Pune, India, April 04, 2019 (GLOBE NEWSWIRE) -- Market Research Future (MRFR)’s study has revealed that the global blockchain technology is anticipated to exhibit a CAGR of 66.4% during the forecast period 2018 to 2023. The assessment further indicates that the global market is poised to scale a valuation of USD 7,128 Mn towards the end of 2023. An upsurge in the adoption of blockchain for smart contracting, digital payments, and identities is being observed. This, in turn, is anticipated to lead the growth of blockchain both as a technology as well as a market in the years to come.
Blockchain signifies high potential which is prognosticated to exhibit proliferating applications across different industry verticals. The adoption of the technology as a growth catalyst for end-user industries is forecasted to propel the expansion of the blockchain technology market over the next couple of years.
The intensifying demand for simplification of business architecture in conjunction with the credibility of the technology is expected to unleash developmental opportunities in the blockchain technology market. It being a new technology has gained quick mileage over the last few years and is expected to attract an inflow of massive investments in the years to come. Case to the point is, B3i Service AG, a Zurich-based blockchain startup, has raised USD 16 Mn for the development of a blockchain trading platform for the entire insurance industry.
The blockchain technology market has been projected to remain highly lucrative across the review period. However, issues associated with scalability and security are expected to check the expansion of the market in the forthcoming years. In addition, uncertain regulatory standards and difficulties posed by the technology in integration with existing applications are likely to undermine market growth in the foreseeable future.
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Market Segmentation:
This MRFR report offers a segmental analysis of the blockchain technology market based on application, end-users, organization size, and service providers. By application, the market has been segmented into documentation, digital identity, exchanges, smart contract, payment & transactions, and others. Among these, the payment & transactions segment is forecasted to scale a comparatively higher CAGR of 68.9% over the assessment period.
By end-users, the blockchain technology market has been segmented government, into Banking Financial Services and Insurance (BFSI), healthcare & life science, real estate & construction, Information Technology (IT) & telecommunication, travel & hospitality, and others. The healthcare & life science segment has been prognosticated to thrive at the highest CAGR of 74.52% across the review period.
By organization size, the market has been segmented into large enterprises and small & medium enterprises. The large enterprises segment is anticipated to grow significantly and surpass a valuation of USD 4,200 Mn by the end of the forecast period. Meanwhile, the small and medium enterprises segment is poised to exhibit a steeper rise in the growth curve at 68.59% CAGR.
By service providers, the market has been segmented into infrastructure & protocol provider, application & solution provider, and middleware provider. Among these, the application & solution provider segment, which was valued at USD 148.9 Mn in 2017, is presumed to strike a relatively higher CAGR of 67.61% CAGR over the assessment period.
Regional Analysis:
The regional analysis of the global Blockchain Technology Market presented by MRFR spans across Europe, Asia Pacific, North America, and the Rest of the World (RoW). Europe is the key market for blockchain technology forecasted to exhibit stellar growth over the next couple of years. Germany, France, Italy, Russia, and the U.K. are the significant revenue-generating country-level markets in the region.
North America has been prognosticated to secure the second spot in the global marketplace and retain it over the assessment period. Led by the U.S., the regional blockchain technology market is anticipated to scale a valuation of USD 2,504.8 Mn towards the end of 2023 striking a CAGR of 65.81%.
The market in Asia Pacific is likely to gain traction in the forthcoming years. The region is expected to benefit from the increasing digital transactions, rapid urbanization, the growth of the online retail industry, etc. However, the blockchain technology in the Rest of the World is forecasted to witness limited growth in the upcoming years.
Key Players:
The key payers operating in the blockchain technology market are Oracle Corporation, Accenture PLC, Cyber Infrastructure Pvt. Ltd., Amazon Web Services Inc., Deloitte Touche Tohmatsu Limited, Hewlett Packard Enterprise Company, Empirica S.A., IBM Corporation, Microsoft Corporation, Infosys Limited, and SoluLab Inc.
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Latest Industry News:
PayPal Holdings, Inc., an American company operating a worldwide online payments system, has joined series A investment in a startup, Cambridge Blockchain, that provides a way to own online identities to individuals.
Blockchain Holdings Capital Ventures (BHCV), the U.S., has announced its partnership with SG Blocks, a leading designer, fabricator and innovator of container-based structures, for developing multi-container data centers.
Illinois utility Ameren, along with startup Opus One Solutions, has announced its plan of testing blockchain-enabled microgrid energy trading.
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Blockchain in Fintech Market Research Report, Service Provider (Application & solutions, middleware & services, infrastructure), Interaction Channel (bank branch, mobile application), Organization Size (Large Enterprise, SME), Application (Payment, Smart Contract) — Forecast till 2023. blockchain in financial technology (fintech) market is expected to grow from USD 231.63 million in 2017 to USD 6700.63 million by 2023, at a compound annual growth rate (CAGR) of 75.2% during the forecast period.
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https://www.marketresearchfuture.com/reports/blockchain-supply-chain-market-6702
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