Global Blockchain Technology Market Report 2021-2027

Dublin, 8 April 2021 (GLOBE NEWSWIRE) – The report “Blockchain Technology – Global Market Pujectory & Analytics” has been added to ResearchAndMarkets.com’s offer.

The pandemic highlights the potential role of Blockchain in increasing the resilience of business communities and ecosystems. The market will reach 30.7 billion US dollars.

The global Blockchain technology market is projected to reach $ 30.7 billion by 2027, lagging behind COVID-19 CAGR by 43% in the 2020 to 2027 analysis period.

At a time when the global economic climate is spiraling out of control, the blockchain technology market is expected to face serious short-term challenges in 2020. This year is expected to end with a gloomy note as the pandemic continues to rage globally in the second and third waves of infections, each worse than the previous wave, still causing human and financial devastation in countries around the world.

Pessimism remains high among key information officers. The continuous decline in business confidence is an indicator of a gradual deterioration in the economic climate, as business confidence is a well-known leading indicator of future production. In other words, business confidence is a barometer of investment growth. As companies rethink their investment spending plans, it’s little surprise that IT budgets are shrinking.

IT budgets, which were projected to grow by more than 5.5% to 6.8% in the pre-pandemic period, aided largely by enterprise software spending, are now set for sharp downward revisions. This downward revision comes despite the fact that the pandemic has triggered a wave of digital transformation. Although new technologies such as AI, IoT, automation, big data and blockchain in the post-COVID-19 period will benefit as core technologies that must ensure resilience to future disruptions, they are currently under an irrelevant framework, especially for companies struggling to survive and stay on the surface.

Almost every technology company faces the financial challenges of disrupted supply chains, business opportunities and low consumer demand for goods and services. The inability to achieve quarterly revenue targets means a reduction in available funds for planned IT projects.

Over 45% to 55% of CIOs expect a negative impact on IT budgets in the range of -10% to -40% compared to less than 20% who expect spending to actually increase. With the exception of automation, cloud computing, and telecommuting technologies, which are high priorities because companies are under pressure to enable WFM and telecommuting to ensure business continuity, all other IT spending is reduced. Blockchain technology will witness a decline in all areas of application, industrial and non-industrial sectors.

Although blockchain is witnessing reduced investment, these gaps are likely to be temporary and the technology is expected to return relatively quickly from other legacy options. It is estimated that the technology will witness the highest level of consumption in the coming years thanks to its intriguing features such as redundancy, decentralization and transparency. These aspects will certainly encourage the adoption of blockchains in a variety of domain spectra, from financial services and healthcare to supply chains.

The technology is expected to experience increasing interest and consumption in a variety of applications and industry verticals to address issues related to traditional options, enabling companies to outperform competitors. Technology has become an integral part of business-to-business, consumer and product processes. Blockchain has significant potential for managing prescriptions, medical data, online shopping and other areas.

The technology is likely to help companies control supply chains, achieve product traceability, and keep records of goods under surveillance. The blockchain is expected to present new opportunities for participants in supply chain management, monitoring of insurance records and verification of medical data. Despite a certain degree of reluctance, technology is poised to find increasing acceptance in manufacturing and professional service companies in the post-pandemic era. The technology is estimated to receive $ 14.4 billion globally by 2023.

It is estimated that the manufacturing and resources sector will record the fastest growth of 60.5% in terms of blockchain consumption, followed by the distribution and services sector, which is projected to achieve a solid CAGR of around 58.7%. Despite the modest level of risk in most industries, blockchain-related implementations predict an increase in professional services, healthcare, manufacturing, and retail due to value chain coordination requirements.

Regionally, the US is expected to remain at the forefront of blockchain spending. Following the slowdown, blockchain consumption in most regions is likely to increase during 2018-2023, while Central and Eastern Europe and Western Europe will lead with a CAGR of more than 63%. It is estimated that the Asia-Pacific region will bring nearly 19.3% of total spending on blockchain technology in 2020.

The regional market is expected to be boosted by increased investment in the BFSI sector. The technology is expected to receive a major boost due to the growing focus of various countries in the Asia-Pacific region on improving existing payment techniques and keeping records related to regulatory compliance.

Key topics:

I. METHODOLOGY

II. SUMMARY

1. MARKET OVERVIEW

  • Born of Bitcoin, Blockchain technology is emerging to disrupt the digital economy

  • The history of Bitcoin, its evolution, its short-lived rise and fall and its decline

  • Blockchain technology is growing out of the ashes of bitcoin

  • So, what are the many benefits of blockchains that stand out as drivers of adoption?

  • How the COVID-19 pandemic destroyed the global economy

  • Spending on Blockchain technology is down -6.9% in fiscal year 2020

  • A quick recovery after COVID-19 is expected in 2021

  • Despite the current stagnation in demand, Blockchain technology is joining the fight against COVID-19

  • Recent market activities

  • Innovation

  • World brands

2. FOCUS ON SELECTED PLAYERS(Total 251 featured):

  • AlphaPoint Corporation

  • Blockchain Global

  • Blockchain Tech Ltd

  • BlockCypher, Inc.

  • Block

  • Chain, Inc.

  • Coinfirm Ltd.

  • Consensus Systems Technologies Corporation

  • Loans

  • Digital Asset Holdings, LLC

  • IBM

  • LUKKA, INC.

  • Microsoft Corporation

  • Monax Industries

  • Nasdaq

  • Ping Identity Corporation

  • Bitfury Group

  • Linux Foundation

3. MARKET TRENDS AND DRIVERS

  • An overview of market prospects expected in the period after COVID-19

  • COVID-19 triggers unprecedented supply chain disruptions and accelerates the urgency of supply chain management review

  • Here is how the role of the blockchain becomes greater in supply chain management after COVID-19

  • COVID-19 is emerging as a factor in encouraging the adoption of blockchain in healthcare

  • Here’s how the pandemic is accelerating the digitalization of health care

  • The increase in telemedicine during COVID-19 times brings blockchain into the spotlight to protect the telemedicine program

  • Other ways Blockchain can revolutionize the healthcare system in the post-COVID-19 period

  • The storm in focus is the use of blockchain in the fight against drug counterfeiting and conducting clinical trials

  • Publish COVID-19 Focus on Sustainability to Encourage Adoption of Blockchain in Environmental Management

  • This is why the environment and sustainability will be top priorities after the pandemic

  • How can Blockchain help address sustainability challenges?

  • The inefficiency of public sector agencies and government can now finally be addressed with the help of Blockchain

  • Blockchain-enabled electronic voting could be the future of organizational and national voting

  • A growing market for smart agriculture to strengthen blockchain adoption

  • Smart agriculture is becoming a global market of 12 billion US dollars

  • The role of blockchain in smart agriculture demystified

  • Development of IoT ecosystem systems to blockchain implementation

  • Smart contracts are among the most promising cases of using distributed book technology

  • Financial Services Sector: The Most Profitable Area of ​​Application for Blockchain

  • Blockchain to improve the transparency, security, consistency and accessibility of financial systems and processes

  • Blockchain can help the financial involvement of the unbanked

  • Internet banking scams could become history with the help of Blockchain

  • Blockchain-based payment processing: an active area of ​​interest for banks

  • Huge potential for blockchain technology in the pharmaceutical industry

  • Blockchain and Artificial Intelligence (AI): A powerful combination

  • As the travel industry benefits from Blockchain & AI Combo

  • Promising growth for blockchain technology in the energy sector

  • Blockchain launched solutions to simplify processes in the logistics, transportation and commercial transportation industries

  • A promising future for blockchain in the media, advertising and entertainment markets

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information on this report, visit https://www.researchandmarkets.com/r/fmvw9n

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