Press release
Blockchain Technology Market to Grow Steadily at a CAGR of around 56% by 2021
Overview of the global blockchain technology (BT) market
Technavio’s market research analyst predicts the global blockchain technology (BT) market to grow steadily at a CAGR of around 56% by 2021. One of the key drivers for the growth of this market is the rapid increase in FinTech spending. FinTech is a service provided by companies and is based on software. Over the years, the purview of FinTech has extended to include new and innovative front-end consumer products. Several FinTech startup companies provide solutions, which are operable through smartphones or tablets, directly to the customers through licensing or by means of white label services. FinTech spending is directly correlated with BT spending as the FinTech companies are developing advance payment solutions for financial firms. Also, the exponential increase in the FinTech investments is expected to boost the growth of the global BT market in the coming years.
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One of the latest trends gaining traction in this market is the advent of artificial intelligence (AI). BT powered by AI is the most advanced IT development taking place in the blockchain and cryptocurrency market. AI provides several features to manage decentralized monetary systems. AI algorithms can be used to predict the value of bitcoins, which can help bitcoin traders to manage bitcoin transactions. It will also help the customers to have easy access to comparative information and will allow investors to be better informed before making decisions about their financial plans. This, in turn, will augment growth in the global BT market during the forecast period.
Competitive landscape and key vendors.
At present, vendors are dependent on their suppliers for procuring components to build BT solutions. As the availability of suppliers in the market is low, it is difficult for the players to provide competitive costs to the end-users. Consequently, to gain a competitive advantage, vendors need to constantly develop new technologies and also stay up-to-date with emerging technologies that can influence their product lines.
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Leading vendors in the market are –
Accenture
IBM
Microsoft
Other prominent vendors in the BT market include Axoni, Abra, BTL Group, BlockCypher, BitFury Group, Chain, ConsenSys, Deloitte, Ethereum, Ezyremit, Global Arena Holding, Provenance, R3, Ripple, Scorechain, Slock.it, and TATA Consultancy Services.
Segmentation by end-user and analysis of the BT market
BFSI
Supply chain management
Healthcare
During 2016, the BFSI sector dominated the BT market and accounted for a major part of the overall market share. The financial services firms are implementing BT to manage digital transactions. Also, insurance firms are subscribing to BT to manage insurance policies and claim management. The above-mentioned factors contribute significantly to the market dominance of the BFSI sector in the BT market.
Geographical segmentation and analysis of the BT market
Americas
APAC
EMEA
In this market study, analysts have estimated the Americas to dominate the BT market during the forecast period. The market dominance of this region can be attributed to the high number of mergers between banking firms and BT service providers. Also, the rising demand for cloud-based BT is expected to increase the viability of transactions in the coming years.
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Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the global BT market?
What are the key market trends impacting the growth of the global BT market?
What are the challenges to market growth?
Who are the key vendors in the global BT market?
What are the market opportunities and threats faced by the vendors in the global BT market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global BT market?
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