The Global Blockchain Technology Market is estimated to grow at a significant rate, during the forecast period 2018-2025. Blockchain is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous blocks, a timestamp, and transaction data. A blockchain database is managed autonomously using a peer-to-peer network and a distributed time stamping server. Transparency and immutability, faster transactions, reduced total cost of ownership are vital factors expected to encourage the growth of the global Blockchain Technology market in the upcoming period.
The Blockchain Technology Market is majorly driven by the growing adoption of the technology by financial institutions which are disrupting the financial industry by modifications in business operations. Moreover, increasing equity capital funding and investments in the blockchain technology, increasing application of the blockchain technology in retail and supply chain management are other factors estimated to accelerate the growth of the market in the next few years. Moreover, government initiatives to encourage blockchain technology, growing demand for distributed ledger technology especially in financial industry, increasing demand for simplifying of business processes, increasing the need for transparency and immutability in business processes and need for faster transactions in real-time will also fuel the growth of Blockchain Technology market in the forecast period.
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Public product type of Blockchain Technology market is projected to be the leading segment of the overall market during the forecast period
On the basis of type, the Blockchain Technology market has been segmented into Public, Private, and Consortium or Federated. Public blockchain dominates the global Blockchain Technology owing to its properties which can be accessed by any and every one.
Consortium or Federated market will drive by using it by multiple organizations using the network for their benefit where multiple organizations can exchange information and work simultaneously. Private blockchain market will grow by its centralization property which provides data privacy rules.
Infrastructure & protocol provider is expected to leading industry for providing Blockchain Technology services during the forecast period
On the basis of application, the global Blockchain Technology market has been segmented into Application and solution provider, Middleware provider and Infrastructure & protocol provider. By Service provider type, Infrastructure & protocol provider segment will lead the Blockchain Technology market owing to providing customized distributed ledger network for their customer. The application and solutions providers are anticipated to the fastest growing segment due to the application developers develop applications that minimizing the transcription data duplication and offering timely authentication.
Payment is projected to leading industry for utilizing applications of the Blockchain Technology during the forecast period
On the basis of application type, the Blockchain Technology market has been segmented into Payments, Exchange, Digital identity, Smart Contracts, Documentation, Supply chain management, Governance, risk and compliance management. By application type, the Payment segment will lead the market owing to properties of blockchain to reduce the need for middlemen such as third-party authorization and central agencies from the payment processing. Digital identity segment will be the fastest growing market owing to providing secure and trustworthy identification system.
BFSI is anticipated to dominating End-Users segment for utilizing applications of the Blockchain Technology during the forecast period
On the basis of End-users type, the Blockchain Technology market has been segmented into BFSI, Government and public sector, Healthcare, Media and Entertainment, Retail and e-Commerce, Travel and hospitality, Transportation and logistics, IT and telecommunications, others (automotive, education, and energy and utilities). By end-users type, BFSI segment is projected to lead the market due to technology has the ability to reduce the cost, abridged new business procedures and creating transparency and immutability and faster transactions. Healthcare segment will influence by providing better access to patients, the healthcare community, and researchers access to a shared data source to obtain timely, comprehensive, and accurate patient health data.
North America accounts for lion’s share of the global Blockchain Technology market during the anticipated period.
On the basis of region, the Blockchain Technology market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America dominates the world Blockchain Technology market over the forecast period owing to growing demand for applications of Blockchain Technology in various industries such as smart contracts, documentation and payment applications in most of its industries particularly in BFSI, retail and e-commerce, and healthcare and life sciences. Asia Pacific is projected to be the fastest growing market throughout the forecast period due to increment in applications of blockchain in BFSI, healthcare, and cybersecurity.
Global Blockchain Technology Market Competitive Landscape
Companies, such as, IBM Corp., Microsoft Corp., Linux Foundation, R3, BTL Group; Chain Inc.; Deloitte; Circle Internet Financial Limited; Global Arena Holding, Inc. (GAHI); Post-Trade Distributed Ledger; Ripple, Eric Industries, AWS , SAP , Intel , Oracle , Bitfury, Cegeka, Earthport , Guardtime , Digital Asset Holdings, Huawei, BlockCypher, Symbiont , BigchainDB , Applied Blockchain , RecordsKeeper , Blockpoint , Auxesis Group , BTL Group , Blockchain Foundry ,AlphaPoint and Factom are the key players for providing services of Blockchain Technology. In terms of services offerings, IBM Corp., Microsoft Corp., Linux Foundation and R3 are the major players in the market.
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