Global Blockchain Market (2021 to 2026)

Dublin, Oct. 15, 2021 (GLOBE NEWSWIRE) — The “Global Blockchain Market (2021-2026) by Component, Provider, Type, Organization Size, Deployment, Application, Industry, Geography, Competitive Analysis and the Impact of COVID-19 with Ansoff Analysis” report has been added to ResearchAndMarkets.com’s offering.

The Global Blockchain Market is estimated to be USD 5.3 Bn in 2021 and is expected to reach USD 34 Bn by 2026, growing at a CAGR of 45%.

Key factors such as the rise of Blockchain as a Service (BaaS) that allows the customer to utilize cloud-based solutions for building and hosting their blockchain apps is a prominent driver for blockchain technology. Also, there has been a rising acceptance of cryptocurrencies, which has further fuelled the growth of the market. The adoption of blockchain technology, especially in the financial services sector, is broad because it can reduce the transaction processing time, thus reducing the complexities involved in a transaction, accelerating the growth of the market.

The high initial costs involved in setting up the process and operations, the stringent regulatory requirements in different countries, limited availability of technical skillsets for implementing the blockchain technology can be restraining factors for the growth of the market.

Market Dynamics

Drivers

• Increasing Adoption of Blockchain as a Service(BaaS)

• Increasing Merchants Accepting Cryptocurrencies

• Growing Need for Simplifying Business Processes

• Need for Increased Transparency and Faster Financial Transactions

Restraints

Opportunities

• Increasing Adoption of Blockchain Technology in IoT & Cyber-Security

• Increasing Venture Capital Investment in Blockchain

• Rising Adoption of Blockchain for Payments

• Government Investments in Blockchain Technology Development Projects

Challenges

Company Profiles

Some of the companies covered in this report are IBM Corporation, Microsoft Corporation, Linux Foundation, R3 Technologies Inc., BTL Group, Chain Inc., Deloitte, Circle Internet Financial Limited, Global Arena Holding, Inc. (GAHI), and Ripple, etc.

Competitive Quadrant

The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Lions: Represents companies with a strong foothold in the market, with the highest market share, large investments in technologies, new products.
Bulls: Companies that are medium in size competing with their USPs, growing companies with proven market share.
Rabbits: Small companies but growing rapidly, constantly improving their offerings in the market.
Tortoise: Companies that are slow in growth, having a long legacy, and stable or negative in…