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The global blockchain technology market size was valued at US$ 1,640.7 Mn in 2017, is projected to reach US$ 21,070.2 Mn by the end of 2025, exhibiting a CAGR of 38.4%.
The blockchain is a digital ledger technology (DLT) that uses cryptography and timestamps to build stable and secure records. Also, to provide an advanced version of a digital payment system, blockchain technology allows users to participate in peer-to-peer transactions without involving any central mediators. BFSI industry emerged as an early adopter of blockchain technology with the introduction of bitcoin during 2009-10.
The increasing focus of global companies towards investment in research centers to develop and deploy blockchain in their organization is a key factor contributing to the growth of the worldwide blockchain technology market. The rising interest of public or government authorities for growing research and regulatory approvals of the products in the market is also expected to boost the expansion of blockchain technology industry within the forecast period, 2018-2025.
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"Blockchain Technology in BFSI is to Emerge as Most Attractive Industry Type"
The annual value of fraud and cyber-attacks in BFSI segment is estimated to be thousands of millions of dollars, which has become a global challenge. To overcome this challenge, key blockchain technology market players such as Microsoft Azure, Deloitte and others are thus focusing on introducing Blockchain-as-a-service offerings, accounted for a major share of the global market in 2017. Improved penetration in deploying ‘Proof of Concept’ solutions by leading providers of blockchain technology in the emerging countries and the rising need for faster and transparent transactions across various industry verticals across the globe are expected to propel the expansion of market with a remarkable CAGR during 2018-2025.
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In terms of deployment, proof of concept is likely to be the fastest-growing segment during the forecast duration. This growth is owing to the proven requirement of blockchain solutions in optimizing the online transaction facilities in BFSI and the retail industry. Various end-users in the proof of concept deployment solution market are the BFSI, retail, healthcare and life sciences, manufacturing, and others. A significant amount is invested by the government for deploying this solution in emerging industries such as BFSI and healthcare is estimated to boost the growth of the worldwide market by the end of the forecast period.
"Improved Adoption of Blockchain Product and Services by Global Players and Government Enables Market Exhibit Highest CAGR in North America"
North America generated revenue of US$ 820 Mn in 2017 and is anticipated to emerge dominant in the global market during the forecasted period. Growth observed in the region is expected to be driven by the increasing alliances and partnerships between key companies & service providers in the U.S., aimed at ensuring the efficient deployment of blockchain technology. Similarly, a high dominance of manufacturing industries in Europe is projected to augment the growth of the blockchain technology market in the region. However, the market share of Asia Pacific is estimated to grow moderately with a high CAGR during 2018-2025. This growth is due to the investment done by financial technology (FinTech) firms in emerging countries such as Japan, China, Korea, and others in the region.
North America Blockchain Technology Market, 2017
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"IBM Corporation to Account Maximum Market Share in Terms of Revenue"
IBM Corporation appeared as the leading player with the highest blockchain technology market share in terms of revenue in 2017. The company is focusing on restoring their diversification strategy to improve the accessibility of its key blockchain products such as IBM Blockchain Platform free 2.0 beta, IBM blockchain platform for AWS and IBM blockchain platform for IBM Cloud Private. Further, there are more than 130 associates and eight ongoing projects, in 25 countries, working to develop IBM’s Hyperledger Fabric project. Other players operating in the market are Oracle Corporation, Microsoft Corporation, Altoros, and others.
The report provides qualitative and quantitative insights on the blockchain technology industry and detailed analysis of Blockchain Technology market size & growth rate for all possible segments in the market. The market is segmented by product type, deployment, industry vertical and geography. By product type, the global market is categorized into vertical solutions and Blockchain-as-a-Service. Based on the deployment, the global market is segmented into proof of concept, pilot, and production.
Various industry verticals covered in the report are BFSI, energy & utilities, government, healthcare and life sciences, manufacturing, telecom, media & entertainment, retail & consumer goods, travel and transportation and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report provides an elaborative analysis of the Blockchain Technology market dynamics and competitive landscape. Various key insights provided in the report are the prevalence of blockchain solutions, recent industry developments such as mergers & acquisitions, the governing scenario in key countries, an analysis in relation to alternative deployment solutions for blockchain technology, reimbursement scenario, and key industry trends.
· Vertical Solutions
· Proof of Concept
By Industry Vertical
· Energy & Utilities
· Healthcare and Life Sciences
· Telecom, Media & Entertainment
· Retail & Consumer Goods
· Travel and Transportation
· North America (USA and Canada)
· Europe (UK, Germany, France, Scandinavia and Rest of Europe)
· Asia Pacific (China, Japan, India, Southeast Asia and Rest of Asia Pacific)
· Middle East & Africa (GCC, South Africa and Rest of Middle East & Africa)
· Latin America (Brazil, Mexico and Rest of Latin America)
As per our study, the global blockchain technology market held a revenue of US$ 1,640.7 Mn in 2017 and it is anticipated to grow with a CAGR of 38.4% during the forecast period (2018 -2025). Blockchain technology is based on consensus algorithm that allows data to be stored and exchanged securely. Blockchain technology is used in decentralized manner and helps to removes the need of intermediaries and third outsourced parties
Blockchain technology has been increasingly adopted across various end-use industries among which BFSI, retail, and manufacturing account for a considerable market share. The most lucrative end use industry segment estimated is BFSI (banking, finance and insurance).
In the blockchain market, proof of concept is the leading deployment segments. The PoC (proof of concept) helps to determine the feasibility and efficiency of the development and operation of a system by implementing a test model of blockchain technology in inter-company collaboration system. PoC helps to check the entire operation with high authenticity and reducing the workflow execution with high authenticity.
The blockchain technology market is estimated to reach US$ 21,070.2 Mn by 2025, with the increasing use of blockchain technology in BFSI and retail industry. This is projected to drive the substantial market growth over the forecast period.
Rising demands of crypto currencies from BFSI, adoption of initial Bitcoins and IoT solutions are favoring advancement in blockchain technology market.
Key vendors in the blockchain technology market are Oracle Corporation, Microsoft Corporation, IBM Corporation, The Linux Foundation, Chain Inc., Consensus Systems, Bits, Inc (Tendermint, Inc.), VironIT, Altoros, Empirica and Fintech & Blockchain Software House