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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%.
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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:
A Notable Industry Development-
Further Report Findings-
The global market for blockchain can be segmented in the following way:
2016 – 2027
2020 – 2027
2016 – 2018
Value (USD billion)