Blockchain Market by Component (Platforms and Services), Provider (Application, Middleware, and Infrastructure), Type (Public, Private, and Hybrid), Organization Size(SMEs and Large Organizations), Application, and Region - Global Forecast to 2027

Blockchain Market by Component (Platforms and Services), Provider (Application, Middleware, and Infrastructure), Type (Public, Private, and Hybrid), Organization Size(SMEs and Large Organizations), Application, and Region - Global Forecast to 2027

MarketsandMarkets forecasts that the global blockchain market will grow from an estimated USD 7.4 billion in 2022 to USD 94.0 billion by 2027 at a compound annual growth rate (CAGR) of 66.2%. One of the factors driving the market growth is increasing government initiatives using blockchain technology.

By services, Development and integration service to account for highest market share during forecast period

Development and integration service providers provide tailored blockchain development services and enterprise-class integration services for blockchain platforms and protocols. The service providers deliver cross-industry blockchain development services to streamline enterprise business operations with improved interoperability, enhanced security, and transparency. Blockchain development services fast-track peer-to-peer transactions. These providers use distributed ledger technologies and popular blockchain frameworks such as Ethereum, Hyperledger, Stellar, IOTA, Steem, Ripple, and Multichain.

By provider, application providers to grow at highest CAGR during forecast period

A blockchain platform enables end users to build applications on a distributed network. Application providers are third-party entities that distribute and manage blockchain solutions for customers across applications. The blockchain technology is a shared, decentralized ledger, which is distributed across a business network that permanently records business transactions. Companies such as AWS, Oracle, IBM, Intel, Huawei, Accenture, Wipro, and Infosys are some of the vendors operating in the global blockchain market. For instance, IBM’s blockchain platform helps speed up the process of universal cross-border payments. The blockchain solution provides businesses and consumers with an enhanced payment system that reduces the settlement time and lowers the cost of completing global payments. Another example is Huawei Cloud's Blockchain Service (BCS) that is a secure blockchain platform enabling enterprises and developers to conveniently create, deploy, and manage applications with Huawei Cloud. Blockchain applications are becoming more and more desirable, but they can be challenging to set up for smaller businesses with limited IT resources. A combination of a managed platform with professional assistance can aid small organizations quickly deploy blockchain. For example, the SAP Cloud Platform Blockchain Service – SAP’s major offering in blockchain technology – is a blockchain-as-a-service (BaaS) offering which provides an easy and low risk approach to create blockchain-based applications in the cloud.

Breakdown of primary participants:

By Company Type: Tier 1 = 35%, Tier 2 = 45%, and Tier 3 = 20%

By Designation: C-Level Executives = 40%, Managerial and Other levels = 60%

By Region: North America = 38%, Asia Pacific = 26%, Europe = 21%, Middle East & Africa = 10%, Latin America= 5%

Major vendors in the global blockchain market include IBM (US), AWS (US), Oracle (US), Huawei (China), Accenture (Ireland), Wipro (India), Infosys (India), TCS (India), SAP (Germany), Intel (US), ConsenSys (US), NTT DATA (Japan), Bitfury (Netherlands), Guardtime (Estonia), Chain (Saint Kitts and Nevis), VMware (US), SpinSys (US), LeewayHertz (US), R3 (US), Cegeka (Netherlands), Symbiont (US), BigchainDB (Germany), Applied Blockchain (UK), RecordsKeeper (US), Blockpoint (US), Auxesis Group (India), Blockchain Foundry (Canada), Factom (US), Stratis (UK), Dragonchain (US).

The study includes an in-depth competitive analysis of the key players in the blockchain market, with their company profiles, recent developments, and key market strategies.

Research Coverage:

The report segments the blockchain by component, provider, type, organization size, application and region (North America, Europe, Asia Pacific, Middle East and Africa, and Latin America).

The study also includes an in-depth competitive analysis of the key market players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key benefits of buying the report:

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall blockchain market and the subsegments. It will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market’s pulse and provides information on key market drivers, restraints, challenges, and opportunities.