Rising demand for Blockchain Technology in financial institutions, healthcare and supply chain management will augment Blockchain Technology Market in the upcoming year. Moreover, the major factor driving the market growth is the government initiatives to encourage utilizing more applications of the blockchain, growing demand for distributed ledger technology, increasing demand for simplifying business processes and need for faster transactions in real-time.
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Furthermore, the integration of blockchain technology solutions with the legacy systems to handle functions served by the legacy systems will drive the market growth. The integration of the two will lead to companywide adoption of blockchain technology. Besides, the blockchain technology market is expected to exhibit significant growth owing to massive benefits provided by this technology, such as eliminating the need for any financial institution to authenticate transactions, facilitating faster settlement, reducing duplicative recordkeeping and minimizing error rates.
In addition, this technology allows access to databases from everywhere, thereby allowing multiple institutions to use it simultaneously to bring different systems nearer and help improve efficiency. Additionally, blockchain technology holds enormous opportunities across multiple application areas such as healthcare and public-sector applications, for example, the Australian Securities Exchange (ASX) announced that the exchange had intentions to move Australia’s settlement and clearing systems on the blockchain platform are expected to witness enormous growth in the years to come. According to BlueWeave Consulting, The global Blockchain Technology market is expected to grow with a significant rate during the forecast period 2018-2025 owing to the growing demand of distributed ledger technology, increasing cryptocurrencies market cap need of abridged business procedures and creating transparency and immutability and faster transactions.
On the basis of type, the Blockchain Technology market has been segmented into Public, Private, and Consortium or Federated. Public blockchain dominates the global Blockchain Technology owing to its properties which can be accessed by any and everyone. . Consortium or Federated market will drive by using it by multiple organizations using the network for their benefit where multiple organizations can exchange information and work simultaneously. Private blockchain market will grow by its centralization property which provides data privacy rules.
On the basis of application, the global Blockchain Technology market has been segmented into Application and solution provider, Middleware provider and Infrastructure & protocol provider. By Service provider type, Infrastructure & protocol provider segment will lead the Blockchain Technology market owing to providing customized distributed ledger network for their customer. The application and solutions providers are anticipated to the fastest growing segment due to the application developers develop applications that minimizing the transcription data duplication and offering timely authentication.
On the basis of application type, the Blockchain Technology market has been segmented into Payments, Exchange, Digital identity, Smart Contracts, Documentation, Supply chain management, Governance, risk and compliance management. By application type, the Payment segment will lead the market owing to properties of blockchain to reduce the need for middlemen such as third-party authorization and central agencies from the payment processing. Digital identity segment will be the fastest growing market owing to providing secure and trustworthy identification system.
On the basis of End-users type, the Blockchain Technology market has been segmented into BFSI, Government and public sector, Healthcare, Media and Entertainment, Retail and e-Commerce, Travel and hospitality, Transportation and logistics, IT and telecommunications, others (automotive, education, and energy and utilities). By end-users type, BFSI segment is projected to lead the market due to technology has the ability to reduce the cost, abridged new business procedures and creating transparency and immutability and faster transactions. Healthcare segment will influence by providing better access to patients, the healthcare community, and researchers access to a shared data source to obtain timely, comprehensive, and accurate patient health data.
On the basis of region, the Blockchain Technology market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America dominates the world Blockchain Technology market over the forecast period owing to growing demand for applications of Blockchain Technology in various industries such as smart contracts, documentation and payment applications in most of its industries particularly in BFSI, retail and e-commerce, and healthcare and life sciences. Asia Pacific is projected to be the fastest growing market throughout the forecast period due to increment in applications of blockchain in BFSI, healthcare, and cybersecurity.
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Companies, such as, IBM Corp., Microsoft Corp., Linux Foundation, R3, BTL Group; Chain Inc.; Deloitte; Circle Internet Financial Limited; Global Arena Holding, Inc. (GAHI); Post-Trade Distributed Ledger; Ripple, Eric Industries, AWS , SAP , Intel , Oracle , Bitfury, Cegeka, Earthport , Guardtime , Digital Asset Holdings, Huawei, BlockCypher, Symbiont , BigchainDB , Applied Blockchain , RecordsKeeper , Blockpoint , Auxesis Group , BTL Group , Blockchain Foundry ,AlphaPoint and Factom are the key players for providing services of Blockchain Technology. In terms of services offerings, IBM Corp., Microsoft Corp., Linux Foundation and R3 are the major players in the market.
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