Global Blockchain Market was valued at USD 357.7 million in the year 2017. Global Blockchain market is further estimated to grow at a CAGR of 74.5% from 2018 to reach USD 10.10 Billion by the year 2023. North America region holds the highest market share in 2017 and Asia-Pacific market is considered as the fastest growing market in the forecasted period due to high adoption and acceptance of blockchain technology. At country level U.S, Japan & China is projected to grow strongly in the coming years.
JP Morgan Chase (U.S), IBM Blockchain (US), Microsoft Blockchain (US), Chain, Inc. (US), Amazon AWS (U.S) and Abra (US) are some of the key players in the Global Blockchain market. Rising research and development expenses to cater changing demand of end users, similarly growth strategies such as acquisition, merger and expansion of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 manufacturers in recent years.
Drivers:
Rapidly growing cryptocurrency market
Providing faster transactions
Restraints:
Unregulated and not monitored by any central bank
Opportunities:
Increasing traceability and customer experience
Providing Security of online communications
Challenges:
Security & privacy
Lack of awareness about technology
The segmentation are done on the basis of provider, by application, by organization size, by industry vertical and by region. On the basis of application, the global blockchain market is sub segmented as payments, smart contracts, exchanges, documentation, digital identity, supply chain management, governance, risk and compliance management and others (digital voting and content storage management) of which the payment segment is expected to hold the highest market share during the forecast period. On the basis of providers application and solution provider holds the highest market share in coming years.
The segmentation done on the basis of Industry Vertical, the real estate segment is expected to hold the highest market share among other industries. On the basis of Organization Size the market is segmented as small and medium-sized enterprises (SMEs) and large enterprises of which large enterprises is expected to grow at the highest CAGR during the forecasted period.
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Key Benefits for Stakeholders
Blockchain Manufacturers, Distributors and Retailers
Research and Consulting Organization
Technology Standards Organizations, Forums, Alliances and Associations
End use industries
Regulatory bodies, policy actors and consumers.
By Application
Payments
Smart Contracts
Exchanges
Documentation
Digital Identity
Supply chain management
Governance, risk and compliance management
Others (digital voting and content storage management)
By Provider
Application and solution provider
Middleware provider
Infrastructure and protocol provider
By Organization Size
Small and Medium-Sized Enterprises (SMEs)
Large enterprises
By Industry Vertical
Banking, Financial Services, and Insurance (BFSI)
Government and public sector
Healthcare and life sciences
Media and entertainment
Retail and e-commerce
Travel and hospitality
Transportation and logistics
Real estate
IT and telecommunications
Others (automotive, education, and energy and utilities)
By Region
North America
Europe
Asia-Pacific
RoW
Key Market Players
360 Blockchain Inc.
Amazon AWS
Abra (US)
Deloitte
IBM Blockchain
Microsoft Blockchain
Chain, Inc.
Ripple
BTL Group
Coinbase
Axoni
JP Morgan Chase
(A brief overview of 13 companies is also provided)
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