According to Market Research Future (MRFR), the global blockchain technology market is
projected to grow at 66.41% CAGR throughout the review period (2017-2023).
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.
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.
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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 – 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.
Global Blockchain Technology Market – Regional Analysis
North America leads the global blockchain technology market. 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.
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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 totake advantage of the economic growth in these regions.
Major Players:
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.
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