The global blockchain technology market is growing continually. The market growth attributes to the growing emphasis on the decentralization of data ledgers. Besides, some advantages facilitated by technology, such as the immutability of database activities making interactions transparent led to blockchain technology proliferation. Moreover, the prominence of blockchain-based applications in several domains, including BFSI, healthcare, and retails, escalates the growth of the market ahead.
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According to Market Research Future (MRFR), the Blockchain Technology Market is projected to grow at 66.41% CAGR throughout the review period (2017-2023). There are tremendous market opportunities for blockchain technology. Blockchain is to gain prominence in the forthcoming years owing to its innate nature. Facilitating large-scale Blockchainization in a fast and cost-effective way enables enterprises to introduce and complete blockchain proofs-of-concept efficiently.
Additionally, COVID-19 has accelerated the need for enterprises to build more resilient and transparent supply chains to cope with the challenges from an ever-evolving marketplace. It is now more crucial than ever to have the proper framework for effective collaboration among all stakeholders in the supply chain. On the other hand, the blockchain technology road remains precarious, with scalability and security being two of the primary concerns.
Also, most of the existing applications lack blockchain integration capacity hampers market growth, delaying the adoption of blockchain technology. Nevertheless, advances in analytical capabilities in communications and expansion of existing 3G/4G and 5G technologies would support the market increase throughout the analyzed period. Furthermore, substantial R&D investments by the public and private organizations boost the growth of the market.
Global Blockchain Technology Market – Regional Analysis
North America leads the global Blockchain Technology Market Share. The largest market share attributes to continuous initiatives taken for the development of ledger technology. The region is a hub for many communication technology providers having robust navigation services; this, in turn, positively impacts the growth in the regional market. Besides, the faster adoption of innovative technology in developed countries such as the United States, Canada, and Mexico fuel the growth of the regional market.
Moreover, the increasing demand for home-based solutions and technological advantages are some of the key growth drivers. Also, the early adoption of cloud-based deployment services propels the growth of the market. The North American blockchain technology market is projected to retain its dominance throughout the estimated period.
The Blockchain Technology Market Size in the Asia Pacific region is emerging as a promising market globally. Factors such as transparency, immutability, and scalability service provided by Blockchain technology and a massive investment of digital currency across industry verticals in APAC countries, especially India, Australia, and China, drive the regional market growth. Additionally, the increasing adoption of GPS services and cloud-based services alongside smartphones' proliferation provides enormous opportunities across businesses.
China, Japan, and India are rapidly growing markets anticipated to increase through the forecast period rapidly. Increasing uses of advanced navigation services and location-based advertising provide a better scope for the APAC countries to advance location-based services. The APAC blockchain technology market is expected to reach to create a substantial revenue pocket over the forecast period.
Global Blockchain Technology Market – Segmentation
The report is segmented five dynamics;
By Service Provider : Application and Solution Provider, Middleware Provider, Infrastructure & Protocol Provider, and others.
By Organization Size : Large, Small, and Medium Enterprises.
By Application : Payment & Transaction, Smart Contract, Digital Identity, Documentation, Exchanges, and others.
By End-Users : Healthcare & Life Sciences, BFSI, IT & Telecommunication, Retail, Government, Travel & Hospitality, Real Estate & Construction, and others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
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Players leading the global blockchain technology market include IBM Corporation, Deloitte Touche Tohmatsu Limited, Hewlett Packard, Accenture PLC, Enterprise Company, Infosys Limited, Solulab Inc., Cyber Infrastructure Pvt. Ltd, Empirica S.A, Oracle Corporation, Microsoft Corporation, and Amazon Web Services, Inc., among others.
Global Blockchain Technology Market – Competitive Analysis
Highly competitive, the blockchain technology market appears fragmented due to several well-established players. Matured players adopt strategies such as mergers & acquisitions, innovation, and brand reinforcement to gain a larger competitive share. They make substantial invest continuously to launch products and services in developing economies to take advantage of the economic growth in these regions.
Industry/ Innovation/ Related News
August 13, 2020 --- VeChain (Singapore), a leading global enterprise-friendly public blockchain platform, launched a market-ready blockchain food safety solution - ToolChain™. The VeChain ToolChain™ food safety solution integrates industry-leading technology and experience with the business-ready technical feature. The solution solves the most urgent needs for the food industry in the new era. The solution allows the deployment of blockchain technology in the food sector with the fastest lead time compared to any platform available in the industry.
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