Blockchain: Inc Impact Of COVID-19 - UK - August 2020

Blockchain: Inc Impact Of COVID-19 - UK - August 2020

  • Mintel
  • August 2020
  • Banking
  • 0 pages

Report Description

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Blockchain remains in its infancy in terms of commercialisation. While its origins lie in crypto currencies, blockchain has the potential to be a transformative technology with vast opportunities in both the public and private sectors. Growth in 2020 has been disrupted by COVID-19 and the consequent corporate attention drawn to survival strategies, but the quest for leaner organisations as economic growth re-emerges will serve to accelerate the deployment of blockchain.

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Table of Contents

OVERVIEW

Key issues covered in this Report
COVID-19: Market context
Economic and other assumptions
Products covered in this Report

EXECUTIVE SUMMARY
Impact of COVID-19 on Blockchain
Figure 1: Short-, medium- and long-term impact of COVID-19 on Blockchain, 24 August 2020
Growth slows in 2020
Cost savings will accelerate post-COVID-19 opportunities
The market
Market size and forecast
Figure 2: Global market for blockchain, 2017-25 (prepared on 24 August 2020)
The UK market
Market segmentation
Figure 3: Market segmentation of blockchain, 2020
Figure 4: Proportion of respondent companies expecting to invest at least US$5 million in blockchain, 2019 and 2020
Figure 5: Forecast market segmentation of blockchain, 2025
Market drivers
Companies and brands
Global growth in patents
Venture capital favouring crypto currencies
The UK industry

COVID-19 AND BLOCKCHAIN
Impact on the market
Growth slows in 2020
New applications utilised
Cost savings will accelerate post-COVID-19 opportunities
Changes in industry structure
Impact on end users
Major global disruption in 2020
Expands medium-term expectations
Changes in end use client base
Impact on companies and brands
The major tech companies
The start-up specialists

ISSUES AND INSIGHTS
COVID-19 opens a new blockchain application
Figure 6: Comparisons of world forecasts for GDP, 2020 and 2021 (June 2020)
Figure 7: Sector GDP development, Q2 2020
Blockchain can contribute to environmental issues

THE MARKET – KEY TAKEAWAYS
Commercialisation remains in its infancy
Major growth expectations
The COVID-19 impact
Extension of applications

MARKET SIZE AND FORECAST
Blockchain and opportunities from COVID-19
Figure 8: Short-, medium- and long-term impact of COVID-19 on Blockchain, 24 August 2020
Lockdown
Re-emergence
Recovery
The global market and forecast
Figure 9: Global market for blockchain, 2017-25 (prepared on 24 August, 2020)
Market segmentation
Figure 10: Market segmentation of blockchain, 2020
Banking, finance and insurance
Crypto currencies
Internet of things
Supply chain
Healthcare
Investing sectors
Figure 11: Proportion of respondent companies expecting to invest at least US$5 million in blockchain, 2019 and 2020
Figure 12: Forecast market segmentation of blockchain, 2025
Regional differences and the role of the UK
Market drivers and assumptions
Figure 13: Monthly breakdown of UK GDP changes, by sector, February-June 2020
Figure 14: GDP development Affecting MBD’s market forecast, 2015-24 (prepared on 16 August 2020)
Forecast methodology

MARKET OPPORTUNITIES
Introduction
General areas of business
3D printing
The cloud
Copywrite
Data sharing
Digital Ids
HR
Internet security
Loyalty schemes
Monitoring supply chains
Payment processing and money transfers
Specific industries
Agriculture
Air travel
Equity trading
Fishing
Gambling
Gaming
Legal sector
Logistics
Publishing
Real estate
Taxi sharing apps
Wills and inheritance
Public sector
Education
Elections
Health
Law enforcement
Tax regulation and compliance
Vehicle registration
Welfare payments

MARKET TRENDS
The evolution to date
Digital currencies, the starting point
Smart contracts, the development phase
Overcoming scalability
The transition to commercialisation
Figure 15: The impact of blockchain by industry and benefit
Figure 16: Blockchain feasibility by type of asset, technology maturity, standards and regulations and ecosystem, by industry
Blockchain as a Service
The growing number of forms of a blockchain
Public blockchains
Private blockchains
Hybrid blockchains
Federated blockchains
‘Coopetition’ and emerging governance models
Working Group
Create an entity
A hybrid

MARKET DRIVERS
The internet
Figure 17: Development of worldwide internet usage, by region, 2000-20
Figure 18: Internet penetration of businesses, by size of business, 2018
The cloud
Figure 19: The cloud computing market, 2015-19
5G roll out impacted by government policy
Remote working changed by COVID-19
Figure 20: Number of people mainly working from home, 2015-19
The internet of things
Figure 21: Global internet of things installed base, by sector, 2020
Artificial intelligence and machine learning
Figure 22: Global revenues from artificial intelligence software market, 2018-25
E-commerce – a growth market now stimulated by COVID-19
Figure 23: Total development of e-commerce sales, 2015-19
Figure 24: Segmentation of e-commerce sales, by sector, 2019
Figure 25: Proportional importance of e-commerce, by sector, 2018
Crypto currencies
Figure 26: Closing prices of Bitcoin, October 2013 to July 2020
Figure 27: Closing prices of Ethererum, September 2015 to July 2020

COMPANIES AND BRANDS – KEY TAKEAWAYS
2020 – the year of the blockchain patent globally
Venture Capital finance favouring cryptocurrencies
The UK has a vibrant blockchain sector
Blockchain as a Service

INDUSTRY STRUCTURE
Global VC backed deals favour cryptocurrency over enterprise blockchain
Figure 28: Global VC-backed deals and financing of blockchain projects, by type, 2015-19
The world industry explosive growth led by US
Figure 29: Global blockchain patents, segmented by country, 2020
Figure 30: Global corporate share of blockchain patents, 2020
The UK industry
Figure 31: Structure of the UK blockchain sector, 2018 (number)
Figure 32: Segmentation of UK companies in the blockchain sector, 2018

COMPETITIVE STRATEGIES
Extending the cloud
The industry is not only technology specialists
The wider commercial application
Governmental assistance

COMPANY PROFILES
Alibaba Group Holdings
Activity
Performance
Figure 33: Turnover summary of Alibaba Group Holdings, 2016-20
Figure 34: Revenue segmentation of Alibaba Group Holdings, 2020 (RMB million)
Strategy
Amazon Web Services
Activity
Performance
Figure 35: Financial performance of Amazon, 2015-19 (US$ million)
Figure 36: Net sales of Amazon in the UK, 2015-19
Strategy
International Business Machines (IBM)
Activity
Performance
Figure 37: Financial performance of IBM United Kingdom, 2014-18 (£ million)
Strategy
Microsoft Corporation
Activity
Performance
Figure 38: Turnover segmentation of Microsoft, 2019 (US$ millions)
Figure 39: Financial performance of Microsoft, 2015-19 (£ million)
Strategy
Oracle
Activity
Performance
Figure 40: Financial performance of Oracle Corporation UK, 2015-19 (£ million)
Strategy
R3
Activity
Performance
Figure 41: Financial performance of R3, 2016-18 (£ million)
Strategy

APPENDIX – DATA SOURCES, ABBREVIATIONS AND SUPPORTING INFORMATION
Abbreviations

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