The global Blockchain Technology Market is forecast to rise exponentially in the coming years. The market is expected to witness high demand from diverse industries, especially the banking, financial services, and insurance (BFSI) industry.
In terms of industry verticals, the banking, financial services, and insurance (BFSI) segment held the leading share of 41% in global blockchain technology market in 2017. The segment will gain further impetus following the 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 transactions across industries such as healthcare, retail and BFSI but also in research for data security and integrity.
Increasing demand
Growing demand for secure blockchain technology will guarantee growth at promising a rate.
“Government initiated awareness programmes regarding the 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 market during the forecast period.
The 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.
Partnerships
Partnerships among key market players and blockchain developers are driving the market in North America.
North America emerged dominant in the global blockchain technology market in 2017. The North America market was worth US$ 820 million in 2017. The region will continue leading the market at a global level through the forecast period. Growth 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 the high presence of blockchain technology developers.
In 2017, IBM was the leading organisation 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.
