Blockchain market was valued at US$ 1.57 Bn in 2018 and is expected to reach US$ 162.84 Bn by 2027 with a CAGR growth rate of 68.1% in the forecast period from 2019 to 2027.
Over the past few years, Blockchain technology has been an important area of focus among various industries for the cost and efficiency advantages offered by this technology in multiple business functions. The initial interest in this technology was triggered by the advent of bitcoin and other cryptocurrencies, and then it moved to the potential of this underlying technology in different industries. Blockchain technology facilitates greater transparency, increased efficiency, redefined business models, improved trust, and reduced operational costs across transaction value chains. Market giants such as IBM, Microsoft, Accenture, Intel, and many others along with industry consortiums are investing their significant time and money to harness the potential of Blockchain in delivering benefits across multiple industries. Some of the examples of successful Blockchain adoption by some big players to streamline diverse business functions include Walmart, Maersk, British Airways, UPS, and FedEx.
There are some very well–established market players operating in the Blockchain market such as IBM, Microsoft, Accenture, Amazon, SAP, Oracle, Intel, and many others. With increasing applications of Blockchain in various industries apart from cryptocurrencies, a huge number of innovative startups are entering this market with their unique and diverse solutions for specific industry verticals. The top three players in the Blockchain market include IBM, Microsoft, and Accenture, with IBM leading the market with their Blockchain technology solutions. Companies have taken several market initiatives to expand their footprint across the world and to fulfill the growing demand for blockchain solutions. The players present in blockchain market are mainly concentrating on new market initiatives to increase their business revenue, technology portfolio and geographical footprint throughout the globe. Most of the market initiatives were observed in North America, Europe, and Asia Pacific, regions, where adoption of blockchain technology is high.
The Blockchain market landscape is rapidly changing with new uses-cases and proof of concepts in diverse industries being introduced by major well-established companies and startups. Start-ups and independent consortia are also working to develop Blockchain solutions for various industries ranging from retail, banking to food, and entertainment. There is a huge influx of well-funded startups in the Blockchain market across all geographies. Some of the key startups which are disrupting the various industries with their Blockchain solutions include BurstIQ, Inc., Shivom, Bodyo in Healthcare sector; Nexus Mutual, Fidential, B3i in Insurance sector; SafeChain, Propy, BrikBit in Real estate sector; BlockVerify, Omnichain, CircularTree in Supply Chain; Filament, Xage, TWO IoT in IoT; CargoX, ShipChain, PAKET in Logistics sector; and many more.
Few of the important market initiatives and other developments from the blockchain market are mentioned below:
|2019||Carrefour and Nestle Partnered with IBM to use blockchain technology to food categories. The partnership would enable a rapid expansion of blockchain-based network that brings more transparency to the global food supply chain of retailers, growers, wholesalers, processors, distributors, and manufacturers.||North America|
|2019||J.P. Morgan partnered with Microsoft to accelerate the adoption of enterprise blockchain. Through this partnership, J.P. Morgan’s Quorum would be the first distributed ledger platform accessible via Azure Blockchain Service. This partnership would enable both companies to build blockchain networks in the cloud||North America|
|2019||Accenture and Generali Group launched a blockchain solution for employee benefits. The solution would enable data sharing for parties involved in the reinsurance process for pooling and captive services.||Europe|
|2019||Intel and iExec showcased blockchain technology at Mobile World Congress 2019. The collaboration showcased at the event by Intel and iExec exhibits that the infrastructure for future smart city services can be private and secure by design.||North America|
|2019||Ripple and Forte, announced an ambitious project to integrate blockchain technology into video games. The plan features a US$ 100 Mn fund for developers. This project would expand its blockchain services beyond its core business.||North America|