Blockchain Market Size To Reach $7.68 Billion USD By 2022

Back in March 2018, we wrote about a report on global blockchain market size. According to a 95-page report from ResearchAndMarkets.com, the global Blockchain market is expected to grow at a CAGR of 42.8% (2017-2022), resulting in a global revenue of USD 13.96 billion by 2022.

Today, another B2B research firm Markets And Markets, published a new 160 Page report. Unlike the previous report which focused on the global blockchain market, this report focuses on blockchain market by provider, application, industry vertical and region. The report is titled: “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 2022.”

According to the report, the blockchain market size is expected to grow from USD 241.9 Million in 2016 to USD 7,683.7 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 79.6%. The major growth drivers of the market include the increasing demand for distributed ledger technology, reduced total cost of ownership, rising cryptocurrencies market cap and initial coin offerings, increasing demand for simplified business processes and creating transparency and immutability, faster transactions and increasing adoption of Blockchain-as-a-Service . The base year considered for this report is 2016 and the market forecast period is 2017–2022.

The main objective of the report is to define, describe, and forecast the global blockchain market on the basis of providers, applications, organization sizes, verticals, and regions. The report provides detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). The report aims to strategically analyze the micro-markets with respect to individual growth trends, prospects, and contributions to the total market. The report attempts to forecast the market size with respect to 5 main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. The report strategically profiles key players and comprehensively analyzes their core competencies. It also tracks and analyzes competitive developments, such as partnerships, collaborations, and agreements; mergers and acquisitions; new product launches and new product developments; venture funding; and Research and Development (R&D) activities in the market.

The research methodology used to estimate and forecast the blockchain market began with capturing data on key vendor revenues through secondary research, which included directories and databases (D&B Hoovers, Bloomberg Businessweek, and Factiva). The vendor offerings were also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global market that was derived from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with the key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary participants is depicted in the figure below:

Scope of the Report

The research report categorizes the blockchain market to forecast the revenues and analyze the trends in each of the following subsegments:

By Application

• Payments
• Exchanges
• Smart contracts
• Documentation
• Digital identity
• Supply chain management
• Governance, risk and compliance management
• Others (digital voting and content storage management)

By Provider

• Application and solution provider
• Middleware provider
• Infrastructure and protocol provider

By Organization Size

• Small and Medium-Sized Enterprises (SMEs)
• Large enterprises

By Industry Vertical

• Banking, Financial Services, and Insurance (BFSI)
• Government and public sector
• Healthcare and life sciences
• Media and entertainment
• Retail and eCommerce
• Travel and hospitality
• Transportation and logistics
• Real estate
• IT and telecommunications
• Others (automotive, education, and energy and utilities)

By Region

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • Rest of Europe
• APAC
  • China
  • India
  • Australia and New Zealand (ANZ)
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • Middle East
  • Africa

You can read the detailed report here