Global Blockchain Technology Market: Snapshot
Blockchain technology refers to a distributed database for all the digital transactions, which eliminates the need for the third party to authenticate the transactions. In recent years several consumers, institutions, and organizations are adopting blockchain technology as it not only reduces the transaction cost as it removes a point of verification but also speeds up the actual transaction process. Owing to this very reason the global market is expected to witness a remarkable progress rate in the coming few years. According to the research report, the global blockchain technology market was valued at US$315.9 mn in 2015 and is expected to reach US$20 bn by the end of 2024. During the forecast years of 2016 and 2024, the global market is expected to rise at a CAGR of 58.7%.
Penetration of IoT Opens Up Lucrative Business Opportunities
Analysts anticipate that the global blockchain technology market will witness a spike in demand as it is known to reduce the risks related to frauds and identity thefts. Citing this reason, financial institutions are exploring options of collaborating with blockchain startups as well as investing in their research and development projects. The proliferation of Internet of Things (IoT) across various industries is also expected to play a crucial part in the uptake of these technologies. For instance, the banking sector is continuously working on the digitization of its services and facilities, which is likely to encourage swift uptake of blockchain technology in the coming years. Some of the potential areas for growth for the blockchain technology market are the smart contract, smart property, non-financial sector, healthcare, and music industries.
Early Adoption of Technology Keeps North America Blockchain Technology Market Ahead of Other Regions
In terms of geography, the global blockchain technology market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Of these North America held the largest share in the global market in 2015. The dominance of this region was attributable to the presence of several leading players and increasing investments in the development of their technology. The report suggests that the U.S. is expected to be the key contributor to the rising revenue of North America blockchain technology market in the coming years. The overall acceptance of technology in the region is also likely to boost the regional market in the coming years.
Additionally, Asia Pacific is also expected to show a significant growth rate in the global blockchain technology market. This regional market is expected to expand at a CAGR of 61.3% in the coming years. The booming economies of China, Japan, and India and their strengthening resolve to digitize their economies is expected to play an important role in shaping the trajectory of the Asia Pacific blockchain technology market in the coming years. In the meanwhile, rising investments in blockchain technology in developing regions of the Middle East and South America are also expected to help the market gain momentum, especially in the financial sector in the coming years.
The key players operating in the global blockchain technology market are Microsoft Corporation, Deloitte Touche Tohmatsu Limited, IBM Corporation, R3, Chain Inc., Consensus Systems (ConsenSys), Ripple, Digital Asset Holdings LLC, and Credits. The competition is high in the market due to the strong presence of several players. Most of these companies are expected to focus on mergers and acquisitions to improve their consumer base and enhance their product offerings.
Global Blockchain Technology Market: Overview
Blockchain technology offers a secure, fast, and cheaper medium of carrying out online transaction and online transfer of information without the need of third party verification. The adoption of blockchain technology in financial services sector has gained traction. Banking sector is willing to explore opportunities which would make the banking transactions more transparent and easy to process. Increased penetration of digital technology in the banking sector has resulted in the development of easy to use online platforms and applications. This drives the need to carry out the online transactions in a secure manner. Blockchain technology eliminates the frauds due to errors and identity theft to a large extent. Hence the financial services sector has been keen in exploring the technology before undertaking a wide scale deployment of this technology. This technology can benefit industries such as music and healthcare by offering easy access and exchange of digital data of these industries over the Internet.
Global Blockchain Technology Market: Drivers and Trends
The demand for blockchain technology is expected to increase in the coming years owing to the investments in blockchain technology startups, partnership between blockchain technology providers and financial organization, FinTech investments, and digitization across various industries globally. North America is expected to lead the blockchain technology market during the forecast period. Asia Pacific region is expected to witness the highest growth rate of blockchain technology during the forecast period.
The Middle East and Africa and South America are in the early phases of adoption of the technology. The anticipated growth of banking sector in Africa is expected to support the market growth of blockchain technology during the forecast period. The blockchain technology market is compressive of a large number of startups. The growth of blockchain technology startups was aided by huge venture capital investments during the period from 2013 to 2015. The market is expected to be hit by a huge wave of mergers and acquisitions in the coming years.
Global Blockchain Technology Market: Research Methodology
This research report provides an in-depth analysis of the global blockchain technology market based on type, application, and geography. The global blockchain technology market is categorized based on types into public blockchain, private blockchain, and consortium blockchain. The application segment for the global blockchain technology market are financial services and non-financial sector. The report analyzes each of these segments for the various geographies considered under the scope of the study.
The report also provides technology evolution and Porter’s Five Forces Analysis for the global blockchain technology market. The report includes analysis of the factors that drive and restrain the growth of the blockchain technology market. It discusses the prevailing market trends and prospective growth opportunities in the global blockchain technology market. It provides market estimates and forecasts for all the segments in terms of revenue. Also provided in the report is a competitive landscape and market share analysis of the major players in the blockchain technology market.
Global Blockchain Technology Market: Regional Outlook
Based on geographical regions, the report segments the global blockchain technology market into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America, which are analyzed in terms of revenue generation. The report provides country level revenue for blockchain technology. The U.S., Canada, the U.K., Germany, France, India, Chain, Japan, Australia, GCC, South Africa, Brazil, and Argentina are the countries covered in the report.
Key Players Mentioned in this Report are:
Major business strategies adopted by key players, their SWOT analysis, and competition matrix has also been identified in the research report. The key market players profiled in this study include Microsoft Corporation, Deloitte Touche Tohmatsu Limited, IBM Corporation, R3, Chain Inc., Consensus Systems (ConsenSys), Ripple, Digital Asset Holdings LLC, and Credits. The report has also profiled two major contributors such as Hyperledger project and Ethereum Foundation in the report.
Global Blockchain Technology Market
- Public blockchain
- Private blockchain
- Consortium blockchain
- Financial services
- Non-financial sector
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Middle East and Africa
- South Africa
- South America