Blockchain Technology Market - Advanced technologies & growth opportunities in global Industry
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Penetration of IoT Opens Up Lucrative Business Opportunities
Analysts anticipate that the global blockchain technology market will witness a spike in demand as it is known to reduce the risks related to frauds and identity thefts. Citing this reason, financial institutions are exploring options of collaborating with blockchain startups as well as investing in their research and development projects. The proliferation of Internet of Things (IoT) across various industries is also expected to play a crucial part in the uptake of these technologies. For instance, the banking sector is continuously working on the digitization of its services and facilities, which is likely to encourage swift uptake of blockchain technology in the coming years. Some of the potential areas for growth for the blockchain technology market are the smart contract, smart property, non-financial sector, healthcare, and music industries.
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Early Adoption of Technology Keeps North America Blockchain Technology Market Ahead of Other Regions
In terms of geography, the global blockchain technology market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Of these North America held the largest share in the global market in 2015. The dominance of this region was attributable to the presence of several leading players and increasing investments in the development of their technology. The report suggests that the U.S. is expected to be the key contributor to the rising revenue of North America blockchain technology market in the coming years. The overall acceptance of technology in the region is also likely to boost the regional market in the coming years.
Additionally, Asia Pacific is also expected to show a significant growth rate in the global blockchain technology market. This regional market is expected to expand at a CAGR of 61.3% in the coming years. The booming economies of China, Japan, and India and their strengthening resolve to digitize their economies is expected to play an important role in shaping the trajectory of the Asia Pacific blockchain technology market in the coming years. In the meanwhile, rising investments in blockchain technology in developing regions of the Middle East and South America are also expected to help the market gain momentum, especially in the financial sector in the coming years.
The key players operating in the global blockchain technology market are Microsoft Corporation, Deloitte Touche Tohmatsu Limited, IBM Corporation, R3, Chain Inc., Consensus Systems (ConsenSys), Ripple, Digital Asset Holdings LLC, and Credits. The competition is high in the market due to the strong presence of several players. Most of these companies are expected to focus on mergers and acquisitions to improve their consumer base and enhance their product offerings.
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