Blockchain Market Analysis By Major Financial Services, IT & Computer Software companies: Amazon Web Services, Coinbase, Earthport, Huobi, IBM, Infinity Blockchain Labs, Microsoft, R3, Ripple, Bitfury, ABRA, AlphaPoint, Blocko, Blockstream, BTL Group, Cha
North America held 50%+ blockchain market stake in 2017. The supportive government initiative & policy for driving the adoption of the blockchain technology among the public-sector companies is the major force supporting the market.
APAC blockchain market is predicted to grow at a CAGR of 87% from 2018 to 2024 driven by increasing investments in the blockchain technology by venture capitalists and increasing number of the blockchain start-ups and ICOs in the region.
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Competitive Market Analysis –
Majority of the industry players in blockchain technology market are Amazon Web Services, Coinbase, Earthport, Huobi, IBM, Infinity Blockchain Labs, Microsoft, R3, Ripple, Bitfury, ABRA, AlphaPoint, Blocko, Blockstream, BTL Group, Chain, Emurgo, Factom, PayStand, Exioms, SimplyFI Softech, Asta Solutions, Bitse, BLOQ, and SmartMesh.
Providers Segment Analysis –
The market is categorized into infrastructure providers, application providers, and operators. The infrastructure providers dominated the market space with more than 65% revenue in 2017. The growth of the market is credited to the growing demand for the core blockchain protocol to develop customized application and software.
On the other hand, the application providers are anticipated to grow at a CAGR of more than 85% during the forecast timeline. The market is driven by the growing demand for the blockchain-based payment and documentation solutions.
Application Segment Analysis –
Payments and wallets are leading the application landscape with more than 50% stake in the blockchain market. The numerous benefits offered by the blockchain-based payment solutions such as transparency, speed, and cost-effectiveness are the major factors that foster the market growth.
Digital identity market is predicted to grow substantially during the forecast interval at a CAGR of more than 95%. The requirement for the reliable and secure international identification system and the growing risk of cyberattacks are the major forces driving the market.
The smart contract is also one of the prominent applications of the blockchain market and is estimated to grow at a CAGR of over 80% during the forecast period as Smart contract assists organizations and individuals conduct transactions of property, money, and shares in a conflict-free and transparent manner, eliminating the services of middlemen.
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End-use Segment Analysis –
BFSI sector accounted for over 60% share in the blockchain market in 2017. The increasing use of the blockchain technology among the financial institutes in a variety of applications, ranging from cross-border payment and wallets to digital identity identification, is the primary factor augmenting the market growth.
The government sector is predicted to grow at a CAGR of over 85% during the forecast period. The ability of the blockchain to streamline the documentation process among the public-sector organization is the major factor augmenting the market growth.
Market Revenue Estimation –
Blockchain Market exceeded USD 200 million in 2017 and is projected to surpass USD 16 billion by 2024; growing at more than 75% gains from 2018 to 2024.
Market Growth Drivers –
1. Growing adoption of distributed ledger among banking and financial institutes
2. Rising market capitalization of cryptocurrencies
3. Increasing venture capital investment in Blockchain and ICOs
4. Benefits offered by the technology
Browse key industry insights spread across 180 pages with 132 market data tables & 39 figures & charts from the report, “Blockchain Market Size By Providers (Infrastructure Provider, Application Provider, Operators), By Application (Smart Contract, Payment & Wallet, Digital Identity, Exchange, Compliance & Risk Management), By End-Use (BFSI, Government, Healthcare, IT Service, Media & Entertainment, Transportation & Logistics), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Switzerland, Australia, China, India, Japan, South Korea, Singapore, Brazil, Mexico, Israel, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
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