Dublin, April 08, 2021 (GLOBE NEWSWIRE) – The “Blockchain Technology – Global Market Trajectory & Analytics” report has been added ResearchAndMarkets.com Offer.
The pandemic underscores the potential role of blockchain in increasing the resilience of business communities and ecosystems. The market reaches $ 30.7 billion.
The global blockchain technology market is projected to reach US $ 30.7 billion by 2027 and to achieve a CAGR according to COVID-19 of 43% in the analysis period from 2020 to 2027.
At a time when the global economic climate is spiraling out of control, the blockchain technology market is expected to face major short-term challenges in 2020. This year is expected to end on a grim ending as the pandemic continues to rage the globe flares up in second and third waves of infections, each worse than the previous wave, and continues to cause great human and financial devastation in countries around the world.
Pessimism among Chief Information Officers (CIOs) remains high. The continued decline in business confidence is an indication of the gradually deteriorating economic climate, as business confidence is a well-known leading indicator of future production. In other words, business confidence is a barometer of investment growth. As companies rethink their investment plans, it’s no surprise that IT budgets are slashed.
IT budgets, which are expected to grow by over 5.5% to 6.8% in the pre-pandemic period, largely driven by corporate software spending, are now being revised down sharply. This downward correction comes despite the fact that the pandemic has started a wave of digital transformation. While emerging technologies such as AI, IoT, automation, big data and blockchain will be useful in the post-COVID-19 era as essential technologies for ensuring resilience to future disruptions, they are currently not falling into the especially for businesses struggling survive essential area and stay afloat.
Virtually every technology company faces financial challenges from disrupted supply chains, business opportunities, and low consumer demand for goods and services. The inability to meet quarterly revenue targets means a reduction in funds available for planned IT projects.
Over 45% to 55% of CIOs expect a negative impact on IT budgets in the range of -10% to -40% compared to less than 20% who expect an actual increase in spending. With the exception of automation, cloud computing, and remote work technologies, which are high priority as organizations come under pressure to enable WFM and remote operations to ensure business continuity, all other IT spending will be cut. Blockchain technology will be in decline in all application areas, industrial and non-industrial sectors.
While investments have been dwindling in blockchain, these disruptions are likely to be temporary, and the technology is expected to bounce back relatively quickly than other older options. It is estimated that the technology will see the highest spending in the years to come due to its intriguing features such as redundancy, decentralization, and transparency. These aspects will drive blockchain adoption across a wide range of areas, from financial services and healthcare to supply chains.
The technology is expected to see increasing interest and spending in various applications and industries to address issues related to traditional options so that businesses can gain a competitive advantage. Technology has become an integral part of business-to-business and business-to-consumer commerce, products and legal processes. Blockchain offers significant potential for managing prescriptions, medical data, online purchases, and other areas.
The technology is likely to help companies control supply chains, achieve product traceability, and keep a verifiable record of the movement of goods. Blockchain is expected to provide new ways for participants to manage supply chains, track insurance records, and review medical records. Despite a certain reluctance, the technology will find increasing acceptance among manufacturing and professional service companies in the post-pandemic period. The technology is estimated to receive a whopping $ 14.4 billion investment globally by 2023.
The manufacturing and raw materials sector is estimated to see the fastest growth in blockchain spending of 60.5%, followed by the sales and services sector, which is expected to see a solid CAGR of around 58.7%. Despite the low risk in most industries, blockchain-related deployments are expected to increase in the professional services, healthcare, manufacturing, and retail industries as coordination across the value chain is required.
The US is expected to continue to be at the forefront of blockchain spending regionally. After the slowdown, blockchain spending is likely to increase significantly in most regions between 2018 and 2023, with Central and Eastern Europe and Western Europe leading the way with a CAGR of more than 63%. The Asia-Pacific region is estimated to contribute nearly 19.3% of total blockchain technology spending in 2020.
The regional market is expected to be fueled by increasing investment in the BFSI sector. The increasing concentration of various countries in the Asia-Pacific region is expected to provide the technology with an important incentive to improve existing payment techniques and keep records of regulatory compliance.
Main topics covered:
1. MARKET OVERVIEW
- Blockchain technology born from Bitcoin is disrupting the digital economy
- The history of Bitcoin, its evolution, its short-lived rise to boom and its demise
- Blockchain technology rises from the ashes of Bitcoin
- What are the many benefits of blockchain doubling as a driver of adoption?
- How the COVID-19 pandemic destroyed the global economy
- Blockchain Technology Spending Decreases -6.9% in Fiscal 2020
- A quick recovery from COVID-19 is expected in 2021
- Despite the current decline in demand, blockchain technology is participating in the fight against COVID-19
- Current market activity
- World brands
2. FOCUS ON SELECTED PLAYERS(A total of 251 recommended):
- AlphaPoint Corporation
- Blockchain Global
- Blockchain Tech Ltd.
- BlockCypher, Inc.
- Chain, Inc.
- Coinfirm Ltd.
- Consensus Systems Technologies Corporation
- Digital Asset Holdings, LLC
- LUKKA, INC.
- Microsoft Corporation
- Monax Industries
- Ping Identity Corporation
- The Bitfury Group
- The Linux Foundation
3. MARKET TRENDS & DRIVERS
- A review of the market outlook for the post-COVID-19 period is expected
- COVID-19 is causing unprecedented disruption in the supply chain and accelerating the urgency to rethink supply chain management
- Here’s how the role of blockchain in post-COVID-19 supply chain management is growing
- COVID-19 is acting as a push factor for the introduction of blockchain in healthcare
- The pandemic is accelerating the digitization of the healthcare system
- Rise of telemedicine during the COVID-19 era moves blockchain into the spotlight to protect telemedicine programs
- Other ways blockchain can revolutionize the healthcare system in the post-COVID-19 era
- Moving the limelight into the spotlight is the use of blockchain in combating counterfeit drugs and managing clinical trials
- Post COVID-19 focus on sustainability to drive blockchain adoption in environmental policy
- Here’s why the environment and sustainability are top priorities after the pandemic
- How can blockchain help meet the sustainability challenge?
- Public sector and government inefficiencies can now finally be addressed using blockchain
- Blockchain-enabled e-voting could very well be the future of organizational and national voting
- A growing smart agriculture market to encourage blockchain adoption
- Smart farming is becoming a $ 12 billion global market
- The role of blockchain in smart agriculture is demystified
- Growing IoT ecosystem systems for blockchain implementations
- Smart contracts are one of the most promising use cases for distributed ledger technology
- Financial services sector: The most lucrative blockchain application
- Blockchain to improve the transparency, security, immutability and accessibility of financial systems and processes
- Blockchain can help with the financial integration of Unbanked
- Online banking fraud could become history with blockchain
- Blockchain-Based Payment Processing: An Active Area of Interest for Banks
- Huge potential for blockchain technology in the pharmaceutical industry
- Blockchain & Artificial Intelligence (AI): A powerful combination
- How the travel industry benefits from blockchain & AI combo
- A promising growth outlook for blockchain technology in the energy sector
- Blockchain-based solutions for the rationalization of processes in the logistics, truck and commercial transport industries
- Promising future for blockchain in the media, advertising and entertainment market
4. PERSPECTIVE OF THE GLOBAL MARKET
III. MARKET ANALYSIS
- GEOGRAPHICAL MARKET ANALYSIS
- Profiled companies in total: 299
Please visit https://www.researchandmarkets.com/r/fmvw9n for more information on this report