Quantification of Market Potential for Blockchain Technology Service Providers

Abstract

Blockchain is an emerging technology perceived as ground-breaking by many domain experts. Prior studies and market reports keep signaling the overall potential of blockchain technology globally in the last decade. However, the predictions from these studies may not be adequate for technology service providers to realize the true economic prospective of the technology and jump into the bandwagon and start delivering blockchain-based solutions. It is often difficult for both internal and external technology service providers to convert existing qualitative and quantitative reports into meaningful numbers they can act upon. Yet, the understanding of market potential is critical for drawing interests and adoptions. As technology service providers recognize the opportunities and challenges of blockchain, they could customize their existing solution to minimize development costs and associated risks. This study uses the total addressable market (TAM) method to quantify the opportunity of blockchain-based solution. It further proposes a three-step approach for execution, through exploring a case of quantifying the market potential of blockchain in the primary industries of New Zealand.