With consumers and businesses to increasingly depend on Bitcoin transactions, the money and payments use case of blockchain technology would also foresee growing demand during the forecast period. Consequently, by 2030 end, the valuation of the blockchain technology market is projected to expand over 35 times its value in 2019. The global blockchain technology market is anticipated to offer an incremental opportunity valuing over US$ 55 Bn from 2020 to 2030. The global market is anticipated to surpass US$ 1.5 Bn by 2020 end.
Blockchain Technology Market: New Developments & Product Innovations
Blockchain technology has laid out luxury brands with a unique solution to tackle entry to fraudulent products and counterfeiters in the market. For example, IBM’s TrustChain will accurately indicate the origin of jewelry from mine to store, assuring the supply chain stays fraud-free. The capacity of tracking jewelry with a unique special code would present the product’s history, right from the place of origin to the reseller and the seller.
The trust system at play, assuring the authenticity of the jewel, is likely to be this technology’s USP. Paperwork elimination assures to make the procurement system and sale more efficient during the whole process.
COVID-19 Impact Analysis
Blockchain technology is anticipated to emerge as a new digital society status quo, amid the COVID-19 pandemic. The blockchain technology is likely to accelerate major technological progressions that are already underway. Cryptocurrency and blockchain innovations will push forward the growth in the finance sector, ahead of other industries.
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Key Takeaways of the Market Study
- Based on the solution, the blockchain platforms will offer major lucrative revenue generation prospects.
- Based on the use case, the supply chain management is the key use case in the global market, trailed by decentralized finance.
- In terms of enterprise size, large enterprises will remain as the key contributors to the market growth.
- BFSI industry is the key contributor to market expansion with transportation & logistics industries trailing suit.
The U.S. hosts majority of leading companies functioning in the global market. Heavy procurement of blockchain technology and a high focus on technology innovation in transportation and logistics, healthcare, and BFSI industries has made it possible for the nation to register the highest valuation in recent years. With this trend, North America will account for over 45% of global market share during the assessment period.
Higher demand in transportation and logistics, government, retail, and e-commerce and BFSI industries in nations such as Switzerland, U.K., France, Italy, Spain, and Germany will help the European blockchain technology market register the fastest development rate.
As the technology is falling back in worldwide dispersal, start-ups in blockchain technology are endeavoring to grow long term partnerships with the integrators. The move comes to guarantee consistent revenue generation over the conjectured time frame. Start-ups are cooperating up with man-made reasoning (AI) based innovation designers to advertise extensive answers for decentralized budgetary applications. Market players, for example, Bitfury Group Limited are concentrating on growing their blockchain portfolio to incorporate hardware solutions that allow end-users to share or transfer resources assets and safely over a blockchain-based system.
Other market players, for example, Cegeka, are enhancing their current blockchain solutions to amplify business impact. These players are creating adaptable blockchain solutions that incorporate exceptionally desirable capabilities showcased at competitive rates.
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