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Blockchain Market - Global Forecast to 2025

The global blockchain market size is expected to grow from USD 3.0 billion in 2020 to USD 39.7 billion by 2025, at an impressive Compound Annual Growth Rate (CAGR) of 67.3% during 2020–2025. The increasing need for simplifying the business processes and need for supply chain management applications integrated with the blockchain technology will drive the overall blockchain market Based on type, the private blockchain type segment to be the largest contributor to the blockchain market growth during the forecast period Private blockchain type is estimated to hold the largest market size in 2020. A private blockchain is a shared database or ledger that is secured by traditional security techniques, such as limited user rights. Generally, security is provided to a private blockchain using private keys that are known only to the related organization. A private blockchain is a category of the blockchain technology, where write permissions are kept centralized to a single organization. Read permissions might also be restricted based on the organization’s usability.

• A private blockchain provides more opportunities to businesses in terms of leveraging the blockchain technology for business-to-business use cases.
• Based on organization size, the SMEs segment to grow at a higher rate in the blockchain market during the forecast period
• The SMEs segment is projected to grow at a higher CAGR during the forecast period, due to the need for streamlining the business processes cost-effectively across SMEs.
• The adoption of the blockchain technology is currently in the experimentation phase in most of the SMEs; however, the adoption rate in the SMEs segment is expected to increase significantly in the coming years, owing to the low infrastructure costs and transparency.
• Based on application area, the banking and financial services segment to hold the largest market size in the blockchain market during the forecast period.
• The banking and financial services application area is expected to hold the largest market size in the blockchain market during the forecast period.
• The banking and financial services application area has realized the significance of the blockchain technology which helps secure transactions for customers.
• The blockchain technology in the banking and financial services is expected to experience rapid growth worldwide, due to various factors, such as high compatibility with the financial services industry ecosystem, rising cryptocurrencies and Initial Coin Offerings (ICOs), rapid transactions, and reduced total cost of ownership.

How blockchain is changing business There are many indications that blockchain is fundamentally altering the business landscape. Here are just a few significant shifts:

• Tokenisation — the representation of real or virtual assets on a blockchain — is spreading to raw materials, finished goods, income-producing securities, membership rights and more. You can now represent on a blockchain almost everything businesses do.
• Initial coin offerings (ICOs), in which a company sells a predefined number of digital tokens to the public, are funnelling billions of dollars into blockchain platforms. Increasingly an alternative to classic debt/capital funding as provided today by venture capital and private equity firms and banks, ICOs in the first five months of 2018 raised $13.7 billion.
• The largest ICOs to date have been diverse and included EOS, which is focused on blockchain infrastructure; Huobi Token, a coin for a South Korean crypto exchange; and Hdac, an Internet of Things platform.
• Enterprise software platforms that are the engine for company operations such as finance, human resources and customer relationship management are beginning to integrate blockchain.
• For example, Microsoft, Oracle, SAP and Salesforce have all announced blockchain initiatives. In the future, many core business processes will run on — or interoperate with — blockchain-based systems. Using blockchain in concert with enterprise resource planning platforms will enable companies to streamline processes, facilitate data sharing and improve data integrity.
• New industry and territory leaders are emerging. Gartner has found that 82% of reported blockchain use cases were in financial services in 2017, but that sector’s portion dropped to 46% of reported use cases in 2018.
• Our survey respondents still perceive financial services to be the current and near-term future leader of blockchain, but also see potential in industrial products, energy and utilities and healthcare.
• Moreover, an early centre of gravity in the US and Europe is shifting. Our survey respondents believe that the US is the most advanced territory in developing blockchain today, but that in three to five years, the leader will be China.

Established Blockchain Trends and Expected Enhancements in 2020

• Some of the most successful cloud service providers have offered started offering blockchain-as-a-service. This year users expect to run their blockchain operations across different cloud networks, Forbes suggests.
• Cloud deployments and blockchain adoption are closely interlinked, in the sense that higher blockchain adoption will lead to more cloud adoption and vice versa.
• The cloud and blockchain vendors have mutual gains in strategic partnerships. The Future of Cloud Computing: Blockchain Will Have Its Day offers a thought-provoking discussion of blockchain in a hybrid cloud environment.
• With many ambitious solutions from Azure, AWS, and Oracle, blockchain still has technology maturity and public skepticism to deal with before it can achieve mainstream status.
• Unfortunately, in spite of ambitious investments, very few finial businesses have yet to reap the rewards of a “decentralized ledger.”
• The most visible change in business processes due to blockchain may be observable in the insurance sector in 2020. Blockchain Technology in Insurance describes how this technology can impact core insurance practices such as pricing and underwriting, claims, collections, and back-office work.
• According to a Price Water Cooper (PWC) report, 77 percent of financial institutions are likely to integrate blockchain with their “in-production system or process by 2020.”
• With the global social-media population at 2.77 billion in 2019, the emergence of blockchain in social media in 2020 will provide solutions for problems related to privacy violations, data control, and content.
• With blockchain exposed to other emerging IT technologies such as AI and IoT, it will be interesting to see how the blockchain experts tackle interoperability issues in 2020.