Blockchain Technology Market to reach US$ 39.7 billion by 2025 | IBM, AWS, Microsoft, SAP, Intel, Oracle, Bitfury, Cegeka, Earthport, Guardtime, Digital Asset Holdings, Deloitte

Worldwide Market Reports added “Blockchain Technology Market” to its vast collection of research Database. The report classifies the Global Blockchain Technology Market in a precise manner to offer detailed insights into the aspects responsible for augmenting as well as restraining market growth.

Blockchain technology is an advanced technology comprising of a distributed database that records all the transactions & digital events executed & shared among numerous contributing parties. Each transaction is validated by an agreement between most of the stakeholders in the organization and contains a record of each transaction executed. The global blockchain market size is expected to grow from US$ 3.0 billion in 2020 to US$ 39.7 billion by 2025.

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Various governments have implemented blockchain technology-based identification platforms at the national level to facilitate secure & transparent transactions across the private & public sectors. Moreover, increasing use of this technology among financial service providers to offer cross border payments at low costs, more reliability, and higher security is again augmenting the market growth. For instance, in January 2017, SWIFT launched a Proof of Concept (PoC) to explore DLT to help banks to monitor and manage their international Nostro accounts

Blockchain entries do not last forever and use excessive energy. This restricts the growth of the Blockchain technology market.

North America region is expected to dominate the blockchain technology market due to faster adoption of innovative technologies such as blockchain technology for the enhancing payment and wallet solution across verticals such as BFSI, government, and retail.

Another region that is expected to grow is Asia Pacific. This is due to the increasing use of blockchain technology for the management of Know Your Customer (KYC) documents by banks in the region. Furthermore, increasing government and research institute initiatives in the region for the development of blockchain technology is further contributing to the market growth in this region

Some of the major players in the market include IBM, AWS, Microsoft, SAP, Intel, Oracle, Bitfury, Cegeka, Earthport, Guardtime, Digital Asset Holdings, Deloitte, Circle Internet Financial Limited, Global Arena Holding, Inc, Post-Trade Distributed Ledger, Eric Industries, and many others.

In April 2020, IBM partnered with Nestle to enable Nestle for using IBM Food Trust enterprise blockchain to trace its Zoégas coffee brand.

In March 2019, Tata Consultancy Services (TCS) collaborated with Microsoft and R3 technology (R3), to adopt a scalable cross-industry blockchain platform. Some of the anchor solutions that are being built on these platforms include skills marketplace, anti-counterfeiting of luxury goods, affordable mobility, and shared telecom infrastructure for 5G, and loyalty and rewards programs

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