The Global Blockchain Technology Market is predicted to rise gradually in the coming years. The market is expected to witness high demand from diverse industries, especially the banking, financial services, and insurance (BFSI) industry, finds Fortune Business Insights in a report, titled “Blockchain Technology Market Size, Share and Global Trend by Product Type (Vertical Solutions, Blockchain-as-a-Service), Deployment (Proof of Concept, Pilot, Production), Industry Vertical (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Entertainment, Retail & Consumer Goods, Travel and Transportation), and Geography Forecast till 2025.”
As stated in the report, the Global Blockchain Technology Market will reach US$ 21,070.2 Mn by the end of 2025 as against US$ 1,640.7 Mn in 2017. If these figures hold true, the global market will rise at a remarkable CAGR of 38.4%.
In terms of industry vertical, the banking, financial services, and insurance segment held the leading share of 41% in global blockchain technology market in 2017. The segment will gain further impetus following 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.
In terms of deployment, the proof of concept segment is gaining traction and is expected to witness impressive growth during the forecast period 2018-2025. Growth witnessed in this segment is backed by high need of transparent transaction across industries such as healthcare, retail and BFSI.
Partnerships Among Key Market Players and Blockchain Developers Driving the Market in North America
North America was leading 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.
In 2017, IBM was the leading organization in the global Blockchain technology market. Other companies operating in the global market are Oracle Corporation, Deloitte, Microsoft Corporation, IBM Corporation, The Linux Foundation, Chain Inc., Consensus Systems, Bits, Inc (Tendermint, Inc.), Schvey, Inc. (Axoni), VironIT, Altoros, and Fintech & Blockchain Software House.
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Increasing Demand for Secure Blockchain Technology to Guarantee Growth at Promising Rate
Government initiated awareness programs regarding benefits of blockchain technology among undeveloped nations is anticipated to fuel the demand in the global blockchain technology market, said a lead analyst at Fortune Business Insights.
Increasing adoption of e-financial services and rapid adoption of the blockchain technology in developed nations are expected to drive the global blockchain technology market during the forecast period.
Increasing number of new blockchain products and their approval grants is also anticipated to act as a driving factor for the global Blockchain technology market.
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