According to recently published report on “Global Blockchain market Size Analysis and Industry Opportunity, 2018-2028” the market will exceed USD 16 billion by 2025 – registering a CAGR of 56.7% during the forecast period.
In the last few years, many leading companies including Nokia and Kodak lost a major chunk of the global business share owing to lack of transformational strategies. The global business platform has become hypercompetitive with emergence of new business model involving integration of IoT and AI based technologies. To address the concern and ensure stability along with right predictability, companies are leveraging blockchain based disruptive technology. It is primarily a technological protocol that enables data exchange between different contracting parties within a network without the need for intermediaries.
The technology is gaining wide scale adoption among leading companies owing to its smart contract applications. Smart contracts helps in eliminating the need for third party authorities – thereby increasing security, reducing errors and eliminate overhead costs. Global Blockchain market has its usage across financial as well as non-financial applications. The technology is basically consensus driven and as such is expected to bridge the trust gap between businesses, consumers and regulators.
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Bekryl’s market research report, Global Blockchain Market Size Analysis and Industry Opportunity, finds North America to account for 64% of global sales in 2018. North America is the early adopter of technology. Various companies have emerged in the regional market – making it competitive though profitable. As per the estimates, over 90% of the banks in U.S. are exploring the blockchain technology to reduce the operational overhead costs. Integration of blockchain technology is expected to save 30% of operational cost – thereby generating higher return on investment.
Next, North America blockchain market is expected to be further driven by insurance agencies. Insurance fraud leads to over US$ 36 billion in U.S. As such, many regional companies are expected to leverage this technology to offer permanent registry and secure verification to claimants.
Some key trends from the global Blockchain market:
Trend#1: BFSI and Government Sector to Collectively Account for 57% of Global Blockchain Market Value
As of 2018, much of the demand for blockchain technology is saturated to BFSI and government sector. By 2028, over 64% of banking sectors will be leveraging this technology. Various projects are already in implementation. For instance, IBM backed Hyperledger Fabric Project is aimed at utilizing blockchain for international payments. The project involves some of the major bank organizations including Natixis, Rabobank, HSBC, KBC, Deutsche Bank, Societe Generale and Unicredit.
Trend#2: Private Blockchain Market to Dominate the Global Share
Currently, private blockchain dominates the global share owing to higher demand for encrypted technologies in BFSI and retail sectors. Much of these will leveraged by large enterprises.
Trend#3: Emergence of New Entrants in White Space
Blockchain is seen as next-gen evolution of internet technology and holds immense potential. As such, many new start-ups have emerged in last few years – making the market hypercompetitive. Ripple, Otonomos, Chain Inc., ShoCard, BigchainDB and SmartLedger are few start-ups that are expected to register impressive growth over the forecast period. Many more are expected to emerge during the forecast period.
To know more about Blockchain market trends and data, visit: https://bekryl.com/industry-trends/blockchain-market-size-analysis
Some key global Blockchain Market Players are IBM Corporation, Microsoft Corporation, Accenture PLC, Chain Inc., Intel Corporation, Eris Industries, Blockchain Tech Ltd., Deloitte, Digital Asset Holdings, and Earthport and among others are provided in this report.
Research Scope and Brief Research Methodology:
Blockchain Market Industry Segmentation
Blockchain Market Data, BY Type
- Private Blockchain
- Public Blockchain
Blockchain Market Data, By End-use Verticals:
- IT services
- Transportation and Logistics
- Media & Entertainment
By Organization Size:
- Large Scale Enterprises
- Mid-Scale Enterprises
- Small Scale Enterprises
- Digital Identity
- Supply Chain Management
- Governance, Risk and compliance management
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