Blockchain in Infrastructure Market Overview
The Global Blockchain in Infrastructure Market size is estimated to reach $725.2 million by 2026, growing at a CAGR of 45.6% from 2021 to 2026. Blockchain is a distributed ledger technology that is used to keep immutable records of data managed by multiple computer systems. These data records are bound with each other in a chain manner which is completely secured from the threat of hampering or stealing. Blockchain technology is used by the various infrastructural based organizations to track and keep their monetary records efficiently and safely. The increasing need for simplifying the business processes along with the need for supply chain management applications and surge in adoption of integrated blockchain technology for tracing and managing monetary assets are driving the growth of the blockchain in infrastructure Industry. The rising technological advancements in P2P Network and Hashing Algorithm as well as usage of blockchain along with rise in non-fungible token applications for blockchain will drive the blockchain in infrastructure market.
Blockchain in Infrastructure Market Segment Analysis – By Type
By technology, the market is segmented into Public, Private, Consortium and Hybrid. The Hybrid blockchain technology is witnessing a significant growth at 51.2% CAGR through 2026 in the market owing to its several benefits like data transparency, data flexibility and data security. By accessing the hybrid blockchain the enterprises can choose the data that can be kept public and data that is required to keep private. It gives transparency for the data owing to which it is widely used by the various enterprises. Furthermore, when the data is applied to multiple public blockchains the data increases the security of the transactions. In addition, it has lower transaction costs as influential nodes in the network make it easy to verify the transaction owing to which it is adopted widely by the end users driving the growth of the market.
Blockchain in Infrastructure Market Segment Analysis – By Network
By Network Blockchain in Infrastructure Market is segmented into Centralized and Decentralized. Centralized blockchain technology is dominating the market at 68% share in 2020 as only known and identical parties can do transactions in the ledger technology. As only the reputed organizations and persons could participate in the centralized blockchain their transactions are audited. The early blockchain adopters consider permissioned blockchains as they consider centrally managed blockchains owing to which these end users are going for centralized blockchain fueling the growth of the market.
Blockchain in Infrastructure Market Segment Analysis – By Geography
Global Blockchain in Infrastructure Market is dominated by North America region with a market share 40.6% in 2020. The surge in the adoption of blockchain technology for various end user applications along with securely keeping the records of the financials is driving the growth of the market in this region. Furthermore, the rise in the infrastructural activities like construction and transportation, real estate and others are also boosting the growth of the market in this region. According to Statista, In United States number of Fedic-Insured commercial banks is 4708, among which average net interest margin of banks is 3.35% and the value of loans in the commercial banks is 14.8 trillion USD in February 2020.
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Blockchain in Infrastructure Market Drivers
Rise in adoption of more secured and integrated software technologies for business applications:
Rise in adoption of more secured and integrated software tools for storing of financial records are driving the growth of the market. The use of centralized blockchain technology for the various applications is adapted by most of the end users like financials, government sectors, construction and real estate sectors owing the security. Purposes and data transparency. Most of the banking and financial sectors are adopting the blockchain technology owing to keep their financial data records efficiently. Rapid transactions, low infrastructure cost along with reduced cost of ownership are also driving the market growth.
Rise in usage of internet applications:
The rising demand for supply chain management systems has given the rise in the use of blockchain technology. The rise in penetration of internet usage has also driven the market growth. Almost all the industries are using internet applications for their asset management, tracking of financial records and supply chain management services. This has also driven the growth of blockchain technology in the infrastructural asset records keeping. As BFSI and banks are using high speed internet and therefore the rise in use of blockchain technologies has increased globally.
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Blockchain in Infrastructure Market Challenges
High Cost and low speed:
Deployment of blockchains and have built in advantages several other advantages like financial monetary advantages but blockchains have very low speed and high cost. Blockchains are even slower than the centralized database. These factors are hindering the growth of the market.
Blockchain in Infrastructure Market Landscape
Launches, acquisitions, and R&D activities are key strategies adopted by players in the Blockchain in Infrastructure Market are given in this report Blockchain in Infrastructure Market is dominated by major companies such as, IBM, SALT Lending, Circle, Coinbase, Voatz, Steem, Chronicled, Shipchain, Mythical Games, and Chronicled among others.
Acquisitions/Technology Launches
In December 2020 Infosys Launched three comprehensive power distribution blockchain applications.In October 2019 IBM launched sterling supply chain suite. It is a hybrid cloud support data for the manufacturers and retailers.
Key Takeaways
Adoption of blockchain technology for the financial asset management services and supply chain management services is driving the growth of the market.
North America is expected to dominate the global Blockchain in Infrastructure Market in the forecast period 2021-2026 owing to the surge in adoption hybrid, and centralized blockchain technologies for various financial purposes.
BFSI dominated the market owing to the large use of blockchain technologies in this sector.
Relevant Report Titles:
Blockchain Market in Supply Chain
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