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2.3 Industry Overview
This whitepaper aims to facilitate potential investors in the hybrid blockchain Zenith Chain by providing an overview of the industry with the hope that such information as provided herein will help the potential investors in crucial investment decisions. The data would be sourced from reports, brochures, market forecasts, and editorials with the conviction that these literary materials are accurate and precise.
E-commerce, in 2020, rose past the expectations of industry experts as most people were on lockdown for most parts of the year, and this increased the value of the global e-commerce market size from about USD 1.9 trillion in 2016 to more than USD 4 trillion in 2020. Revenues from online sales have guaranteed a paradigm shift as more Americans are delving into ecommerce. More people are utilizing mobile payment gateways, and the mobile payment volume in the United States will surpass $270bn before the end of 2021. There are infinite possibilities for blockchain companies that can provide reliable and efficient services. The SMEs segment is projected to grow at a higher CAGR during the forecast period, due to the need for streamlining the business processes cost-effectively across SMEs. The adoption of the blockchain technology is currently in the experimentation phase in most of the SMEs; however, the adoption rate in the SMEs segment is expected to increase significantly in the coming years, owing to the low infrastructure costs and transparency. The banking and financial services application area is expected to hold the largest market size in the blockchain market during the forecast period. The banking and financial services application area has realized the significance of the blockchain technology which helps secure transactions for customers. The blockchain technology in the banking and financial services is expected to experience rapid growth worldwide, due to various factors, such as high compatibility with the financial services industry ecosystem, rising cryptocurrencies and Initial Coin Offerings (ICOs), rapid transactions, and reduced total cost of ownership.