New Jersey, NJ, Sept. 24, 2019 (GLOBE NEWSWIRE) -- Adoption of blockchain technology in retail and supply chain management and ease in business processes which creates transparency are the two major factors for the market growth. The global Blockchain market is expected to grow from USD 1.3 Billion in 2017 to USD 169.5 Billion by 2025 at a CAGR of 83.8% during the forecast period 2018-2025, according to the new report published by Fior Markets.
Blockchain is defined as a mounting list of records, named as blocks, which are connected using cryptography. These blocks contain cryptographic hash of the previous block called as timestamp and transaction data. Blockchain is based on everything related to the values. It is used for different payments, smart contracts, digital identity risk, compliance management and many more. Blockchain is a kind of distributed ledger system that provides enhanced security to real-time transaction processing. It also increases the speed and efficiency of transaction processing. Additionally, the blockchain technology is mainly adopted by various industry sectors. It has increased the annual savings for banks and has also reduced the infrastructure cost. Blockchain allows transactions to take place in a decentralized manner using a peer-to-peer network. The data present in the blocks cannot be altered without modification of the succeeding blocks.
Growing investments in venture capital funding and blockchain technology is a major factor driving the market. In addition, ease in business processes and transparency by blockchain technology reduces working costs, thus, fuelling the growth of the market. Lack of technical professionals for handling the blockchain technology may hamper the growth of the market. However, high implementation of blockchain solutions for payments, smart contracts, and digital identities may drive the market growth.
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Key players operating in the global blockchain market include IBM, AWS, Microsoft, SAP , Intel, Oracle, Bitfury, Cegeka, Earthport, Guardtime, Digital Asset Holdings, Chain, Huawei, BlockCypher, Symbiont, BigchainDB , Applied Blockchain, RecordsKeeper, Blockpoint, Auxesis Group, BTL Group, Blockchain Foundry, AlphaPoint, and Factom. To enhance their market position in the global blockchain market, key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, in November 2018, Microsoft collaborated with Interswitch Group, a Nigeria-based electronic payment and digital commerce solutions provider which resulted in the launch of blockchain-based supply chain financing service to ensure fast and seamless trade financing in the entire supply chain system.
- In October 2018, SAP launched new services for blockchain customers and launched a new network extensibility services. This service enables customers and partners to integrate different blockchain infrastructures. In addition this service will help customers to meet specific regional, hardware, performance and regulatory requirements.
Application Providers segment valued around USD 620 Million in 2017
The provider segment is classified into application providers, middleware providers and infrastructure providers. The application providers segment has dominated the blockchain market with a value of around 620 million in 2017. The utilisation of blockchain technology as an application platform to build the underlying trust base of the system including owners, lenders, investors and service providers is propelling the growth of the market.
SMEs segment valued around USD 830 Million in 2017
Organization size segment includes small and medium-sized enterprises and large enterprises. SMEs segment dominated the market in 2017. The requirement for restructuring the business processes in a cost-effective way is driving the SMEs segment. Low infrastructure costs and transparency in business processes is also mobilising the segment.
Banking, financial services, and insurance, government segment held the largest market share of 24.50% in 2017
Industry vertical segment is divided into segments such as banking, financial services, and insurance, government, healthcare and life sciences, media and entertainment, retail and ecommerce, travel and hospitality, transport and logistics and real estate. Banking, financial services, and insurance, government segment is dominating the market.
Smart contracts segment held a market share of 27.60% in 2017
The application segment includes payments, exchanges, smart contracts, documentation, digital identity, supply chain management, governance, risk, and compliance management. The smart contracts segment held a market share of 27.60% in 2017. Smart contracts arranged over the blockchain network provides for no modification in contract terms and conditions, thus, making it difficult for third parties to hack the data in contracts.
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Regional Segment Analysis of the Blockchain Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific region dominated the global blockchain market with USD 0.54 Billion in 2017 where as the North America region held the second dominant position in the market. North America is dominating the region because of increasing implementation of blockchain technologies by the organizations in this region. Also, the evolution of several blockchain technology providers impact the overall share of the market. Hence, they have started implementing the technology to grow business applications. The Asia Pacific region is growing rapidly because of technological advancement and use of skilled labours to handle the blockchain process.
About the report:
The global blockchain market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients' objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.
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