Blockchain is a growing number of blocks that are interlinked using cryptography. Each block of blockchain contains cryptographic hash of the previous one, thereby resisting the data modifications. Blockchain is considered as the one of the most prominent technology in information technology domain. The technology enables the involved parties to access the ledger as well as act as irrefutable proof for all the transaction between the involved parties. Due to the digital signature and encryption technologies in block chain, it is considered as the most secure and tamper-proof system. As the block chain technology is decentralized, no intermediate fee is required during the transactions. In addition to bitcoin, blockchain also incorporated litecoin, ripple and mintchip. Blockchain technology incorporated with artificial intelligence is gaining traction around the globe. AI offers the management of decentralized monetary systems as it helps to predict bitcoin values, thereby helping the bitcoin traders to manage the bitcoin transactions. The Blockchain technology market size was valued at USD 3.0 billion in 2020 and is anticipated to reach USD 506.15 billion by 2030 with the CAGR of 67% over the forecast period.

Market Segmentation:

On the basis of type, global blockchain technology market is classified into public blockchain, private blockchain, and consortium blockchain. On the basis of application, market is categorized into digital identity, exchanges, payments, smart contracts, and supply chain management. Based on enterprise, blockchain technology market is divided into small & medium enterprises and large enterprises. Based on end-user, the market is segmented into financial services, government, retail, healthcare, media & entertainment, transportation & logistics, travel, and others. Based on region, market is grouped into North America, Europe, Asia Pacific, and RoW.

Market Dynamics and Factors:

Global blockchain technology market is estimated to grow with a CAGR of 69% during 2019-2025. Owing to the transparent and simplified nature of block chain coupled with the rising popularity of blockchain as a service are expected to increase the market growth during the forecast period. In blockchain technology is transparent, as it records every public transaction and also allows the verification of proper system functioning. Block chain allows business to business and peer to peer transactions to be completed without the involvement of third party services, such as banks, thereby reducing the transaction cost. Hence, the reduction in transaction cost positively influences the blockchain technology market growth. Escalating growth in the crypto currency based transactions as well as processes that require blockchain technique such as mining and hashing also boost the blockchain technology market growth. However, lack of awareness regarding the advantages of blockchain technology coupled with high setting cost required for the setting of blockchain technology hinders the market growth. Incorporation of AI in blockchain is estimated to foster the market growth in near future.

Geographic Analysis:

North America dominated in the global blockchain technology market due to the faster adoption of new technologies coupled with the increasing technical awareness in this region. Increased awareness in North American region among the customers regarding the benefits provided by blockchain also helped North America to grab the top position.

Competitive Scenario:

Some of the major players of the global blockchain technology industry are IBM Corporation, Microsoft Corporation, Linux Foundation, Interbit, Circle Internet Financial Limited, Global Arena Holding, Amazon Web Services, Inc., AlphaPoint, Earthport, Factom, Ripple Labs, Inc., Digital Asset Holdings, Abra, and Deloitte.

Blockchain Technology Market Report Scope