DUBLIN, April 12, 2021 /PRNewswire/ — The “Blockchain Technology – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
The Pandemic Highlights Blockchain’s Potential Role in Increasing Resilience of Business Communities & Ecosystems. The Market to Reach US$ 30.7 Billion.
The global market for Blockchain Technology is projected to reach US$ 30.7 billion by the year 2027, trailing a post COVID-19 CAGR of 43% over the analysis period 2020 through 2027.
At a time when the global economic climate is spinning out of control, the blockchain technology market is expected to face severe short-term challenges in the year 2020. This year is expected to end on a dismal note as the pandemic continues to rage through the globe flaring up in second and third waves of infections, each worse than the previous wave, continuing to cause large scale human and financial destruction in countries across the world.
Pessimism remains high among chief information officers (CIOs). The continued decline in business confidence is an indication of the gradually worsening economic climate, since business confidence is a well-known leading indicator of future output. Business confidence, in other words, is a barometer of investment growth. As companies revisit their Investment spending plans, its little surprise that IT budgets are being slashed.
IT budgets which in the pre-pandemic period was projected to grow by over 5.5% to 6.8% supported largely by enterprise software spending is now set for sharp downward revisions. This downward revision comes despite the fact that the pandemic has set into motion a digital transformation wave. While emerging technologies like AI, IoT, automation, big data, and blockchain will benefit in the post COVID-19 period as essential technologies to have to ensure resilience to future disruptions, they currently come under the non-essential bracket especially for companies struggling to survive and remain afloat.
Virtually every technology company is facing financial challenges of disrupted supply chains, business opportunities and low consumer demand for goods and services. Inability to meet quarterly revenue targets mean reduced available funds for planned IT projects.
Over 45% to 55% of CIOs expect negative impact on IT budgets in the range of -10% to -40% as compared to the less than 20% who expect spending to actually increase. Excluding automation, cloud computing and technologies for remote working which are high priority as businesses come under pressure to enable WFM and remote operation to ensure business continuity, all other IT spending are being slashed. Blockchain technology will witness decline in all application areas, industrial and non-industrial sectors.
While blockchain is witnessing dwindling investments, these glitches are likely to be transitory and the technology is anticipated to spring back relatively quickly than other legacy options. The technology is estimated to witness the highest level of spending over the coming years owing to its intriguing characteristics like redundancy, decentralization and transparency. These aspects are bound to push blockchain adoption across a diverse spectrum of domains, from financial services and healthcare to supply chains.
The technology is expected to experience increasing interest and spending across various applications and industry verticals for addressing concerns associated with traditional options, enabling companies to gain an edge over competitors. The technology has become an integral part of business-to-business and business-to-consumer commerce, products and legal processes. Blockchain holds significant potential for prescription management, medical data, online shopping and other areas.
The technology is likely to help companies in controlling supply chains, achieving traceability of products and maintaining auditable record of goods movement. Blockchain is anticipated to present new opportunities for participants to manage supply chains, track insurance records and verify medical data. Despite certain degree of reluctance, the technology is poised to find increasing acceptance across manufacturing and professional services companies in the post-pandemic era. The technology is estimated to receive a notable investment of $14.4 billion globally by 2023.
The manufacturing & resources sector is estimated to register the fastest growth of 60.5% in terms of blockchain spend, followed by the distribution & services sector, which is forecast to post a solid CAGR of around 58.7%. Despite modest level of risks across majority of industries, blockchain-related deployments are slated to increase in the professional services, healthcare, manufacturing and retail industries owing to the requirement for coordination through the value chain.
Regionally, the US is anticipated to remain at forefront of blockchain spending. Following slowdown, blockchain spend in majority of regions is likely to increase notably over 2018-2023, with Central and Eastern Europe & Western Europe leading from the front with a CAGR of more than 63%. Asia-Pacific is estimated to contribute nearly 19.3% of the total spending on blockchain technology in 2020.
The regional market is expected to be fueled by increasing investments in the BFSI sector. The technology is anticipated to receive a major stimulus from increasing focus of various countries in Asia-Pacific to improve existing payment techniques and maintain records associated with regulatory compliance.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Born Out of Bitcoin, Blockchain Technology Emerges to Disrupt the Digital Economy
- The History of Bitcoin, Its Evolution, Its Short-lived Ascend To Boom & Its Downfall
- Blockchain Technology Rises from the Ashes of Bitcoin
- So What Are the Many Benefits of Blockchain That Double Up as Drivers of Adoption?
- How the COVID-19 Pandemic Destroyed the Global Economy
- Spending On Blockchain Technology Slumps by -6.9% in Fiscal Year 2020
- A Quick Post-COVID-19 Recovery Expected in 2021
- Despite the Current Slack in Demand, Blockchain Technology Joins in the Fight Against COVID-19
- Recent Market Activity
- World Brands
2. FOCUS ON SELECT PLAYERS (Total 251 Featured):
- AlphaPoint Corporation
- Blockchain Global
- Blockchain Tech Ltd
- BlockCypher, Inc.
- Chain, Inc.
- Coinfirm Ltd.
- Consensus Systems Technologies Corporation
- Digital Asset Holdings, LLC
- LUKKA, INC.
- Microsoft Corporation
- Monax Industries
- Ping Identity Corporation
- The Bitfury Group
- The Linux Foundation
3. MARKET TRENDS & DRIVERS
- A Review of Market Outlook Expected In the Post COVID-19 Period
- COVID-19 Triggers Unprecedented Disruptions in the Supply Chain & Accelerates the Urgency to Rethink Supply Chain Management
- Here’s How The Role of Blockchain Becomes Bigger in Post COVID-19 Management of Supply Chains
- COVID-19 to Emerges as the Push Factor for Adoption of Blockchain in Healthcare
- Here’s How the Pandemic Is Accelerating Digitalization of Healthcare
- Rise of Telemedicine During COVID-19 Times Brings Blockchain Into the Spotlight to Protect Telemedicine Programs
- Other Ways in Which Blockchain Can Revolutionize the Healthcare System in the Post COVID-19 Period
- Storming Into the Spotlight Is the Use of Blockchain in Fighting Counterfeiting of Drugs & Managing Clinical Trials
- Post COVID-19 Focus on Sustainability to Drive Blockchain Adoption in Environmental Governance
- Here’s Why the Environment & Sustainability Will be Top Priorities After the Pandemic
- How Blockchain Can Help Address the Sustainability Challenge?
- Inefficiencies of Public Sector & Government Agencies Can Now Finally Be Addressed Using Blockchain
- Blockchain-Enabled E-Voting Could Very Well be the Future of Organizational & National Voting
- A Growing Market for Smart Agriculture to Boost Adoption of Blockchain
- Smart Agriculture Becomes a US$12 Billion Global Market
- Blockchain’s Role in Smart Agriculture Demystified
- Growing IoT Ecosystems Systems to Power Blockchain Implementations
- Smart Contracts Are Among the Most Promising Use Cases of Distributed Ledger Technology
- Financial Services Sector: The Most Lucrative Application Area for Blockchain
- Blockchain to Improve Transparency, Security, Immutability & Accessibility of Financial Systems & Processes
- Blockchain Can Help in Financial Inclusion of the Unbanked
- Online Banking Fraud Could Become History With Blockchain
- Blockchain-based Payments Processing: An Active Area of Interest for Banks
- Huge Potential for Blockchain Technology in the Pharmaceutical Industry
- Blockchain & Artificial Intelligence (AI): A Powerful Combination
- How the Travel Industry Is Benefiting from Blockchain & AI Combo
- A Promising Growth Outlook for Blockchain Technology in the Energy Sector
- Blockchain Powered Solutions to Streamline Processes in Logistics, Trucking and Commercial Transportation Industry
- Promising Future for Blockchain in Media, Advertising & Entertainment Market
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- GEOGRAPHIC MARKET ANALYSIS
- Total Companies Profiled: 299
For more information about this report visit https://www.researchandmarkets.com/r/wlhptb
Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets