Why Blockchain Technology is the Answer to the World’s Banking System Woes
Global Blockchain Technology Market Research Report 2018 is a professional and in-depth study on the current state of the Blockchain Technology market. The global blockchain technology market size was valued at USD 5.09 billion dollars in 2015.Annual estimates and forecasts are provided for the period 2018 through 2022. Also, a six-year historic analysis is provided for these markets. The global market for Blockchain Technology is expected to reach about 7.28 B USD by 2022 from 6.05 B USD in 2016, registering a Compounded Annual Growth Rate (CAGR) of 3.13% during the analysis period, 2018-2022.
One of the key drivers for the growth of this market is the rapid increase in FinTech spending. FinTech is a service provided by companies and is based on software. Over the years, the purview of FinTech has extended to include new and innovative front-end consumer products. Several FinTech startup companies provide solutions, which are operable through smartphones or tablets, directly to the customers through licensing or by means of white label services. FinTech spending is directly correlated with BT spending as the FinTech companies are developing advance payment solutions for financial firms. Also, the exponential increase in the FinTech investments is expected to boost the growth of the global BT market in the coming years.
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Business Opportunity in Blockchain Technology
Analysts anticipate that the global blockchain technology market will witness a spike in demand as it is known to reduce the risks related to frauds and identity thefts. Citing this reason, financial institutions are exploring options of collaborating with blockchain startups as well as investing in their research and development projects. The proliferation of Internet of Things (IoT) across various industries is also expected to play a crucial part in the uptake of these technologies. For instance, the banking sector is continuously working on the digitization of its services and facilities, which is likely to encourage swift uptake of blockchain technology in the coming years. Some of the potential areas for growth for the blockchain technology market are the smart contract, smart property, non-financial sector, healthcare, and music industries.
Digital identity is estimated to grow at a high CAGR during the forecast period
The digital identity management is said to be the fastest-growing application in the blockchain market, as it eliminates the need for central authority and third-party, thereby making it easier for the individuals to manage and control over personal information and access. The vendors operating in the global market are focusing on developing commercially feasible solutions. Moreover, the focus of dominant players in the market is toward the development of blockchain-based identity management solutions for financial transactions and personal use cases.
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Top Industry Players:
This report studies Blockchain Technology in Global market, especially in North America, Europe, China, Japan, Southeast Asia and India, focuses on top manufacturers in global market, with production, price, revenue and market share for each manufacturer, covering: Microsoft Corporation, Deloitte Touche Tohmatsu Limited, IBM Corporation, R3, Chain Inc., Consensus Systems (ConsenSys), Ripple, Digital Asset, Holdings LLC, Credits
Market Segment by Regions, this report splits Global into several key Regions, with production, consumption, revenue, market share and growth rate of Blockchain Technology in these regions, from 2011 to 2021 (forecast), like
• North America
• Southeast Asia
Split by Product Types, with production, revenue, price, market share and growth rate of each type, can be divided into
Split by applications, this report focuses on consumption, market share and growth rate of Blockchain Technology in each application, can be divided into
• Financial Services
• Consumer/Industrial Products
• Technology, Media, and Telecom
• Public Sector
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