An increasing investment in venture capital funding is one of the major factors that is expected to contribute to the growth of the global blockchain technology market over the forecast period. Likewise, transparency and easy business processes by blockchain technology decreases working costs, this is also helping to increase the growth of the global blockchain market. On the other hand, lack of technical professionals for managing or handling the blockchain technology is a crucial factor may hinder the growth of the global blockchain market during the prediction period.
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Thus, the huge adoption of blockchain technology for smart contracts, payments, and digital identities are also some other factor driving the growth of the global blockchain market. The growing demand for this solution in the financial services, industrial or consumer products, media & telecommunication, technology, transportation, as well as public sector hugely responsible for boosting the growth of this market.
The global blockchain market is segmented into technology type, application, and geography. In terms of technology type, the global market is segregated into public, private, and hybrid. On considering the application, the market is fragmented into exchanges, digital identity, smart contracts, payments, supply chain management, and others. Geographically, the global blockchain market is categorized into Asia Pacific, North America, Europe, South America, and the MEA.
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Furthermore, global blockchain market is bifurcated on the basis of regions that comprises North America, Europe, Asia-Pacific, the Middle East and Africa (MEA), and Central and South America. North America is home for the bulk of industries with a large operation base and has observed a prominent implementation of documentation, smart contracts, and payment applications in most of its industries specifically healthcare and life sciences and BFSI. The region is anticipated to be the largest for the acceptance of blockchain solutions owing to the increased capitalization on the development of distributed ledger technologies and to offer customers faster transactions and transparency. Growing penetration rate in several industries comprising real estate, media and entertainment, retail and e-commerce, transportation and logistics, and IT and telecommunication verticals are anticipated to drive the market growth. Furthermore, financial institutions in the Asia-Pacific region are heavily capitalizing on designing a permission blockchain network to minimize costs and streamline their internal operations. The integration of the technology in these segments is changing the way businesses are conducted across various industry verticals.
Leading market players in Blockchain Industry:
Amazon Web Services, Inc.,
BTL Group Ltd.
Digital Asset Holding LLC
International Business Machines Corporation
Bitfury Group Limited
These vendors have adopted various types of growth strategies, such as business expansions, new product launches, acquisitions, product innovation, partnerships & collaborations and venture funding to expand their offerings and improve the customer experience in the market.
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