing every transaction on the enterprise blockchain network. These transactions are recorded in the form of blocks that are linked together in a chain. The blockchain technology provides secure sharing of information while also making the process transparent and immutable for all the participants.
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Competitive overview:
The blockchain market is led by some globally established players, such as IBM (US), AWS (US), Oracle (US), Huawei (China), Accenture (Ireland), Wipro (India), Infosys (India), TCS (India), SAP (Germany), Intel (US), ConsenSys (US), NTT DATA (Japan), Bitfury (Netherlands), Guardtime (Estonia), Chain (Saint Kitts and Nevis), VMware (US), SpinSys (US), LeewayHertz (US), R3 (US), Cegeka (Netherlands), Symbiont (US), BigchainDB (Germany), Applied Blockchain (UK), RecordsKeeper (US), Blockpoint (US), Auxesis Group (India), Blockchain Foundry (Canada), Factom (US), Stratis (UK), Dragonchain (US). These players have adopted various growth strategies, such as partnerships, agreements, collaboration, acquisitions, and product developments, to increase their market presence.
IBM is a computer, technology, and IT consulting corporation and is the one of the largest technology companies. 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. The company offers solutions and services to various industries including IT, healthcare, life sciences, government, telecom, automobile, manufacturing, Fast-Moving Consumer Goods (FMCG), chemicals & petroleum, electronics, energy & power, media & entertainment, mining, retail, BFSI, travel & transportation, and education. It is present in North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
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. It also provides Amazon Managed Blockchain, it is a fully managed service. With just a few clicks Amazon Managed Blockchain enables organizations to set up and manage a scalable blockchain network. The overheads required to create networks are eliminated with managed blockchain and it automatically scales to meet the demands of thousands of applications running millions of transactions. Once the network is up and running, it can be easily managed and maintained with the help of Managed Blockchain. Amazon Managed Blockchain 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. An immutable copy of blockchain network activity can be replicated into the Amazon Quantum Ledger Database (QLDB), a fully managed ledger database with the help of Amazon Managed Blockchain. Organization can also utilize its capabilities to analyze network activity outside the network and gain insights into trends. 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.
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