Global Blockchain Technology Market Report 2021: Pandemic Highlights Blockchain's Potential Role in Increasing Resilience of Business Communities & Ecosystems - ResearchAndMarkets.com
The "Blockchain Technology - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The Pandemic Highlights Blockchain's Potential Role in Increasing Resilience of Business Communities & Ecosystems. The Market to Reach US$ 30.7 Billion.
The global market for Blockchain Technology is projected to reach US$ 30.7 billion by the year 2027, trailing a post COVID-19 CAGR of 43% over the analysis period 2020 through 2027.
At a time when the global economic climate is spinning out of control, the blockchain technology market is expected to face severe short-term challenges in the year 2020. This year is expected to end on a dismal note as the pandemic continues to rage through the globe flaring up in second and third waves of infections, each worse than the previous wave, continuing to cause large scale human and financial destruction in countries across the world.
Pessimism remains high among chief information officers (CIOs). The continued decline in business confidence is an indication of the gradually worsening economic climate, since business confidence is a well-known leading indicator of future output. Business confidence, in other words, is a barometer of investment growth. As companies revisit their Investment spending plans, its little surprise that IT budgets are being slashed.
IT budgets which in the pre-pandemic period was projected to grow by over 5.5% to 6.8% supported largely by enterprise software spending is now set for sharp downward revisions. This downward revision comes despite the fact that the pandemic has set into motion a digital transformation wave. While emerging technologies like AI, IoT, automation, big data, and blockchain will benefit in the post COVID-19 period as essential technologies to have to ensure resilience to future disruptions, they currently come under the non-essential bracket especially for companies struggling to survive and remain afloat.
Virtually every technology company is facing financial challenges of disrupted supply chains, business opportunities and low consumer demand for goods and services. Inability to meet quarterly revenue targets mean reduced available funds for planned IT projects.
Key Topics Covered:
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/v05bx4
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