Blockchain Technology Market 2020: Size, Segments, Emerging Technologies for Key Companies like Oracle Corporation, IBM Corporation, Hewlett Packard, Infosys Limited by Forecast till 2023

Market Synopsis:

Most of the blockchain technology in use are leveraging distributed ledger that gives control to the users. The authenticity of the technology is expected to fuel demand over the next few years. According to the findings offered by Market Research Future (MRFR), the global blockchain technology market is anticipated to 66.4% through the review period 2018 to 2023. The valuation of the market is presumed to surpass USD 7000 Mn mark by 2023.

Competitive Dashboard:

Some of the key players profiled in the report are Oracle Corporation, IBM Corporation, Hewlett Packard, Deloitte Touche Tohmatsu Limited, Enterprise Company, Infosys Limited, Cyber Infrastructure Pvt. Ltd, Accenture PLC, Solulab Inc., Microsoft Corporation, Empirica S.A, and Amazon Web Services, Inc

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The rising applications of the blockchain technology in healthcare and BFSI industries are anticipated to boost the growth curve of the blockchain technology market in the near future. The rising adoption of blockchain technology for payments, digital identities, and smart contracting is likely to boots the growth curve of the market in the years to come.

Market Segmentation:

The application-based segments of the blockchain technology market profiled in this analysis are digital identity, exchanges, payment & transactions, documentation, smart contract, and others. Among these, the payment & transactions segment is anticipated to register the highest growth rate of 68.90% during the forecast period.

On the basis of end-user, the blockchain technology market has been segmented into government, healthcare & life science, Banking, financial services and insurance (BFSI), Information Technology (IT) & telecommunication, travel & hospitality, real estate & construction, and others. The healthcare & life science segment is poised to exhibit a relatively higher rate of growth over the next couple of years.
The division of the blockchain technology market, on the basis of organization size, covers small & medium enterprises and large enterprises. Among these, the small & medium enterprises segment is assessed to expand at a higher CAGR of 68.59% CAGR during the evaluation period.

The segments of the blockchain technology market, by service providers, are infrastructure & protocol provider, application & solution provider, and middleware provider. The application & solution provider segment is poised to strike 67.61% CAGR across the evaluation period.

Regional Analysis:

The global blockchain technology market, by region, has been segmented into Europe, Asia Pacific, North America, and the Rest of the World (RoW). Europe is the largest regional market at present and is likely to dominate the global marketplace over the next couple of years. Germany, France, Italy, Russia, and the U.K. are the major country-level markets of the region and are expected to contribute significantly towards the development of the blockchain technology market. It is projected to expand at a CAGR of 70.36% over the assessment period.

North America is the second-largest market and is poised to touch a valuation of USD 2,504.8 Mn by the end of 2023. The U.S. is projected to thrive at the highest CAGR in the foreseeable future. Asia Pacific is estimated to mark a CAGR of 64.30% across the review period. The factors responsible for driving the growth of the blockchain technology market in the region are urbanization, digitization, internet penetration, growth of the e-commerce sector, etc.

Industry News:

In December 2019, the second-largest health insurance company in the U.S, Anthem, has announced that it is using blockchain for securing the medical data of 40 million members in three years.

In December 2019, Nike, a sports footwear firm, has obtained the patent that allows it to tokenize its products on the Ethereum blockchain.

In February 2019, Blockchain.com has started offering its latest tool for peering into the inner workings of cryptocurrency.

In February 2019, the Chamber of Digital Commerce which is Canada's largest blockchain trade association has merged with the Blockchain Association of Canada (BAC).

In February 2019, cryptocurrency investing app Abra has expanded its services to include traditional investment via blockchain-based technology.

In February 2019, Russia has announced the implementation of blockchain technology for education quality control.

In February 2019, the British dependency Isle of Man has debuted a hub focused at the development of blockchain development.

In February 2019, Union Bank of the Philippines has ventured with tech giant IBM for working on a blockchain-based solution.

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This release was published on openPR.