Blockchain Technology Market Insights
The global blockchain technology market is anticipated to register a CAGR of more than 53.2% over the forecast period. This market is expected to be influenced by rising demand for innovative blockchain technology from the industries such as BFSI.
Factors such as transparency and immutability in transactions are likely to drive the global market over the coming years. The growing use of the technology based applications such as documentation, payments, exchanges, and digital identities are also expected to propel the demand and foster the market growth.
The blockchain technology incorporates cryptocurrencies, such as Ripple, Litecoin, and Mintchip. The financial institutions and banks are growing a keen interest towards this technology, due to its unique and innovative framework with regulatory bodies, such as IMF and Bank of England.
However, the increase in the size of blockchain and database might lead to the problem of data storage and synchronization. This is in turn likely to limit the growth of the global blockchain technology market over the coming years. Moreover, the lack of knowledge about the benefits of the blockchain technology over the traditional technologies is also likely to hamper the growth of the global blockchain technology market over the forecast period.
Blockchain Technology Market: Type Insights
The global blockchain technology market is segmented into Hybrid, Public, and Private. Public network type accounted for the dominant share of the global market in 2016. This growth is attributed to the growing practice of the government and institutions to inculcate open and efficient transactions.
The private network type segment is expected to register a considerable increase in adoption in the coming years.
Blockchain Technology Market: Organization-Size Insights
On the basis of organization size, the blockchain technology market is divided into Small and Medium Enterprises and Large Enterprises. Large Enterprises and Small&Medium Enterprises are rapidly adopting the Blockchain solutions. The demand for Blockchain solutions is projected to increase over the coming years due to its cost-effective and time-efficient features. The growth of blockchain technology is particularly high in SMEs, where low-cost solutions are much required.
Blockchain Technology Market: Application Insights
Payments application accounted for the largest share of the Blockchain market in 2016. The shift in preference from traditional payment systems to Blockchain-based payment solutions in banking and financial industries is predicted to boost the overall industry growth.
The digital identity market is also likely to grow at a significant rate as the Blockchain would make digital identities more secure and efficient.
Blockchain Technology Market: Vertical Insights
The Banking, Financial Services, and Insurance segment are projected to hold the largest market share over the forecast period. The media and entertainment vertical is anticipated to grow at the highest CAGR by 2025 due to the growing adoption of Blockchain across smart contracts, document management, and digital identities in the media industry.
Blockchain Technology Market: Regional Insights
North American dominated accounted for the largest revenue share in 2016. This growth is ascribed to rapid adoption of innovative technologies in countries such as the U.S., and Canada.
Asia Pacific is predicted to grow at a CAGR of around 40% over the coming years. The expansion of financial sector in emerging countries such as China and India is projected to aid the Asia Pacific regional growth.
Blockchain Technology Market: End-Use Landscape
The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from the global blockchain market. The major consumers of the product are HSBC Holdings and Wal-Mart Stores, Inc. amongst others.
Blockchain Technology Market: Competitive Landscape
Some of the key players of the global blockchain market include Microsoft Corporation , IBM Corporation, Deloitte, Ripple, Chain, Inc., Abra, Inc., BitFury, Coinbase, Circle Internet Financial Limited, Digital Asset Holdings, Blockchain Tech Ltd, Global Arena Holding, Inc., Digital CC Ltd, 21 Inc., and Earthport.
In April 2016, Microsoft Corporation partnered with R3 consortium to gain a competitive advantage over Amazon Inc. and Alphabet’s Google Inc.