The global Blockchain market is forecast to reach USD 60.12 Billion by 2026, according to a new report by Reports and Data. Blockchain brings digital technology into real-time computing systems management. The market has the ability to change aspects of digital technology, which includes the method of conducting business, enhancing education, delivering healthcare, shopping, learning, social media, and entertainment.

Blockchain has further evolved and aids in the conduction of financial transactions. Increase in cashless payments, credit and debit cards, and card-based payment methods are dominating the market. Blockchain supports these changes by increasing the transaction processing speed and providing greater efficiency in real-time processing.

Blockchain offers a sturdy environment for sharing data in a secure way in real-time. The technology provides enhanced security to the real-time digital economic process. Blockchain in retail industries is being used by Walmart and Visa. They are using blockchain to streamline the supply chain, speed-up payments, and store records.

Blockchain significantly decreases cost by removing the “middleman” in digital marketing. In the case of search engine marketing through blockchain, website owners can save cost by removing the need for Google or Facebook or any other intermediaries.

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Further key findings from the report suggest

Organizations are nowadays deploying smart contracts to reduce cost and avoid fraud. These contracts deployed over blockchain guarantees that contract terms and conditions cannot be modified. The technology makes it nearly impossible for any third party to alter the contract. Smart contracts held the largest market share of ~24% in the year 2018.
Supply chain management is forecasted to record the highest growth rate of 24.1% during the forecast period. Blockchain revolutionizes retail sector supply chain management by deploying real-time digital ledger of transactions and movements for all participants in their supply chain network. Benefits gained by this will save the company’s time and money, and redefine the way of business.
Blockchain makes it possible for retail giants to create their own brand of currency for customers to claim rewards. It can also allow brands to share those loyalty points among themselves to reward their customers. Retail and e-commerce are forecasted to grow with a CAGR of 24.4% during the forecast period.
Availability of resources and capital for the incorporation of new technologies are forecasted to drive the market growth in large enterprises. They held a larger market share of ~63% in the year 2018. High investment in research and development activities to build the best-fit technology to enhance the organization’s business is driving the market for blockchain.
Small and medium-sized enterprises are forecasted to grow with a higher CAGR of 24.1% during the forecast period. With the fall in low infrastructure cost and growing transparency of the market, SMEs are expected to grow during the coming years.
Infrastructure providers held a market share of ~37% in the year 2018, and application providers are forecasted to grow with a CAGR of 23.7% during the forecast period.
North America held the largest market share of ~43% in the year 2018. The region emerged as the most attractive market for blockchain owing to the high adoption of technology in banking, financial services and insurance sector, and retail and e-commerce. The highly competitive market in the region owing to the presence of major key companies is also driving the market.
Key participants include IBM, Microsoft, SAP, Oracle, Symbiont, Huawei, Blockpoint, BTL Group, Factom, and Earthport, among others.

The Global Blockchain Market is segmented as follows:

Provider Outlook (Revenue, USD Billion; 2016-2026)

Application Providers
Middleware Providers
Infrastructure Providers

Application Outlook (Revenue, USD Billion; 2016-2026)

Payments
Exchanges
Smart Contracts
Documentation
Digital Identity
Supply Chain Management
Others

Organization Size Outlook (Revenue, USD Billion; 2016-2026)

Small and Medium-Sized Enterprises
Large Enterprises

Vertical Outlook (Revenue, USD Billion; 2016-2026)

Government
IT & Telecommunications
Healthcare
BFSI
Real Estate
Retail and Ecommerce
Media and Entertainment
Transportation and Logistics
Energy and Utilities
Others

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Market Segmentation by Regions:

North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Questions Answered by the Report:

Which market segment or sub-segment is expected to grow at the highest CAGR during the forecast timeline?
What is the forecast valuation of the Blockchain market?
Who are the leading players in the industry? What are the weaknesses and strengths of these players?
What are the strategic business steps and initiatives taken by the key competitors in the industry?
What region is expected to dominate the market in the forecast period?

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