Data Sheet on Global Blockchain Technology Market 2020 Scenario, Development Status, Opportunity, and Industry Expansion Strategies 2023

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Nov 25, 2020 (AmericaNewsHour) —
Market Synopsis

The Data Sheet on Global Blockchain Technology Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.

Increasing applications in sectors like Banking and Financial Services, Healthcare, Supply Chain Management, Energy, Media, and Informatics, among others, will enable the growth of the Blockchain technology market.

The global market for Blockchain technology will expand at a CAGR of 42.8% to reach a revenue of USD 19.9 Bn by 2023. Public, private and mixed are the different types of Blockchain technology, with the first reigning in terms of market dominance. The database from World Intellectual Property Organization reports that more than half of the 406 Blockchains related patent applications are from China.

China is leading global blockchain patent applications. Digitally-minded opportunists are the breakthrough of blockchain in China. The local governments of China are looking forward to working with Blockchain related programs and making investments that would benefit start-ups. China’s top retailers are planning to use blockchain for traceability systems. JD.com, a Chinese e-commerce firm plan to use Blockchain technology for Supply chain management. Blockchain application in supply chain management is expected to grow at a double-digit CAGR. 

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An abundance of forthcoming investments and benefits like smoother and transparent operations should be help negate the challenges posed by the lack of awareness and inadequate regulatory framework in the Blockchain market. Giants like Microsoft Corporation, IBM, Accenture, and Deloitte are among those who provide Blockchain technology services.

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