Global Blockchain technology Market: Snapshot
The global blockchain technology market is developing at a rapid rate and is predicted to observe high growth in the coming few years. The increasing number of innovations and the rising awareness among consumers regarding the benefits of using blockchain technology to accelerate the growth of the market in the near future.
As per a new market research by Transparency Market Research, in 2015, the global market for blockchain technology was worth US$315.9 mn and the market is projected to reach a value of US$20 bn by the end of 2024. The market is predicted to register a whopping 58.90% CAGR between 2016 and 2024.
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Rise in Use of Blockchain Technology in Diverse Industries to Enhance Market Growth
The adoption of blockchain technology helps in creating a transparency and simplified the business processes, owing to which, the market is predicted to observe a high growth in the next few years. In addition to this, the increasing popularity of blockchain as a service and the low cost of ownership are estimated to encourage the growth of the global blockchain technology market in the next few years. On the other hand, the changing regulatory status and the non-availability of a common set of standard are likely to hamper the growth of the overall blockchain technology market in the next few years. Nonetheless, the increasing adoption of the blockchain technology for smart contracts, payments, and digital identities is estimated to offer potential growth opportunities for the market players in the near future.
The global market for blockchain technology has been categorized on the basis of application into the financial sector and non-financial sector. In the last few years, the banking sector is growing at a tremendous rise, thanks to which, the financial segment is estimated to enhance the growth of this segment in the next few years. Moreover, the increasing investments in the financial sector and the increasing adoption of blockchain technology are further predicted to enhance the market growth in the coming few years.
Increasing Investments in Blockchain Technology to Support Market Growth
Among the regional segments, North America market for blockchain technology is growing at a healthy pace and is likely to hold a key share of the market in the near future. The strong growth of this region can be attributed to the increasing investments for the development of this technology in this field. In addition to this, the increasing contribution from the U.S. and the rising acceptance of new technology are estimated to support the growth of the North America market in the near future. Furthermore, Asia Pacific is predicted to exhibit a favorable growth rate in the near future, owing to the rapid economic development of India, China, and Japan. Moreover, the development of the financial sector in this region is another factor propelling the market growth.
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The global market for Blockchain technology has witnessed a substantial rise in the last few years, owing to which the market is predicted to observe a healthy competition in the coming few years. The existence of well-known players operating in the market and the rising focus on the introduction of the new products are projected to support the growth of the market in the near future. In addition to this, the entry of new players and a significant rise in the number of strategic collaborations are projected to encourage market growth. Some of the key players operating in the blockchain technology market across the globe are R3, Digital Asset Holdings LLC, Ripple, IBM Corporation, Deloitte Touche Tohmatsu Limited, Microsoft Corporation, Chain Inc., and Consensus Systems (ConsenSys).
The emergence of blockchain technology as a pioneer across the BFSI sector may serve as a prominent growth generator. The enhancement of the firms operating across the BFSI sector and the development of innovative products and services may bring extensive growth opportunities for the blockchain technology market.
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