Pune, Aug. 21, 2020 (GLOBE NEWSWIRE) -- The global blockchain market is set to gain momentum from the rising emphasis of the prominent companies towards investments in research centers to develop and implement blockchain technology in their operations. Besides, the government and public authorities are showing more interest in gaining regulatory and research approvals for their products. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Blockchain Technology Market Size, Share and Industry Analysis by Product Type (Vertical Solutions, Blockchain-as-a-Service), Deployment, Industry Vertical (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Ent., Retail & Consumer Goods, Travel and Transportation), and Regional Forecast 2018-2025.” The report further states that the blockchain technology market size stood at USD 1.64 billion in 2017, and is projected to reach USD 21.07 billion by the end of 2025, thereby exhibiting a CAGR of 38.4% during the forecast period.
In terms of industry vertical, the banking, financial services, and insurance segment held the leading share of 41% in the global blockchain technology market in 2017. The segment will gain further impetus following the introduction of bitcoin. “Rampantly increasing cyber-attacks and frauds in the BFSI industry accounts for millions of dollars. This has become a global concern. To make the technology used in the industry safer and more secure, Deloitte and Microsoft Azure and other tech giants are offering blockchain services,” said a lead analyst.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
This Report Answers the Following Questions:
- What are the recent trends of the market?
- Which companies would generate the largest revenue in the coming years?
- Which segment is set to lead the market during the forthcoming period?
- How will the market be affected by chancing consumer preference?
- Which strategies are the key companies adopting to promote the deployment of blockchain technology?
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Drivers & Restraints-
Rising Usage of Bitcoins & IoT Solutions to Accelerate Growth
Blockchain technology helps users in building secure and stable records by utilizing timestamps and cryptography. It also offers a state-of-the-art version of the digital payment system. It does not require any central mediator and hence, the users are able to take part in peer-to-peer transactions efficiently. Additionally, the increasing adoption of Internet of Things (IoT) solutions and Bitcoins, as well as high demand for crypto currencies would augment the blockchain technology market growth during the forthcoming years.
BFSI Segment to Exhibit Steady Growth Stoked by High Demand for Faster Transactions
Based on industry vertical, the market is categorized into travel & transportation, retail & consumer goods, telecom, media, & entertainment, manufacturing, healthcare & life sciences, BFSI, government, and energy & utilities. Out of these, the BFSI segment held 41% blockchain technology market share in 2017. The industry is presently facing a major challenge of cyber-attacks and fraud. To battle these challenges, reputed companies, such as Deloitte and Microsoft Azure are mainly engaging in the deployment of blockchain-as-a-service offerings. In the developing economies, industry giants are enhancing the penetration of ‘Proof of Concept’ solutions. Apart from this, the increasing demand for transparent and quicker transaction methods would propel the growth of this segment in the near future.
North America to Lead Backed by Rising Alliances between Organizations
North America emerged dominant in the global blockchain technology market in 2017. The North America market was worth US$ 820 Mn in 2017. The region will continue leading the market at a global level through the forecast period. Growth witnessed in the market is also attributable to recent collaborations between market players in the U.S. and blockchain service provides. Europe is also anticipated to witness impressive growth during the forecast period owing to high presence of blockchain technology developers.
Key Players Aim to Launch New Solutions to Strengthen Their Positions
IBM is considered to be one of the dominant companies with the highest share in the market. It is mainly aiming to restore its strategy to refine the accessibility of its products. Some of the other companies are also aiming to surge their share by conducting research and development activities to launch new blockchain technology-equipped products. Below is one of the key industry developments:
- November 2018: IBM, a multinational technology company headquartered in the U.S., unveiled its latest multicloud strategy by launching IBM Blockchain Platform. The platform for AWS is hassle-free and enables organizations to use the blockchain platform components through AWS natively. The platform is meant for IBM Cloud Private that allows a company to connect the cloud-based blockchain networks to their on-premise computing systems. It would aid in meeting corporate preferences, compliance requirements, and data residency.
List Of Key Companies Profiled In Blockchain Technology Market Are:
- The Linux Foundation, Chain Inc.
- Oracle Corporation
- Fintech & Blockchain Software House
- Consensus Systems
- Microsoft Corporation
- Schvey, Inc. (Axoni)
- IBM Corporation
- Bits, Inc. (Tendermint, Inc.)
- Other key market players
Quick Buy – Blockchain Technology Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100072
Detailed Table of Content
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Key Insights
- Global Blockchain Technology Market Analysis, Insights and Forecast, 2014-2025
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Vertical Solutions
- Market Analysis, Insights and Forecast – By Deployment
- Proof of Concept
- Market Analysis, Insights and Forecast – By Industry Vertical
- Energy& Utilities
- Healthcare and Life Sciences
- Telecom, Media & Entertainment
- Retail& Consumer Goods
- Travel and Transportation
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Middle East & Africa
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Have a Look at Related Research Insights:
Blockchain-as-a-Service (BaaS) Market Size, Share & Industry Analysis, By Component (Tool and Service), By Application (Smart Contracts, Supply Chain Management, Payments, Governance, Risk, and Compliance Management), By Industry (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Entertainment, Retail & Consumer Goods), and Regional Forecast, 2020-2027
Blockchain in Retail Market Size, Share & Industry Analysis, By Component (Platform, Services), By Provider (Application and solution provider, Middleware provider Infrastructure, Protocol Provider), By Organization Size (Large Enterprises, Small & Medium Enterprises) Others and Regional Forecast, 2019-2026
Blockchain in Energy Utilities Market Size, Share & Industry Analysis, By Offerings (Vertical Solutions, Blockchain-as-a-Service), By Deployment (Proof of Concept, Pilot, and Production) and Regional Forecast, 2019-2026
Blockchain in BFSI Market Size, Share And Global Trend By Type (Private Blockchain, Public Blockchain, Consortium Blockchain), By Application (Smart Contracts, Security, Trade Finance, Digital Currency, Record Keeping, GRC Management, Identity Management and Fraud Detection), And Geography Forecast Till 2026
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