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Why Blockchain Industry is Driving Growth? Key Companies: Oracle, Deloitte, Microsoft, IBM, The Linux Foundation, Chain Accelerator, Tendermint, VironIT, Altoros, and Blockchain.

07-25-2019 12:05 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Fortune Business Insights

Blockchain

Blockchain

The global blockchain technology market is forecast to rise exponentially in the coming years The market is expected to witness high demand from diverse industries, especially the banking, financial services, and insurance (BFSI) industry, finds Fortune Business Insights in a report, titled “Blockchain Technology Market Size, Share and Global Trend by Product Type (Vertical Solutions, Blockchain-as-a-Service), Deployment (Proof of Concept, Pilot, Production), Industry Vertical (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Entertainment, Retail & Consumer Goods, Travel and Transportation), and Geography Forecast till 2025.”

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Key Companies: -

In 2017, IBM was the leading organization in the global Blockchain technology market. Other companies operating in the global market are Oracle, Deloitte, Microsoft, IBM, The Linux Foundation, Chain Accelerator, Tendermint, VironIT, Altoros, and Blockchain.

Segment Overview-

In terms of industry vertical, the banking, financial services, and insurance segment held the leading share of 41% in global blockchain technology market in 2017. The segment will gain further impetus following introduction of bitcoin. “Rampantly increasing cyber-attacks and frauds in the BFSI industry accounts for millions of dollars. This has become a global concern. To make the technology used in the industry safer and more secure, Deloitte and Microsoft Azure and other tech giants are offering blockchain services,” said a lead analyst.

In terms of deployment, the proof of concept segment is gaining traction and is expected to witness impressive growth during the forecast period 2018-2025. Growth witnessed in this segment is backed by high need of transparent transaction across industries such as healthcare, retail and BFSI.

Growth Factor

“Government initiated awareness programs regarding benefits of blockchain technology among undeveloped nations is anticipated to fuel the demand in the global blockchain technology market, said a lead analyst at Fortune Business Insights.

Increasing adoption of e-financial services and rapid adoption of the blockchain technology in developed nations are expected to drive the global blockchain technology market during the forecast period.

Increasing number of new blockchain products and their approval grants is also anticipated to act as a driving factor for the global Blockchain technology market.

Regional Analysis

North America emerged dominant in the global blockchain technology market in 2017. The North America market was worth US$ 820 Mn in 2017. The region will continue leading the market at a global level through the forecast period. Growth witnessed in the market is also attributable to recent collaborations between market players in the U.S. and blockchain service provides. Europe is also anticipated to witness impressive growth during the forecast period owing to high presence of blockchain technology developers.

Know More@ https://www.fortunebusinessinsights.com/industry-reports/blockchain-technology-market-100072

As per the report, the global Blockchain technology market will reach US$ 21,070.2 Mn by the end of 2025 as against US$ 1,640.7 Mn in 2017. If these figures hold true, the global market will rise at a remarkable CAGR of 38.4%.

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Fortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

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