The global Blockchain Market size is expected to grow from USD 3.0 billion in 2020 to USD 39.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 67.3% during 2020–2025. Major driving factors for the market include increasing venture capital funding and investments in the blockchain technology, growing focus on reducing operational cost, and increasing popularity of blockchain technology in retail and supply chain management.
Based on type, the hybrid blockchain type segment to grow at the highest CAGR from 2020 to 2025
A permissioned blockchain is a type of hybrid blockchain that shares many features of both private and public blockchains. A permissioned blockchain provides a hybrid solution between the low trust offered by public blockchains and the single, highly trusted entity model of private blockchains. Popularly called a consortium blockchain, permissioned blockchain has predetermined standards that enable a few selected nodes to participate in the verification of the transaction process. A single person or company does not have full control over the information and access, thereby providing a secured network. The market size of the hybrid type in the blockchain market is expected to grow at the highest CAGR during the forecast period.
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Increasing number of blockchain startups to drive the SMEs segment in the blockchain market during 2020-2025
Based on organization size, the blockchain market is segmented into Small and Medium-sized Enterprises (SMEs) and large enterprises. The SMEs segment is expected to grow at a higher CAGR from 2020 to 2025, as there will be a sharp increase in the number of blockchain startups. The blockchain technology can prove to be an asset for SMEs, as it helps reduce operational cost by eliminating intermediaries required for trading across regions. Another area where SMEs can take advantage of the blockchain technology in their manual or semi-automatic processes, include invoicing, inventory, and payroll. For instance, smart contracts, a critical capability offered by the blockchain solution, can prove to be more economical, helping SMEs streamline their operations cost-effectively and at a faster rate.
Major blockchain technology vendors include IBM (US), AWS (US), Microsoft (US), SAP (Germany), Intel (US), Oracle (US), Bitfury (Netherlands), Cegeka (Netherlands), Earthport (UK), Guardtime (US), Digital Asset Holdings (US), Chain (US), Huawei (China), BlockCypher (US), Symbiont (US), BigchainDB (Germany), Applied Blockchain (UK), RecordsKeeper (Gibraltar), BlockPoint (US), Auxesis Group (India), BTL Group (Canada), Blockchain Foundry (UK), AlphaPoint (US), NTT Data (Japan), Factom (US), SpinSys (US), ConsenSys (US), Infosys (India), iXLedger (UK), and Stratis (UK). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global blockchain market. Partnerships and new product launches have been the most adopted strategy by major players from 2018 to 2020, which helped them to innovate on their offerings and broaden their customer base.
AWS is one of the prominent players in the blockchain marketspace. The company provides flexible and cost-effective blockchain technology that establishes peer-to-peer networks and ensures verified and secured transactions. The company has a strong foothold in the Americas, EMEA, and APAC, and has been focusing on expanding its foothold in the emerging markets by making its products available through regional distributors, channel partners, resellers, service partners, and technology partners. AWS offers strong support services through its expansive network of technology partners located across the globe. The company enhances its products to stay competitive in the market and serve the dynamic needs of its customers. The company also develops new products to gain a competitive edge over other major market players. For instance, in April 2019, AWS introduced managed blockchain services. These services enable customers to set up blockchain networks within their enterprises and use Ethereum and Hyperledger open-source frameworks. In April 2018, AWS launched Blockchain Template Frameworks, a BaaS offering for Ethereum and Hyperledger Fabric. The blockchain templates provide a fast and easy way to create and deploy secure blockchain networks using popular open source frameworks. These templates also enable customers to focus on building blockchain applications, instead of spending time and energy on the manual set-up of the blockchain network.
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Microsoft has progressed significantly in the blockchain market. Over the years, Microsoft has formed strategic partnerships with leading market players, including Hyperledger, R3CEV, Lisk, BitShares, Syscoin, BitPay, Eris Industries, Factom, ConsenSys, Emercoin, and MultiChain. These partnerships have helped Microsoft deliver simplified development and deployment processes for building real-world blockchain solutions, applications, and pilot projects. Additionally, Microsoft and Tech Mahindra collaborated to build blockchain-enabled solution that would help the telecom industry in mitigating the issue of unsolicited commercial communication (spam calls) to comply with the Telecom Regulatory Authority of India (TRAI) regulations. Microsoft has adopted various organic growth strategies to help enterprises with evolving market trends and new technologies. For instance, in February 2020, Microsoft integrated the Lition blockchain with Azure. This integration enables Microsoft Azure’s worldwide enterprise clients to develop, test, and deploy Lition side chains and applications with ease on Microsoft Azure. Additionally, the company launched Azure Blockchain Workbench and Enterprise Smart Contracts that help users build blockchain-based application platforms for running shared business logic. These platforms can also be used as cryptographic proof systems that integrate multiple blockchains. The company has its operations in Ireland; Singapore; Fargo, North Dakota (US); Fort Lauderdale, Florida (US); Puerto Rico; Redmond, Washington (US); and Reno, Nevada (US) to support its customers in North America, APAC, Latin America, MEA, and Europe.
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