The technology at the heart of bitcoin, blockchain technology is today gaining significant importance. Blockchain is a permanent database that keeps record of every transaction that is executed. The technology has become an integral part of business-to-business and business-to-consumer commerce, products and legal processes. In the banking, financial services and insurance sector, growth is expected to benefit from the growing adoption of blockchain in applications such as digital identities, payments, exchanges and documentation.
Financial institutions have been spearheading innovations in the Blockchain technology space, with the sector already witness to successful implementations of use cases such as Nasdaq`s private market trading platform and Ripple`s cross border payment platform. Blockchain holds significant potential for prescription management, medical data, online shopping and other areas. The technology is likely to help companies in controlling supply chains, achieving traceability of products and maintaining auditable record of goods movement. In the post COVID-19 period, growth in the market will be led by next-generation blockchain innovations and the resulting development of new applications areas. Blockchain-based identity management systems are likely to emerge as one of the most notable innovations in the next-generation Blockchain space.
Amid the COVID-19 crisis, the global market for Blockchain Technology estimated at US$2.5 Billion in the year 2020, is projected to reach a revised size of US$19.9 Billion by 2026, growing at a CAGR of 43% over the analysis period. Public, one of the segments analyzed in the report, is projected to grow at a 44.8% CAGR to reach US$21.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Private segment is readjusted to a revised 40.1% CAGR for the next 7-year period. This segment currently accounts for a 24.7% share of the global Blockchain Technology market.
The Blockchain Technology market in the U.S. is estimated at US$880.9 Million in the year 2021. The country currently accounts for a 31.64% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$2.1 Billion in the year 2026 trailing a CAGR of 50.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 37.8% and 39.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 41.6% CAGR while Rest of European market (as defined in the study) will reach US$3.4 Billion by the end of the analysis period. The regional market is expected to be fueled by increasing investments in the BFSI sector. The blockchain technology is anticipated to receive a major stimulus from increasing focus of various countries in Asia-Pacific to improve existing payment techniques and maintain records associated with regulatory compliance.
In the global Hybrid segment, USA, Canada, Japan, China and Europe will drive the 36.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$212.6 Million in the year 2020 will reach a projected size of US$1.9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$258.9 Million by the year 2026.
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