A report published by MarketsandMarkets revealed that while crypto adoption is increasing, the blockchain market is expected to rise further capturing over $64 billion market by 2026.
The report titled, ‘Blockchain by Component (Platforms and Services), Provider (Application, Middleware, and Infrastructure), Type (Private, Public, and Hybrid), Organization Size, Application Area, and Region – Global Forecast to 2026‘, said that global blockchain market which was just $4.9 billion in 2021 will jump to $67.4 billion by 2026.
The report underlined that the sector will grow at a whopping 68.4% compound annual growth rate (CAGR) because of the growing investment of venture capital funding in blockchain technology.
With the widespread acceptance of blockchain technologies for payments, smart contracts, and digital identities, as well as growing government activities, the use of blockchain technologies in banking and cybersecurity is on the rise, the report added.
The report said that their study has covered services, providers, application areas, and geographical regions of Europe, Middle East and Africa (MENA), North America, APAC, and Latin America and also examined the blockchain market in light of current trends and advancements, as well as its projected expansion between 2021 and 2026.
It offers thorough analyses of the market’s major players, vendor shares, market size, and trends.
APAC region leads
Asia Pacific (APAC) is expected to experience the greatest CAGR growth in the global blockchain market throughout the forecast period. The region includes developing nations like Singapore, China, Japan, and the rest of APAC.
APAC nations are investing in blockchain initiatives more frequently. The economies of APAC are expanding rapidly thanks to a rise in technical advancements and a big number of enterprises. The region is now in the exploratory and adoption stages of the blockchain market.
Additionally, expansion in the financial industry is anticipated to support the use of blockchain tools and services. The number of startups using cryptocurrencies and blockchain technologies is increasing in APAC nations.
For instance, a Hong Kong-based business called Bitspark provides a remittance network that allows users to send and receive money in developing economies using blockchain technology. The area is examining blockchain technology’s potential to discover new opportunities and potential obstacles to overcome.
APAC’s supply chains are frequently much more challenging to manage than those in other parts of the world. The use of blockchain in the area is expanding in an effort to lessen these complications.
Ecommerce has become a significant driving factor for APAC in 2020 due to the increasing use of smartphones and the internet, which increased the need for efficient blockchain technologies and services in the area of streamlining and efficiently managing the supply chain.
Additionally, this is increasing the region’s need for blockchain products and services.
Global platform & services market
The platform and services categories make up the global blockchain market that is included in the component section.
Clients using this technology can create private, public, and consortium-based blockchain environments using the market’s blockchain platforms, which also give them the tools to create unique blockchain solutions and applications.
These platforms allow people, products, applications, and services to interoperate across various blockchain networks, cloud providers, and organizations.
The services category encompasses a variety of services, such as technological advice and consultancy, development and integration, support and maintenance, that are necessary to establish, implement, and operate a blockchain platform in an enterprise, the report adds.
The report also said that the platform market is anticipated to experience rapid acceptance during the forecast period as businesses begin to make use of the technology’s many advantages, including lower value chain costs, higher security, and faster operations that will provide them a competitive advantage.
The adoption of the blockchain platform in the market throughout the forecast period would determine the growth of the services sector.
Services including technological counseling and consultancy, development and integration, support and maintenance, and others play a crucial role in the adoption of blockchain solutions, enabling businesses to use blockchain technologies and efficiently support their core business processes.
The report also listed companies that were the leaders as suppliers and services in the blockchain market namely, IBM, SAP, Intel, Oracle, Huawei, Accenture, Wipro, Bitfury, Chain, Blockcypher, Guardtime, Auxesis Group, Cegaka, BigchainDB, Symbiont, Applied Blockchain, NTT Data, Factom, R3, Spinsys, Blockchain Foundry, Dragon Chain and others.