A blockchain is a distributed database or ledger that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralized record of transactions. The innovation of a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party. Furthermore, one of the key differences in a typical database and a blockchain is that blockchain contains more structured data as compared to the typical database. In addition to this, various companies across the globe are adopting blockchain for improving the security of the system and to reduce fraudulent activities in the organization. Moreover, blockchain provides various key benefits which include increasing the transparency of the data, reducing the operating cost, and improving the efficiency of the organization.
COVID-19 scenario analysis:
- The outburst of COVID-19 virus in December 2019 has led to the spread of disease in almost 180+ countries around the globe with the World Health Organization declaring it as a public health emergency. The consequences of the coronavirus disease internationally have already started to be felt and are expected to have positive impact on the global blockchain market. This is mainly attributed due to various companies adopting blockchain technology for improving the privacy and security features of the organizations and to reduce internal & external threats to them.
- Amidst the COVID-19 pandemic crisis, various governments and regulatory authorities have mandated both public and private enterprises to embrace new practices of teleworking and maintaining social distance. Since then, digital ways of doing business and usage of emails with home servers became the new business continuity plan (BCP) for various organizations. With the widespread use of mobile devices and internet penetration across the globe, individuals are progressively inclined toward the use of blockchain. These changing trends and distributed IT environments have made organizations susceptible to privacy concerns, further fueling the demand for blockchain solutions.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Growth in the need for blockchain technology in retail and supply chain management for transparency and security in transactions is boosting the growth of the global blockchain market. In addition, simplification of processes along with transparency, security & immutability, and lower operational costs trends positively impact the growth of the market. However, the uncertain regulatory and compliance environment and high costs of implementing blockchain technology are hampering the blockchain market growth. On the contrary, the rise in government initiatives to boost demand for blockchain platforms and services is expected to offer remunerative opportunities for expansion of the blockchain market during the forecast period.
The market trends for blockchain market are as follows:
Surge in data security organizations:
Large and medium sized enterprises need to store and share private information between various stakeholders involved in a project. Thus, organizations are adopting blockchain platforms and solutions to securely manage this transactional and critical information. In addition, blockchain technology is used to increase data security of organization in mainly three aspects, which include blocking identity theft, avoiding data tampering, and stopping denial of service attacks. Moreover, increase in adoption of blockchain technology among banks and financial institutions due to increase in the risk of a backdoor transaction and unauthorized intervention considerably drives the growth of the market.
North America to become the dominant market:
North America is expected to lead the market share in the blockchain market. The major share is attributed due to the presence of big market players, including IBM Corporation, Microsoft Corporation, Oracle Corporation, and Amazon Web Services, Inc., in the U.S. This is mainly attributed due to early adoption of blockchain technology and the presence of several vendors that provide security and blockchain platform which are expected to drive market growth in the region. Businesses in this region are increasingly implementing security and vulnerability management solutions for enabling data security, preventing cyber-attacks & commercial espionage, and ensuring the security & privacy of data to facilitate business continuity.
Key benefits of the report:
- This study presents analytical depiction of the blockchain market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on the present and future competitive intensity of the market.
Questions answered in the blockchain market research report:
- Who are the leading market players active in the blockchain market?
- What would be the detailed impact of COVID-19 on the blockchain market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the blockchain market?
- What are the projections for the future that would help in taking further strategic steps?
Blockchain Market Report Highlights
| Aspects | Details |
 By Component |
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 By Type |
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 By Provider |
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 By Enterprise Size |
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 By Industry Vertical |
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 By Region |
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 Key Market Players | Oracle Corporation, Huawei And Technologies Co. Ltd., Microsoft Corporation, Global Arena Holding, Inc., Accenture Plc, Antier Solutions, Amazon Web Service Inc., Digital Asset Holdings, LLC, SAP SE, Intel Corporation, IBM CORPORATION |
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