Blockchain Technology Market Value Reach US$ 3.7 Billion By 2020 Covering Pre And

LOS ANGELES, April 23, 2021 (GLOBE NEWSWIRE) — The Global Blockchain Technology Market is anticipated to grow at a CAGR of around 80.2% during the forecast period 2020 to 2027 and to reach around US$ 3.7 Bn by 2020. 

Increasing adoption of blockchain from various end use industries across the globe is expected to drive the growth of the global blockchain technology market.

The market in North America is expected to account for a major revenue share in the global blockchain technology market due to the increasing adoption of blockchain from various industry verticals. Government spending on development of healthcare sector is increasing. Their approach towards integration of blockchain to improve the interoperability standards while maintaining the privacy and confidentiality of patient records is gaining importance. Major players are enhancing their business capabilities through introduction on innovative service this is expected to impact the growth of blockchain technology market.

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In 2020, Microsoft a global IT company integrated Lition blockchain into Azure. This integration is expected to help Microsoft Azure’s enterprise clients can develop, test, and deploy Lition side chains and applications with ease on its platform.

In 2018, the company collaborated with Interswitch Group. The collaboration was focused on launch of a blockchain-based supply chain financing service in order to ensure fast and seamless trade financing in the entire supply chain system. 

In 2020, IBM a global IT service company partnered with Nestle with the focus to use the IBM Food Trust enterprise blockchain solution in order to trace its Zoégas coffee brand. This solution would help the consumer to track the origin of the coffee beans used in their coffee.

The market in Asia Pacific is expected to witness faster growth in the target market due to high government spending on development of present IT infrastructure. In 2019, Institute for Development and Research in Banking Technology (IDRBT) division of Reserve Bank of India (RBI) came out with a blueprint of blockchain platform for the banking sector. Interestingly, a consortium of 11 of India’s largest banks including ICICI Bank, Kotak Mahindra Bank, Standard Chartered Bank and Axis Bank, have launched the first ever blockchain-linked loan system in the nation. 

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Increasing awareness among consumers related to blockchain and rising demand for secure, and transparent payment systems from financial firms are major factors expected to drive the growth of global blockchain technology market. In addition, high adoption from retail enterprises is expected to support the growth of target market. Introduction of innovative solutions by major players in order to attract new customers is expected to boost the blockchain technology market growth.

In 2018, IBM a global IT enterprise launched a new Sterling Supply Chain Suite. The product will aid distributors, manufacturers, and retailers to integrate their data and networks with suppliers into a Hyperledger-based blockchain to track and trace products and parts. Factors such as uncertainty in regulatory regulations related to blockchain and lack of skilled labor are factors expected to hamper the growth of the global blockchain technology market. In addition, rising security and privacy concern is expected to challenge the growth of target market. However, changing government regulations and high spending on infrastructure development for easy adoption are factors expected to create new opportunities for players operating in blockchain technology market over the forecast period. In addition, increasing demand from retail and real estate sector is expected to support the revenue transaction of the target market.

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