Blockchain Market to Reach USD 69.04 Billion by 2027; Rising Adoption for Public Health Data Surveillance amid COVID-19 to Spur Growth

The global blockchain market size is projected to reach USD 69.04 billion by 2027. The increasing investment by governments and corporate organizations in the development of unique blockchain technology-based platforms for public health data surveillance amid COVID-19 is set to augment growth. Fortune Business Insights™ published this information in a new report, titled, “Blockchain Market Size, Share & COVID-19 Impact Analysis, By Component (Platform/Solution and Blockchain-as-a-Service (BaaS)), By Type (Public Blockchain, Private Blockchain, and Consortium Blockchain), By Deployment (Proof of Concept, Pilot, and Production), By Application (Digital Identity, Payments, Smart Contract, Supply Chain Management, and Others), By Industry (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Entertainment, Retail & Consumer Goods, Travel and Transportation, and Others), and Regional Forecast, 2020-2027.” The report further states that the market stood at USD 2.01 billion in 2019. But, it is set to exhibit a CAGR of 56.1% during the forecast period between 2020 to 2027.

China to Launch Blockchain-based Service Network

In March 2020, an alliance of Chinese technology companies, banks, and government groups is planning to unveil the Blockchain-based Service Network (BSN). It will be the first-ever blockchain network to be maintained and created by a central government. It is anticipated to lower the cost of blockchain-based business by 80%.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/blockchain-market-100072

Need to Utilize Digital Currency will Favor Growth

The increasing usage of distributed ledger technology (DLT) systems is set to accelerate the blockchain market growth. This system helps in monitoring and trading via digital currency. Also, it can record transactions by using advanced data analytics and secured mechanisms. However, blockchain technology consumes vast amounts of energy and bandwidth. This factor may hinder growth.

Key Players Focus on Collaboration Strategy to Co-innovate Products

The market for blockchain is fragmented in nature. It includes several reputed organizations, such as TCS, Oracle Corporation, IBM, and Microsoft. They are engaging in the strategy of collaboration to co-innovate and develop novel products. Some of the others are planning to improve their existing product lines.

Fortune Business Insights™ lists out the names of the renowned blockchain technology providers operating in the market. They are as follows:

• IBM Corporation (California, United States)


• R3TEK (R3 Technology, Inc.) (New Jersey, United States)


• Oracle Corporation (California, United States)


• Linux Foundation (California, United States)


• Microsoft Corporation (New Mexico, United States)


• Tata Consultancy Services Limited (TCS) (Mumbai, India)


• LeewayHertz (California, United States)


• Chain, Inc. (California, United States)


• JD.com, Inc. (Beijing, China)


• Itransition (Texas, United States)


• Capgemini SE (Paris, France)


• Huawei Technologies Co. Ltd. (Shenzhen, China)


• SAP SE (Weinheim, Germany)


• Baidu, Inc. (Beijing, China)


• Deloitte Touche Tohmatsu Limited (London, United Kingdom)


• Accenture plc (Dublin, Ireland)


• Coinbase (California, United States)


• Digital Asset Holdings, LLC (New York, United States)


• JP Morgan Chase & Co. (New York, United States)


• Ripple (California, United States)


• Tech Mahindra Limited (Pune, India)


• Skuchain (California, United States)


• Dragonchain (Seattle, United States)


• InnoMind Technologies (Kerala, India)

A Notable Industry Development-

• March 2019: Tata Consultancy Services (TCS) is planning to use technologies from R3 and Microsoft for creating a solution to promote the usage of blockchain technology across industries. It will harness the potential of R3’s Corda Enterprise blockchain platform and Microsoft Azure blockchain cloud.

Further Report Findings-

• In 2019, North America generated USD 0.95 billion in terms of revenue and is set to dominate throughout the forthcoming years. This growth is attributable to the increasing adoption of core technologies in the region.


• Europe is anticipated to exhibit a significant CAGR in the near future because of the presence of numerous prominent blockchain technology-based solution providers in the U.K., Germany, and France.


• Based on deployment, the proof of concept segment generated 72.6% in terms of blockchain technology market share in 2019. It is set to hold the maximum share in the coming years stoked by its surging adoption for enhancing online transaction facilities in a wide range of industries.

The global market for blockchain can be segmented in the following way: