Most of the blockchain technology in use are leveraging distributed ledger that gives control to the users. The authenticity of the technology is expected to fuel demand over the next few years. According to the findings offered by Market Research Future (MRFR), the global blockchain technology market is anticipated to 66.4% through the review period 2018 to 2023. The valuation of the market is presumed to surpass USD 7000 Mn mark by 2023.
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The rising applications of the blockchain technology in healthcare and BFSI industries are anticipated to boost the growth curve of the blockchain technology market in the near future. The rising adoption of blockchain technology for payments, digital identities, and smart contracting is likely to boots the growth curve of the market in the years to come.
The application-based segments of the blockchain technology market profiled in this analysis are digital identity, exchanges, payment & transactions, documentation, smart contract, and others. Among these, the payment & transactions segment is anticipated to register the highest growth rate of 68.90% during the forecast period.
On the basis of end-user, the blockchain technology market has been segmented into government, healthcare & life science, Banking, financial services and insurance (BFSI), Information Technology (IT) & telecommunication, travel & hospitality, real estate & construction, and others. The healthcare & life science segment is poised to exhibit a relatively higher rate of growth over the next couple of years.
The division of the blockchain technology market, on the basis of organization size, covers small & medium enterprises and large enterprises. Among these, the small & medium enterprises segment is assessed to expand at a higher CAGR of 68.59% CAGR during the evaluation period.
The segments of the blockchain technology market, by service providers, are infrastructure & protocol provider, application & solution provider, and middleware provider. The application & solution provider segment is poised to strike 67.61% CAGR across the evaluation period.
The regional segments identified for the geographical analysis of the blockchain technology market are – Europe, North America, Asia Pacific, and the rest of the world (RoW). Europe is leading the market and is anticipated to retain its position in the nearby future. It has been assessed to mark 70.36% CAGR over the review period. North America resonates immense potential and is anticipated to grow from USD 121.7 Mn in 2017 to USD 2,504.8 Mn by 2023 in terms of revenues. Asia Pacific has also accelerated adoption of the technology. Blockchain technology market in APAC will be registering 64.30% CAGR across the evaluation period.
Accenture PLC, Cyber Infrastructure Pvt. Ltd., Oracle Corporation, Amazon Web Services Inc., Deloitte Touche Tohmatsu Limited, Hewlett Packard Enterprise Company, Empirica S.A., IBM Corporation, Microsoft Corporation, Infosys Limited, and SoluLab Inc are few of the players of the global blockchain technology market assessed in this report.
These players are constantly innovating the technology so that it can find more applications across industries. Increasing investments in research & developments are anticipated to uncover the potential of blockchain technology leading to amplification of competition among the players. Market players are also emphasizing on the expansion of global footprints to elevate their market positions. It is expected to spur healthy competitiveness that is further projected to augment the blockchain technology market.
In December 2019, the second-largest health insurance company in the U.S, Anthem, has announced that it is using blockchain for securing the medical data of 40 million members in three years.
In December 2019, Nike, a sports footwear firm, has obtained the patent that allows it to tokenize its products on the Ethereum blockchain.
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