Blockchain: Worldwide Markets, 2023 - Increasing Venture Capital Funding and Investments in Blockchain Technology

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Dec 12, 2018, 06:30 ET

DUBLIN, Dec. 12, 2018 /PRNewswire/ --

The "Blockchain Market by Provider, Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Supply Chain Management, and GRC Management), Organization Size, Industry Vertical, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The global blockchain market size is expected to grow from USD 1.2 billion in 2018 to USD 23.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 80.2% during the forecast period.

Various factors, such as increasing venture capital funding and investments in the blockchain technology, a growing need to simplify business processes and create business transparency and immutability, reduction in operational cost, increasing popularity of blockchain technology in retail and supply chain management are expected to drive the market.

However, the uncertain regulatory and compliance environment and limited availability of technical skillsets for implementing the blockchain technology may restrain the blockchain market growth.

The retail and eCommerce industry vertical to grow at the highest CAGR during the forecast period

The retail and eCommerce industry vertical is expected to grow at the highest CAGR in the blockchain market by vertical during the forecast period. Retail and eCommerce organizations are making huge investments to enhance customer experience. The blockchain technology is progressively elevating the customer experience. With a positive customer experience, retail and eCommerce businesses are expected to achieve customer loyalty. The blockchain technology enables retailers to use smart contracts for settling any conflict related to customers without any intervention of the court.

The large enterprise's segment to hold a larger market size during the forecast period

The large enterprise's segment is expected to hold a larger market size in the blockchain market by organization size during the forecast period. Availability of sufficient capital and other resources to incorporate newer technologies are expected to enable large enterprises to take the lead in the market. Another factor that contributes to a higher market share of large enterprises in the blockchain market is the high investments in R&D activities to develop the best-fit technology to enhance an organization's business efficiency.

North America to account for the largest market share, whereas Asia Pacific (APAC) to grow at the highest CAGR

North America is estimated to hold the largest market size and dominate the global blockchain market in 2018, as the region is an early adopter of the blockchain technology. North America is considered the most advanced region in terms of technology adoption and infrastructure. The regional presence of key industry players offering blockchain technology solutions is the main factor driving the North American blockchain market.

Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Several new startups in APAC have entered the blockchain market and started developing blockchain solutions. Investors are investing in startups that are helping these small firms innovate the blockchain technology. The integration of the blockchain technology to transform business processes in the developing countries of APAC could boost the blockchain market growth in APAC.

Key Topics Covered

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Segmentation
1.4 Regions Covered
1.5 Years Considered for the Study
1.6 Currency
1.7 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakup of Primaries
2.1.2.2 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Assumptions for the Study
2.3.1 Research Limitations

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Blockchain Market
4.2 Market Market Share of Top 3 Applications and Regions, 2018
4.3 Market Top 3 Applications
4.4 Market By Provider, 2018 vs 2023
4.5 Market By Organization Size, 2018
4.6 Market Top 3 Industry Verticals, 2018
4.7 Market Investment Scenario

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Venture Capital Funding and Investments in Blockchain Technology
5.2.1.2 Increasing Popularity of Blockchain Technology in Retail and Supply Chain Management
5.2.1.3 Blockchain Technology Simplifies Business Processes and Creates Transparency and Immutability
5.2.1.4 Blockchain Technology Reduces Operational Costs
5.2.2 Restraints
5.2.2.1 Uncertain Regulatory and Compliance Environment
5.2.2.2 Limited Availability of Technical Skillsets for Implementing the Blockchain Technology
5.2.3 Opportunities
5.2.3.1 Increasing Number of Government Initiatives
5.2.3.2 Extensive Use of Blockchain Solutions in IoT, Banking, and Cybersecurity
5.2.3.3 High Adoption of Blockchain Solutions for Payments, Smart Contracts, and Digital Identities
5.2.3.4 Increasing Demand for Real-Time Data Analysis, Enhanced Visibility, and Proactive Maintenance
5.2.4 Challenges
5.2.4.1 Security, Privacy, and Control Issues
5.2.4.2 Opposition From Incumbent Technologies
5.3 Industry Trends
5.3.1 Types of Blockchain Technology
5.3.1.1 Private Blockchain
5.3.1.2 Public Blockchain
5.3.1.3 Permissioned/Hybrid Blockchain
5.4 Blockchain Associations and Consortiums
5.4.1 Enterprise Ethereum Alliance
5.4.2 Hyperledger Consortium
5.4.3 Global Blockchain Business Council
5.4.4 Blockchain Collaborative Consortium
5.4.5 R3cev Blockchain Consortium
5.4.6 CLS Group
5.4.7 Global Payments Steering Group
5.4.8 Financial Blockchain Shenzhen Consortium
5.4.9 Cu Ledger
5.4.10 Wall Street Blockchain Alliance
5.5 Use Cases
5.5.1 Use of Blockchain Technology for Smart Transformation Under the Smart Dubai Initiative
5.5.2 Id2020 Partnership
5.5.3 Blockchain Project for Supply Chain and Inventory Management
5.5.4 Adoption of Blockchain Technology Esolutions in the Estonian Government
5.5.5 The Use of Blockchain for Smart Contracts
5.6 Market Evolution

6 Blockchain Market, By Provider
6.1 Introduction
6.2 Application Providers
6.2.1 The Rising Need to Speed Up the Process of Universal Cross-Border Payments Driving the Application Providers Segment
6.3 Middleware Providers
6.3.1 Increasing Need for Businesses to Secure the Backend Data Flowing Across Communication Systems to Drive the Growth of the Middleware Providers Segment
6.4 Infrastructure Providers
6.4.1 Increasing Need to Develop, Deploy, and Manage Enterprise-Grade Blockchain Applications to Boost the Market Growth of the Infrastructure Providers Segment

7 Blockchain Market, By Application
7.1 Introduction
7.2 Payments
7.2.1 Use of Blockchain-Based Payment Applications for Faster and Efficient Transactions
7.3 Exchanges
7.3.1 Rising Cryptocurrency to Drive the Growth of Blockchain-Based Exchange Applications
7.4 Smart Contracts
7.4.1 The Need to Reduce the Costs of Verification, Execution, Arbitration, and Fraud Prevention for Business Processes Driving the Market of Smart Contracts
7.5 Documentation
7.5.1 Increasing Need for Blockchain-Based Documentation Application to Preserve the Business-Critical Information
7.6 Digital Identity
7.6.1 Increased Need to Secure Customer Identities to Drive the Growth of Blockchain-Based Digital Identity Applications
7.7 Supply Chain Management
7.7.1 Need for Supply Chain Management Applications Integrated With the Blockchain Technology to Improve the Inventory Management Systems for Retail Operations
7.8 Governance, Risk, and Compliance Management
7.8.1 The Demand for Governance, Risk, and Compliance Management Applications to Address the Audit Requirements and Regulatory Obligations
7.9 Others

8 Blockchain Market, By Organization Size
8.1 Introduction
8.2 Small and Medium-Sized Enterprises
8.2.1 Rising Adoption of Blockchain-Based Applications to Streamline Business Operations Cost-Effectively
8.3 Large Enterprises
8.3.1 Availability of Infrastructure and Resources to Drive Large Enterprises to Adopt Blockchain Applications

9 Blockchain Market, By Industry Vertical
9.1 Introduction
9.2 Banking, Financial Services, and Insurance
9.2.1 Increasing Need to Secure Business Transactions to Drive the Demand for Blockchain in the BFSI Vertical
9.3 Government
9.3.1 Government Agencies are Deploying Blockchain Applications to Improve the Transparency and Efficiency in Operations
9.4 Healthcare and Life Sciences
9.4.1 Healthcare and Life Sciences Industry Vertical to Deploy Blockchain Applications for Addressing the Challenges Related to the Security and Privacy of Medical Data
9.5 Media and Entertainment
9.5.1 Media and Entertainment Industry Vertical to Integrate the Blockchain Technology With Complex Digital Right Management Systems to Make Data Easily Accessible
9.6 Retail and E-commerce
9.6.1 The Need to Enhance Customer Experience Driving the Adoption of Blockchain in the Retail and E-commerce Vertical
9.7 Travel and Hospitality
9.7.1 Increasing Need for Blockchain Applications Across Travel and Hospitality Startups to Manage Internal Processes and Inventories
9.8 Transport and Logistics
9.8.1 Need for Blockchain Technology to Maintain Transparency and Security of Goods and Raw Materials Across Transport and Logistics Industry Vertical
9.9 Real Estate
9.9.1 Real Estate Industry Vertical to Adopt Blockchain Applications to Eliminate the Tedious Paperwork Involved in Land Registry and Property Ownership
9.10 IT and Telecommunication
9.10.1 IoT and 5g to Create Great Market Opportunity for Blockchain in the IT and Telecommunication Vertical
9.11 Energy and Utilities
9.11.1 Demand for Blockchain in the Energy and Utilities Vertical to Synchronize the Distribution of Energy
9.12 Others

10 Blockchain Market, By Region
10.1 Introduction
10.2 North America
10.2.1 United States
10.2.1.1 Presence of A Large Number of Vendors and the Increased Need to Simplify Business Processes Leads to the Highest Market Share of the US in the Blockchain Market
10.2.2 Canada
10.2.2.1 Adoption of Blockchain Applications to Increase in BFSI, Government, and Retail and E-commerce Industry Verticals in Canada
10.3 Europe
10.3.1 United Kingdom
10.3.1.1 UK Government Initiatives to Boost the Growth of the Blockchain Market
10.3.2 Germany
10.3.2.1 Growth in Blockchain Pilot Projects for Various Blockchain Applications Across Germany
10.3.3 Rest of Europe
10.4 Asia Pacific
10.4.1 China
10.4.1.1 Increasing Trend of Blockchain-Powered Smartphones Across China
10.4.2 India
10.4.2.1 Growth in the Blockchain Startup Ecosystem Across India
10.4.3 Australia and New Zealand
10.4.3.1 Proliferation of Exchanges, Smart Contracts, Digital Identities, and Payment Applications to Drive the Growth of the Blockchain Market in Anz
10.4.4 Rest of Asia Pacific
10.5 Middle East and Africa
10.5.1 Middle East
10.5.1.1 Government Initiatives Across Dubai to Boost the Growth of the Blockchain Market
10.5.2 Africa
10.5.2.1 Need to Provide Faster Transactions Across Public and Private Sectors to Drive the Growth of the Blockchain Market in Africa
10.6 Latin America
10.6.1 Brazil
10.6.1.1 Integration of the Blockchain Technology With the Digital Identity Application to Fuel the Growth of the Blockchain Market in Brazil
10.6.2 Mexico
10.6.2.1 Government Initiatives to Use the Blockchain Technology in Digital Voting to Offer Security and Transparency in the Election Process
10.6.3 Rest of Latin America

11 Competitive Landscape
11.1 Overview
11.2 Competitive Scenario
11.2.1 Partnerships, Agreements, and Collaborations
11.2.2 New Product Launches/Product Enhancements
11.2.3 Mergers and Acquisitions
11.2.4 Business Expansions

12 Company Profiles
12.1 Introduction
12.2 IBM
12.3 AWS
12.4 Microsoft
12.5 SAP
12.6 Intel
12.7 Oracle
12.8 Bitfury
12.9 Cegeka
12.10 Earthport
12.11 Guardtime
12.12 Digital Asset Holdings
12.13 Chain
12.14 Huawei
12.15 Blockcypher
12.16 Symbiont
12.17 Bigchaindb
12.18 Applied Blockchain
12.19 Recordskeeper
12.20 Blockpoint
12.21 Auxesis Group
12.22 BTL Group
12.23 Blockchain Foundry
12.24 Alphapoint
12.25 Factom
12.26 Spinsys

For more information about this report visit https://www.researchandmarkets.com/research/sk7lnm/blockchain?w=5

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