Global Blockchain Market Witness Huge Growth by 2027- IBM, Microsoft, Accenture, Amazon, SAP SE, HPE, Oracle, Intel, Ripple, Bitfury Group
Blockchain technology and its applications in the banking, financial services, and insurance sector have attracted a lot of attention in the past few years majorly due to its ability to transform the foundation and business models of existing industries. Presently, apart from cryptocurrency applications, the other major practical applications of blockchain are still in the banking and financial sector; but various companies and institutions are now rapidly developing blockchain based solutions to solve complex business problems. The rising adoption of blockchain technology among North America countries is set to nurture the global blockchain market in this region during the forecast period.
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Global Blockchain Market - Company Profiles
Amazon Web Services
Hewlett Packard Enterprise Development LP (HPE)
North America is one of the fastest growing regions in terms of technological development. In the past few years, the region has witnessed significant adoption of blockchain solutions across all the industries. The North America region contributes to the largest market share in the global blockchain market. In terms of revenue, it is estimated that it would continue to dominate the global blockchain market throughout the forecast period from 2019 to 2027. The adoption of blockchain technology is very high in the US. The highly competitive environment in the US and strong presence of technology providers such as IBM and Microsoft is contributing to the high growth of blockchain market in North America.
In terms of technology adoption and use cases, the BFSI industry is leading the market across the world. Blockchain solutions are being implemented in payments, remittances, identity management, fund processing, dispute management, risk management, and many other applications. BFSI sector has been held back due to limitations and obsolete aspects of the mainframe computing technology but with BFSI industry moving into the advanced age of real-time transaction processing, Blockchain is a principal facilitating technology. This technology has become progressively attractive to the BFSI sector for its tamper-proof ledger. With big market players such as IBM, Accenture, and Microsoft, more and more Blockchain solutions are being implemented across major banks and insurance companies. These factors drives the global blockchain market.
The global blockchain market is bifurcated by application segment into payments, exchanges, smart contracts, documentation, digital identity, governance, risk & compliance, and others. With blockchain applications such as payments, smart contracts, and documentation among others, businesses have a huge opportunity to increase their revenue. Blockchain reduces cost, increase security, increase transparency, and decrease transaction time while reducing the need for a trusted third party. Blockchain handles a varying set of rules and configurations. An application such as smart contracts, can greatly improve process efficiency, reliability, transparency, and reduce risk. The blockchain will be adopted by the largest companies that drive innovation and solutions due to the global and collaborative nature of blockchain. With tech giants such as IBM, and Microsoft among others investing in this technology, the payments is going to drive the growth of the global blockchain market during the forecast period.
On the basis of industry vertical, the global blockchain market is categorized into BFSI, Retail, Government, Transportation and Logistics, Healthcare, Automotive, Media & Entertainment, and Others. The others segment in the blockchain market include Real Estate, Energy, Telecom, and Sports among others. Blockchain is a public ledger capable of automatically verifying and recording a high volume of digital transactions, regardless of location. As startups use blockchain technology to drive greater transparency across the digital information network, they are increasing awareness of the blockchain technology in various sectors. In the global blockchain market, BFSI sector is going to drive the growth of the market during the forecast period.
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