Global Blockchain Technology Market: Overview
The Global Blockchain Technology Market is estimated to grow at a significant rate, during the forecast period 2018-2025. Blockchain is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous blocks, a timestamp, and transaction data. A blockchain database is managed autonomously using a peer-to-peer network and a distributed time stamping server. Transparency and immutability, faster transactions, reduced total cost of ownership are vital factors expected to encourage the growth of the global Blockchain Technology market in the upcoming period. In addition, the blockchain technology market is majorly driven by the growing adoption of the technology by financial institutions which are disrupting the financial industry by modifications in business operations.
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Moreover, increasing equity capital funding and investments in the blockchain technology, increasing application of the blockchain technology in retail and supply chain management are other factors estimated to accelerate the growth of the market in the next few years. Moreover, government initiatives to encourage blockchain technology, growing demand for distributed ledger technology especially in financial industry, increasing demand for simplifying of business processes, increasing the need for transparency and immutability in business processes and need for faster transactions in real-time will also fuel the growth of Blockchain Technology market in the forecast period. Application of blockchain technology such as reductions in transaction complexity and cost, as well as improvements in transparency and fraud controls can be captured by existing institutions are the key factors which will boost the global blockchain technology market in the digital economy. In the healthcare scenario, blockchain technology applications are not only helping preserve and safeguard data integrity but it will be helping pharma companies in regulating the drug supply chain and in agriculture sector, application of blockchain technology such as better Traceability in the Crop Supply Chain, Food safety and logistics & payments will supplement global blockchain technology market in future timeline. The basis of blockchain technology as new operating models is to drive operational efficiencies which are taken out of existing processes by removing intermediaries or the administrative effort of record keeping and transaction reconciliation will majorly influence the blockchain technology market over the forecast period.
Blockchain Technology Product Type analysis
On the basis of type, the Blockchain Technology market has been segmented into Public, Private, and Consortium or Federated. Public type blockchain dominates the global Blockchain Technology owing to its properties such as permission less ledger and can be accessed by any and everyone. For example, on Bitcoin and Litecoin blockchain networks anyone can do the following things like run full node and start mining, make transactions and review/audit. Moreover, blockchain reward their network participants for performing the mining process and maintaining the immutability of the ledger will fuel the global public blockchain technology market. Consortium or Federated will be the fastest growing segment due to its features such as remove the sole organization influence in the network where multiple entities will be using the network and re-establish a decentralized type system. Moreover, demand of consortium or federated blockchain in financial services, insurance claims and supply chain management for which Consortium or federated provides platform where instead of only one organization is in charge it will get multiple organizations using the network for their benefit like a hub where multiple organizations can exchange information and work simultaneously will trigger the global consortium blockchain market. Private blockchain market will drive by its properties as centralized to one organization. Moreover, its scalability and state compliance of data privacy rules and other regulatory issues will fuel the private blockchain technology market.
Blockchain Technology Service Provider Type analysis
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 Blockchain Technology market due to the infrastructure providers develop basic and essential software building blocks, which are needed for the network, can work on it. The growing demand for the blockchain protocol and standard is a major factor that supports the market. Moreover, protocol help in blockchain network and application developers in building customized distributed ledger network for their customers will boost the infrastructure & protocol provider market in the forecast period. The application and solutions providers are anticipated to the fastest growing segment due to the application developers develop applications that run on top of the existing blockchain networks. Moreover, the application & solution market is driven by the ability of the providers to deliver significant value to the enterprises by minimizing the transcription data duplication and offering timely authentication. Middleware provider market will influence by providing different blockchain implementations within a unified interface, creating a single ecosystem that is easy to use and highly scalable.
Blockchain Technology Application Type analysis
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 cost ownership, provide transparency and improve the efficiency of payment systems. Furthermore, the creation of trusted bilateral transactions between relevant parties and elimination of the middlemen such as third-party authorization and central agencies from the payment processing, which is also augmenting the demand for the blockchain technology market. Digital identity segment will be the fastest growing market due to the increased risk of the cyber security risk attacks which driving the adoption of the blockchain among digital identity detection platforms. Moreover, the lack of online identification systems for securing personal identities and the increasing demand for secure and trustworthy international identification system are fueling the demand for blockchain technology across identification platforms. Smart Contracts segment will drive by maintaining the security of all ownership rights and ensures trust in true ownership – as any changes to the data on the blockchain requires a consensus from all parties on the network. Supply chain management will grow by recording the quantity and transfer of assets, tracking purchase orders, assigning or verifying certifications or certain properties of physical products and linking physical goods to serial numbers, bar codes, digital tags like RFID. Risk and compliance management will fuel by document or proof for the transfer of any digital asset, for example, bitcoins or other digital currencies.
Blockchain Technology End-user analysis
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 capability to reduce the cost, identify new business avenues, and compete with the non-traditional financial players and fintech start-ups. Healthcare segment will influence by blockchain technology enhances interoperability across the global healthcare industry by eliminating the system boundaries & geographic limitations which allow patients, the healthcare community, and researchers access to a shared data source to obtain timely, comprehensive, and accurate patient health data.
Regional analysis of Blockchain Technology market
On the basis of region, the Blockchain Technology market has been segmental 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 it is home for most of the industries with a large operation base, and has witnessed a prominent implementation of smart contracts, documentation and payment applications in most of its industries particularly in BFSI, retail and e-commerce, and healthcare and life sciences. Moreover, the region is expected to be the early and largest adopter of blockchain solutions, due to increased funding on the development of distributed ledger technologies to provide customers with transparency and faster transactions. The Asia Pacific is projected to be the fastest growing market throughout the forecast period due to the implementation of blockchain technology in financial institutions.
The objective of the Study:
- To examine the careful market segmentation and forecast the market size, in terms useful, on the premise of the region by segmenting world Blockchain Technology market into 5 regions, namely, North America, Europe, Asia Pacific, Middle East, and geographical area.
- To outline, categorized and forecast the world Blockchain Technology on the premise of product kind, service provider, end-users and application.
- To examine competitive developments like expansions, technological advancement, services, and regulative framework within the world Blockchain Technology market.
- To pinpoint the drivers and challenges for world silicon carbide market
- To spot the profile of leading players, that area unit concerned within the producing and provide off Blockchain Technology globally.
Global Blockchain Technology Market Competitive Landscape
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.
Key Target Audience:
- Market research and consulting firms
- Industry associations
- Raw material suppliers
- Global Blockchain Technology Service Providers.
- Research organizations and consulting companies
- Global Blockchain Technology providers
- Organizations, associations, and alliances related to Blockchain Technology market
- Regulatory bodies
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Scope of the Report
By Product Type
- Consortium or Federated by Applications
- Application and solution provider
- Middleware provider
- Infrastructure & protocol provider
- Digital identity
- Smart Contracts
- Supply chain management
- risk and compliance management
By End Users
- Banking, Financial Services, and Insurance (BFSI)
- Government and public sector
- Media and entertainment
- Retail and e-Commerce
- Travel and hospitality
- Transportation and logistics
- IT and telecommunications
- Others (automotive, education, and energy and utilities),
In addition, the report provides analysis of the Blockchain Technology market with respect to the following geographic segments:
- North America
- Asia Pacific (APAC)
Business Questions answer by the report
- How will the market drivers, restraints and opportunities affect the market dynamics?
- What will be the market size in terms of value and volume and market statistics with detailed classification
- Which segment dominates the market or region and one will be the fastest growing and why?
- A comprehensive survey of the competitive landscape and the market participant players
- Analysis of strategy adopted by the key player and their impact on other players.
Customization Scope for the Client
Client satisfaction is our first and last priority. And that’s why BlueWeave Consulting offers customization according to Company’s specific needs. The following customization options are available for the report:
Additional Company Information
- With five additional company detail analysis.
- Additional country analysis.
- Detailed segment analysis.
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