Increasing venture capital funding and investment in blockchain technology; extensive use of blockchain solutions in banking and cybersecurity; widespread adoption of blockchain solutions for payment, smart contracts, and digital identities; and rising government initiatives are the major driving factors contributing to the blockchain market’s rapid growth. Blockchain technology has huge potential in a wide range of applications, including banking, cybersecurity, and IoT. IoT devices are being widely used in a variety of applications, including smart city projects, smart transportation, vehicular connectivity, autonomous vehicles, smart grids, and smart homes.
Westford, USA, April 25, 2022 (GLOBE NEWSWIRE) — IoT devices are proliferating on a large scale, and various enterprises are developing newer technology use cases that make use of IoT devices. Several pioneers are implementing blockchain solutions to build a decentralized network of IoT devices, eliminating the need for a central location to handle device communication. Blockchain technology is expected to allow devices to communicate directly with one another, eliminating the need for any other monitoring system. During the forecast period, the retail and e-commerce segment is expected to grow at the fastest rate. The retail and eCommerce application area is a global network of suppliers, retailers, eCommerce portals, and customers interacting in physical stores and digital online channels. Today, all retail and eCommerce organizations are making significant investments to provide clients with a better customer experience.
Read market research report, “Global Blockchain Market Segmented By Component (Platforms and Services),By Provider (Application, Middleware, and Infrastructure),By Type (Private, Public, and Hybrid),By Organization Size(Large Enterprises, SMEs), By Application Area(Transportation and Logistics, Agriculture and Food, Manufacturing, Energy and Utilities, Healthcare and Life Science, Media, Advertising and Entertainment, Banking and Financial Services, Insurance, IT and Telecom, Retail and Ecommerce, Government, Other application area), and Region – Forecast And Analysis 2021-2027” by SkyQuest
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Retail and eCommerce businesses can expect to gain customer loyalty if they provide a positive customer experience. Blockchain technology enables retailers to use smart contracts to resolve customer disputes without the intervention of a court. Smart contracts are stored in a digital ledger, allowing customers to securely record all transactions on the blockchain ecosystem, such as receipts, warranty documents, and insurance papers. The transaction is open to the public and cannot be changed or tampered with. All parties involved in the transaction are held accountable for their contractual obligations, and action is taken automatically if conditions are not met. For instance, an Israeli blockchain startup provides a blockchain application for retailers to improve overall efficiency in maintaining customer records such as warranty, insurance papers, and receipts. Customers can easily access information about their purchases and earn loyalty or reward points thanks to the information stored on the blockchain digital ledger.
Customers receive immediate assistance in the event of a product malfunction, without any service delays. Furthermore, blockchain allows retailers to access and accept cryptocurrencies rather than purchasing items through a payment processing system. It facilitates secure and authenticated online transfers. When compared to credit card payments, the blockchain payment process is less expensive.
North America is expected to have the largest market share in the Blockchain market. Early Blockchain adoption, as well as the presence of several companies offering security and Blockchain solutions, are expected to drive market growth in the region. Companies in this region are increasingly implementing security and application security solutions to enable data security, prevent cyber-attacks and commercial espionage, and ensure data security and privacy for business continuity.
According to TripleA, a cryptocurrency solution provider, more than 300 million people worldwide will use or own cryptocurrency in 2021. The growing demand for blockchain in the government sector is driving market growth, owing to benefits such as the protection of sensitive data, lower costs, and improved efficiency. Various government agencies, including the Department of Homeland Security (DHS) in the United States, are requesting blockchain-based applications to improve data security.
The Department of Homeland Security is funding start-ups to conduct research and development to investigate new approaches to cyber security using blockchain technology. Over the forecast period, the COVID-19 pandemic is expected to have a positive impact on market growth. Growing online sales as a result of the COVID-19 pandemic are expected to drive demand for blockchain technology among e-commerce firms. This technology is used by e-commerce companies to manage their supply chains.
The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
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SkyQuest has segmented the global Blockchain market based on component, organization size, application area, and region:
- Blockchain Components Outlook (Revenue, USD Million, 2021 – 2027)
- Blockchain Services Outlook (Revenue, USD Million, 2021 – 2027)
- Technology Advisory and Consulting
- Development and Integration Services
- Support and Maintenance
- Blockchain Providers Outlook (Revenue, USD Million, 2021 – 2027)
- Blockchain Type Outlook (Revenue, USD Million, 2021 – 2027)
- Blockchain Organization Size Outlook (Revenue, USD Million, 2021 – 2027)
- Large Enterprises
- Blockchain Application Area Outlook (Revenue, USD Million, 2021 – 2027)
- Transportation and Logistics
- Agriculture and Food
- Energy and Utilities
- Healthcare and Life Science
- Media, Advertising and Entertainment
- Banking and Financial Services
- IT and Telecom
- Retail and Ecommerce
- Other application area
- Blockchain Regional Outlook (Revenue, USD Million, 2021 – 2027)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Central & South America
- Rest of CSA
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
- North America
List of Key Players of Blockchain Market
- IBM (US)
- AWS (US)
- SAP (Germany
- Intel (US)
- Oracle (US)
- Huawei (China)
- Accenture (Ireland)
- Wipro (India)
- Bitfury (Amsterdam)
- Chain (US)
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