Blockchain technology is mainly used for electronic transactions. This permits several individuals to get connected to the network to track information through a safe network and thus eliminate the need for third-party verification. Increasing online dealings, digitization of currency, and safe online payment gateways are prominent factors expected to fuel demand over the coming years.
Global Block Chain Market Size & Growth in 2025:
The global blockchain market was valued at $161.56 Billion in 2017 and is estimated to reach $7.32 Billion by 2025, at a CAGR of 5.5% during 2019-2025. The main factors for the global blockchain market growth are increasing adoption of blockchain as a service is also increased, rising cryptocurrency market cap and initial coin offering, faster transactions, as much as possible business processes are simplified and creating transparency and immutability, the reduced total cost of ownership are driving the blockchain market. Uncertain regulatory status and lack of a standard set of standards are hampering and are likely to continue during the forecast period. The significant challenges facing by the global blockchain market are security, control, and privacy, limited scalability, lack of awareness of transactions and so on especially in the emerging economies across the globe. So that the adoption of the blockchain technology among communication set of providers, blockchain technology for payments, smart contacts and digital identities, transforming international trade and supply chain management so that creating profitable opportunities to the blockchain market growth.
Global Blockchain Market Segments Share:
The global blockchain market is segmented based on the provider, organization size, industry, applications, and geography. By provider, the global blockchain market is involved in into solution provider, middleware provider, infrastructure, and protocol provider. In the provider segment, the application and solution provider segment show significant growth due to faster transactions. By organization size, the market is segregated into large enterprises, small & medium enterprises. In these, small & medium enterprises are expected to register the highest growth in the global blockchain market, and large enterprises and hold the largest market in the global blockchain market due to increasing cryptocurrency market cap. According to the Industry, the market is classified into education, government, healthcare, and life sciences, media and entertainment, retail and e-commerce, travel and hospitality, transportation and logistics, real estate, telecommunication. Among these, the government is expected to register the highest growth in the global blockchain market, and e-commerce holds the largest market in the global blockchain market due to simplifying business processes and creating transparency and immutability. By application, the market is segmented into payments, exchanges, smart contracts, documentation, digital identity, supply chain management, governance, risk, and compliance management and some others. Due to these verticals, exchanges are expected to register the highest growth in the global blockchain market, and payments hold the largest market in the global blockchain market due to the increase in the adoption of blockchain as service. By geography, South America is expected to register the highest growth in the global blockchain market due to rising cryptocurrency market cap, and initial coin offering and the Asia Pacific is likely to occupy major share and estimated to witness tremendous opportunities due to increasing transactions, simplifying business processes and creating transparency and immutability and reduced total cost of ownership.
Global Blockchain Market Trends: In July 2018, Amazon Web Services (AWS) entered into the blockchain technology market by introducing the AWS Blockchain template. AWS Blockchain templates to put together the required resources to support distributed ledger or cryptocurrency web applications. These templates are the first step in AWS’s entry into the blockchain market, with the goal of creating applications more efficiently and rapidly.
Global Blockchain Market Research Report has followed:
Regional and Global Diversity is analyzed with the major countries and unions. Scrutinizing the revenue generation on Year-On-YearIdentifying DROC in the current market and their impact on altering market dynamics. Competitive landscape analysis to identify the mergers and acquisitions which will have a comparative financial analysis with significant competitors.Expertise investment opportunities by an analyst to the individual and organization to have a better foothold in the market. The primary critical players in the Global Blockchain Market are Amazon Web ServicesDeloitteIBM CorporationMicrosoft, Inc. Ripple, Inc.Chain, Inc. Along with these companies, there were many other companies considered cited in the report while analyzing the global blockchain market. These companies hold the share-owning to the nature of the industry whereas the rest of the market shares are marginal chunks to regional and local level manufacturers.