Dublin, April 8, 2021 (GLOBE NEWSWIRE) – The report “Blockchain Technology – Global Market Trajectory & Analytics” has been added to ResearchAndMarkets.com from offer.
The pandemic highlights the potential role of blockchain in increasing the resilience of communities and business ecosystems. The market will reach $ 30.7 billion.
The global Blockchain technology market is expected to reach US $ 30.7 billion by 2027, behind a post COVID-19 CAGR of 43% over the analysis period 2020 to 2027.
At a time when the global economic climate is spiraling out of control, the blockchain technology market is expected to face serious near-term challenges in 2020. This year is expected to end on a dismal note as the pandemic continues to rage across the world. globe blazing in the second and third waves of infections, each worse than the previous wave, continuing to cause large-scale human and financial destruction in countries around the world.
Pessimism remains high among CIOs. The continued decline in business confidence is an indication of the gradual deterioration of the economic climate, with business confidence being a well-known leading indicator of future output. In other words, business confidence is a barometer of investment growth. As companies re-examine their capital spending plans, it’s no surprise that IT budgets are shrinking.
IT budgets, which during the pre-pandemic period are expected to grow by more than 5.5% to 6.8%, largely supported by spending on enterprise software, are now expected to undergo sharp downward revisions. This downward revision comes despite the fact that the pandemic has triggered a wave of digital transformation. While emerging technologies such as AI, IoT, automation, big data and blockchain will benefit in the post-COVID-19 era as essential technologies to have to ensure resilience to future disruptions, they fall under currently in the non-essential range, especially for companies struggling to survive and stay afloat.
Virtually all technology companies face financial challenges related to disrupted supply chains, business opportunities, and low consumer demand for goods and services. Failure to meet quarterly revenue targets means reduced 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 spending to actually increase. Excluding automation, cloud computing and remote working technologies, which are a high priority as businesses are under pressure to enable WFM and remote operations to ensure business continuity , all other IT expenses are reduced. Blockchain technology will experience a decline in all application areas, industrial and non-industrial sectors.
As blockchain experiences a decrease in investment, these issues are likely to be transient, and the technology is expected to rebound relatively quickly than other options out there. The technology is estimated to experience the highest level of spending over the next few years due to its intriguing features such as redundancy, decentralization and transparency. These aspects are sure to drive blockchain adoption across a wide range of fields, from financial services and healthcare to supply chains.
The technology is expected to generate increasing interest and expense in various applications and verticals to address concerns associated with traditional options, allowing companies to gain an edge over their competitors. Technology is now an integral part of commerce, products and legal processes between businesses and between businesses and consumers. The blockchain has great potential for managing prescriptions, medical data, online shopping, and other areas.
The technology has the potential to help companies control supply chains, ensure product traceability and maintain a verifiable record of the movement of goods. The blockchain is expected to present new opportunities for participants to manage supply chains, track insurance records, and verify medical data. Despite a certain degree of reluctance, the technology is poised to find increasing acceptance in manufacturing and professional service companies in the post-pandemic era. The technology is estimated to receive a notable investment of $ 14.4 billion globally by 2023.
The manufacturing and resources sector is expected to register the fastest growth of 60.5% in blockchain spending, followed by the distribution and service sector, which is expected to post a solid CAGR of around 58.7 %. Despite a modest level of risk in the majority of industries, blockchain-related deployments are expected to increase in the professional services, healthcare, manufacturing and retail sectors due to the requirement for coordination throughout. along the value chain.
Regionally, the United States is expected to remain at the forefront of blockchain spending. As a result of the slowdown, blockchain-related spending in the majority of regions is expected to increase significantly between 2018 and 2023, with Central and Eastern Europe and Western Europe leading the way with a CAGR of over 63%. Asia-Pacific is estimated to contribute nearly 19.3% of total blockchain technology spending in 2020.
The regional market is expected to be fueled by increasing investments in the BFSI sector. The technology is expected to receive a major boost due to the increasing focus of various Asia-Pacific countries to improve existing payment techniques and maintain records associated with regulatory compliance.
Main topics covered:
1. MARKET OVERVIEW
Born from Bitcoin, Blockchain technology emerges to disrupt the digital economy
The history of Bitcoin, how it evolved, its short-lived boom and bust
Blockchain technology rises from the ashes of Bitcoin
So what are the many benefits of blockchain that double as drivers of adoption?
How the COVID-19 pandemic destroyed the global economy
Spending on blockchain technology drops -6.9% in fiscal 2020
Rapid post-COVID-19 recovery expected in 2021
Despite Current Low Demand, Blockchain Technology Joins The Fight Against COVID-19
Recent market activity
2. FOCUS ON CERTAIN PLAYERS(Total 251 featured):
Blockchain Tech Ltd
Consensus Systems Technologies Corporation
Digital Asset Holdings, LLC
Ping Identity Corporation
The Bitfury Group
The Linux Foundation
3. MARKET TRENDS AND FACTORS
A review of the expected market outlook in the post COVID-19 period
COVID-19 triggers unprecedented disruption in supply chain and accelerates urgency to rethink supply chain management
Here’s how the role of blockchain is getting bigger in post-COVID-19 supply chain management
COVID-19 emerges as the push factor for blockchain adoption in healthcare
Here’s how the pandemic is accelerating the digitalization of healthcare
Rise of telemedicine during COVID-19 puts blockchain in the spotlight to protect telemedicine programs
Other ways in which blockchain can revolutionize the healthcare system in the post-COVID-19 period
The use of blockchain in the fight against counterfeit drugs and the management of clinical trials is in the spotlight
Post COVID-19 Focus on sustainability to drive blockchain adoption in environmental governance
Here’s why the environment and sustainability will be top priorities after the pandemic
How can blockchain help meet the challenge of sustainability?
Public sector and government agency inefficiencies can now be solved using blockchain
Blockchain-based electronic voting could very well be the future of organizational and national voting
A growing smart agriculture market to drive blockchain adoption
Smart Agriculture Becomes US $ 12 Billion Global Market
The role of blockchain in smart agriculture demystified
Growing IoT Ecosystem Systems to Power Blockchain Implementations
Smart contracts are among the most promising use cases for distributed ledger technology
Financial services sector: the most profitable application area for blockchain
Blockchain to improve the transparency, security, immutability and accessibility of financial systems and processes
Blockchain can help the financial inclusion of the unbanked
Online banking fraud could become a story with blockchain
Blockchain-based payment processing: an active area of interest for banks
Huge potential for Blockchain technology in the pharmaceutical industry
Blockchain and artificial intelligence (AI): a powerful combination
How the Travel Industry Profits from the Blockchain and AI Combo
A promising growth prospect for Blockchain technology in the energy sector
Blockchain-powered solutions to streamline processes in the logistics, trucking and commercial transportation industry
A bright future for blockchain in the media, advertising and entertainment market
4. WORLD MARKET PERSPECTIVE
III. MARKET ANALYSIS
For more information on this report, visit https://www.researchandmarkets.com/r/fmvw9n
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