The “Blockchain Technology – Global Market Outlook (2017-2026)” report has been added to reportcrux.com’s offering.
Market Report Size:
Global Blockchain Technology market accounted for $184.3 billion in 2019 and is expected to reach $12,016.2 billion by 2027 growing at a CAGR of 68.6%. The growth in market for blockchain technology is accredited to the growing demand of companies operating in the BFSI sector for the development of several customized products and services for their clients. Insurance companies are also focusing on enhancing their offerings and developing innovative products & services like index-based insurance, peer-to – peer insurance, and smart contracts.
Blockchain technology is an emerging distributed database technology that records all of the transactions & digital events performed and shared among many contributing parties. An agreement between most of the organization’s stakeholders validates each transaction in the public ledger. It includes a demonstrable & any record of every transaction that has ever been executed. The growth of the blockchain technology market is due to the increasing demand from companies operating in the BFSI sector for the production of many personalized products and services for their clients.
The various benefits involved in creating such a platform have already drawn interest and, subsequently, investments from the financial sector as well as other technology giants. The technology not only has the potential to change the way the financial system currently operates, but will also have consequences for many other sectors, including media, consumer products, and telecommunication among others.
An innovative requiem for all Bitcoin transactions and other cryptocurrencies has also been incorporated into the blockchain technology, including Ripple, Litecoin, and Mintchip. Thanks to its innovative and unique structure with regulatory bodies like Bank of England, and International Monetary Fund (IMF) many banks and financial institutions are developing a keen interest in this technology.
Large numbers of players in the finance market are looking for investment opportunities and many have made the first investment phase in the industry to develop products and services. While the market is struggling with regulatory uncertainty, it is likely that the technology concerned will play a greater role in financial transactions in the coming years, spanning diverse domains.
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Based on the deployment, the global market for blockchain technology is segmented into public, private, and hybrid. From this, public segment accounted for almost 57% share of the market in 2019. Regionally the market is segmented into Asia Pacific, North America, Europe, Latin America and Middle East & Africa. The market in North America accounted for 37% share in 2019. This development is mainly due to the involvement of leading players providing innovative technologies and services to all sectors of the country. This can be attributed to the swifter adoption of innovative technologies in developed countries like U.S. and Canada. The increasing adoption of blockchain technology among the verticals including BFSI, retail, government, among others for implementing the digital identity detection, payment and wallet solution, and smart contracts is likely to drive the region’s market growth. Asia Pacific is likely to grow at high CAGR of almost 69.1% in the forecast period.
What our report offers:
• Market share assessments for the regional and country level segments
• Market share analysis of the top industry players
• Strategic recommendations for the new entrants
• Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
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Blockchain Technology Market Segmentation:
Supply Chain Management
By Organization Size
Small & Medium Enterprises
By End User
IT and Telecom
Transportation & Logistics
Agriculture & Food
Media, Advertising, & Entertainment
Healthcare & Life Sciences
Energy and Utilities
Retail & eCommerce
Our report offers:
• Market share assessments for the regional and country level segments.
• Market share analysis of the top industry players.
• Strategic recommendations for the new entrants.
• Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets.
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations).
• Strategic recommendations in key business segments based on the market estimations.
• Competitive landscaping mapping the key common trends.
• Company profiling with detailed strategies, financials, and recent developments.
• Supply chain trends mapping the latest technological advancements.
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