UK Blockchain Market Report 2021
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“Blockchain is now more than a decade old and the commercialisation of the technology beyond cryptocurrencies is extending beyond the banking and finance sectors. Its potential remains enormous and the…

UK Blockchain Market Report 2021

£ 1,495 (Excl.Tax)


Providing the most comprehensive and up-to-date information and analysis of the Blockchain Industry in the UK. This market report also covers the market size, market forecast, market segmentation, and industry trends for the Blockchain market in the UK.

Current Market Size of the UK Blockchain Market

Cryptocurrencies are an increasing feature of international economies. However, blockchain is much more than just its association with cryptoassets and there are expectations that up to 20% of the world economic infrastructure, including retail payment options, will be running on blockchain-based systems by 2030.

  • TheCityUK identifies that around 9.8 million people in the UK, equivalent to 19% of the population, own cryptoassets in 2021. 
  • This is significant growth in the cryptoassets market size compared with just 3% of the population in 2018. 

Future Market Trends in the UK Blockchain Market 

COVID-19 has brought new opportunities for the disruptive technology. Interest in the cryptocurrencies and blockchain industry from venture capitalists has increased. There are few limitations on the potential of the Blockchain industry with widespread applications being actively examined

  • While this was influenced by several large investments, the number of deals in Q1 2021, at 129, was equivalent to 38% of that recorded throughout 2020.

However, implementation is often at a very early stage and the nascent nature of the blockchain market is reflected in the global growth taking revenues to an expected US$7 billion in 2021. Market growth forecasts for the Blockchain sector vary strongly due to difficulties in identifying the timing of implementations with one expectation indicating the global market will reach US$3.1 trillion by 2030.

Applications that utilize the Blockchain technology are developing in virtually every industry and commerce sector as well as the public sector. Central bank cryptocurrencies could also become an integral part of the world economy, following the first launch in 2020.

Read on to discover more details or take a look at all of our UK Technology market research.

Quickly understand

  • How COVID-19 has propelled digitisation programmes generally so furthering the opportunities for blockchain.
  • The exceptional levels of growth anticipated with huge prospects throughout industry, commerce and public services.
  • How and why the launch of the Sand Dollar in the Bahamas will be the first of a wave of central bank digital currencies.
  • The emergence of blockchain-as-a-service that will continue to widen the industry opportunities.
  • The extreme growth in venture capital investment in the technology in Q1 2021 consolidating a steady stream of investment in previous years.
  • The unusual industry structure that sees half the international patents held by non-technology companies.
  • The blockchain market size and growth potential.
  • UK blockchain market research.
  • UK blockchain technology research paper.
  • UK blockchain investment trends.

Covered in this report

Brands: Adhara, Argent, Billon, Bitstamp, Blockhouse, Cashaa, Celsius Network, Clearamatics, Cobalt DL, Confirm, Elliptic, Everledger, Fetch.AI, Globacap, Hiveterminal, Humaniq. Marine Transport International, Nivaura, R3, SatoshiPay, Senit, SETL, Shivom, Sprout.ai, VAKT Global, Wintermute, Wirex, Zamna.

Expert analysis from a specialist in the field

This report, written by Terry Leggett, a leading analyst in the finance sector, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

Blockchain is now more than a decade old and the commercialisation of the technology beyond cryptocurrencies is extending beyond the banking and finance sectors. Its potential remains enormous and the market is beginning to grow rapidly. While it remains early days for application in the banking and finance sector, cryptocurrencies operated by central banks are being examined internationally and 2020 saw the first such launch. Moreover, the opportunities for smart contracts opens the technology to virtually every industry, commercial sector and public service.

Terry Leggett
Senior Analyst

Table of Contents

  1. Overview

    • Key issues covered in this Report
    • COVID-19: market context
    • Economic and other assumptions
    • Products covered in this Report
  2. Executive Summary

    • Impact of COVID-19 on blockchain
      • Figure 1: Short, medium and long-term impact of COVID-19 on blockchain, 15 July 2021
    • The market
    • Market size
      • Figure 2: The global market for blockchain, 2016-21
    • Market forecast
      • Figure 3: Market forecast for blockchain worldwide, 2022-26
    • Market segmentation
      • Figure 4: Segmentation of European blockchain revenues, by end-use sector, 2020
    • Market drivers
    • Companies and brands
    • An unusual industry mix and structure
    • Highly international
    • Major M&A and venture capital investment
      • Figure 5: Venture capital funding of blockchain start-ups, 2016-21
  3. Issues and Insights

    • COVID-19 restricts growth in 2020
    • Is there a battle for digital currency control?
  4. The Market – Key Takeaways

    • COVID-19 slowed growth
    • Revolutions take time
    • It is not all about cryptocurrencies
  5. Blockchain Market Size

    • The COVID-19 impact on blockchain
      • Figure 6: Short, medium and long-term impact of COVID-19 on blockchain, 15 July 2021
    • The market
      • Figure 7: The global market for blockchain, 2016-21
  6. Market Forecast

    • Growth will accelerate
      • Figure 8: Market forecast for blockchain worldwide, 2022-26
      • Figure 9: Changes in the perception of the relevance of blockchain, 2018-20
    • Market drivers and assumptions
      • Figure 10: Key drivers affecting MBD’s market forecast, 2015-25 (prepared on 5 March 2021)
    • Forecast methodology
  7. Market Segmentation

    • A changing end-use profile
      • Figure 11: Segmentation of European blockchain revenues, by end-use sector, 2020
    • Banking, finance and insurance
    • Cryptocurrencies
    • Internet of Things
    • Supply chain
    • Healthcare
    • Regional segmentation
  8. Market Developments

    • Introduction
    • Financial and banking services
    • Banking
    • Credit
    • Stocks
    • Crowdfunding
    • Crypto exchanges
    • Insurance
    • Accounting
    • Industrial and commercial supply chains
    • Aerospace
    • Automotive
    • Construction and real estate
    • Energy
    • Food and beverages
    • Gems
    • IoT
    • Publishing and media
    • Public services
    • Defence
    • Education
    • Healthcare
    • Law enforcement and justice
    • Public records and voting
    • Transport
    • Waste management and recycling
    • Travel and logistics
    • Air Travel
    • Bookings
    • Logistics
    • Taxis
    • Retail
    • Agriculture
    • ICT
    • 3D printing
    • Other
    • Cloud computing
    • Internet identity
  9. Market Drivers

    • Digitisation
    • The key to productivity
      • Figure 12: Labour productivity in the UK compared with other major economies, 2010-19
    • The COVID-19 impact
      • Figure 13: UK labour productivity, output per hour and per worker, Q1 2017-Q3 2020
    • The internet
      • Figure 14: Worldwide internet usage, by region, 2000 and 2020 (millions and %)
      • Figure 15: Proportion of UK businesses with internet access in the UK, by size of company, 2014-19 (%)
      • Figure 16: Residential fixed-line broadband coverage across the UK, by nation, March 2020
      • Figure 17: Proportion of employees using computers and the internet for their business, by size of company, 2019
      • Figure 18: Segmentation of employees with work internet access, by size of company, 2019 (million by number of employees)
    • Cloud computing boosted by COVID-19
      • Figure 19: Market size for cloud computing, 2015-25 (prepared on 5 November 2020)
    • Edge computing
    • 5G rolling out
    • Internet of Things
    • COVID-19 changes remote working
      • Figure 20: Number of people mainly working from home, 2015-19
      • Figure 21: Home working, by occupation, April 2020
    • Artificial intelligence and machine learning
    • eCommerce
      • Figure 22: Market size for ecommerce, 2015-25 (prepared on 6 April 2021)
      • Figure 23: Segmentation of ecommerce market, by end-use market, 2015-25 (prepared on 6 April 2021)
      • Figure 24: Segmentation of B2B ecommerce market, by channel, 2015-25 (prepared on 6 April 2021)
      • Figure 25: Segmentation of B2B ecommerce sales, by business sector, 2020
    • Cryptocurrencies
    • Introduction
    • Bitcoin
      • Figure 26: Closing prices of Bitcoin, October 2013-June 2021
    • Other cryptocurrencies
      • Figure 27: Closing prices of Ethereum, September 2015-June 2021
    • 2021 developments and will Britcoin accompany Bitcoin?
  10. Companies and Brands – Key Takeaways

    • COVID-19
    • The unusual industry structure
    • Highly international
    • Financial sector growth in interest
  11. Industry Structure

    • Huge growth in venture capital funding for blockchain in 2021
      • Figure 28: Venture capital funding of blockchain start-ups, 2016-21
      • Figure 29: Number of venture capital fundings of blockchain start-ups, 2016-21
    • Patents
      • Figure 30: Global blockchain patents, by country, start of 2020
      • Figure 31: Global blockchain patents, by country, Q1-Q3 2020
    • UK major start-ups and companies
  12. Competitive Strategies

    • Blockchain-as-a-Service
    • Specific end-use industries
    • Industry-wide collaborations
  13. Company Profiles

    • Alibaba Group Holdings
    • Activity
    • Performance
      • Figure 32: Financial performance of Alibaba Group Holding, 2016-20
      • Figure 33: Segmentation of Alibaba revenues, 2019 and 2020 (RMB millions)
    • Strategy
    • Amazon Web Services
    • Activity
    • Performance
      • Figure 34: Financial performance of Amazon, 2016-20 (US$ million)
      • Figure 35: UK turnover development of Amazon, 2016-20
      • Figure 36: Segmentation of Amazon net sales, 2020 (US$ million)
    • Strategy
    • IBM
    • Activity
    • Performance
      • Figure 37: Financial performance of IBM United Kingdom, 2015-19 (£ million)
    • Strategy
    • Microsoft Corporation
    • Activity
    • Performance
      • Figure 38: Product and service segmentation of Microsoft, 2020 (US$ million)
      • Figure 39: Financial performance of Microsoft Ltd, 2016-20 (£ million)
    • Strategy
    • Oracle Corporation
    • Activity
    • Performance
      • Figure 40: Revenue segmentation of Oracle Corporation, 2021
      • Figure 41: Financial performance of Oracle Corporation UK, 2016-20 (£ million)
    • Strategy
    • R3 Holdco
    • Activity
    • Performance
      • Figure 42: Financial performance of R3, 2016-19 (£ million)
    • Strategy
  14. Appendix – Data Sources, Abbreviations and Supporting Information

    • Abbreviations

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.


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