The blockchain technology market size is expected to grow from USD 210.2 Million in 2016 to USD 2,312.5 Million by 2021, at a CAGR of 61.5% during the forecast period. The major growth drivers of the market are transparency & immutability, faster transactions, and reduced total cost of ownership.
The blockchain technology market is segmented by provider, application, organization size, industry vertical, and region. The infrastructure and protocols provider segment is expected to dominate the market during the forecast period, whereas the application and solution provider is projected to witness the highest growth rate due to the increased demand for fast processing applications for payments and transactions.
Payments application holds the largest share of the blockchain technology market in 2016. The need for banking and financial transactions has evolved from traditional payments systems to be seamlessly integrated into new and always connected lifestyle which is fueling the growth of blockchain-based payment solutions. The digital identity market is expected to grow at the highest rate as the blockchain technology would make digital identities more secure and efficient, resulting in seamless sign-ons and will reduce identity frauds.
The Banking, Financial Services, and Insurance (BFSI) sector is expected to dominate the market with the largest market share during the forecast period, whereas the media and entertainment vertical is expected to grow at the highest CAGR during the forecast period due to the increasing adoption of blockchain technology across smart contracts, document management, and digital identities in the media industry.
Small and Medium Enterprises (SMEs) and large enterprises are rapidly deploying the blockchain technology solutions. The demand for blockchain technology solutions is increasing due to the cost-effective and time-efficient features; its growth is specifically high in SMEs, where low cost solutions are much required. The North American region is expected to become the largest revenue generating region for the blockchain technology vendors in 2016, followed by Europe. This is mainly because in the developed economies of the U.S. and Canada, there is high focus on distributed ledger technology innovations. The APAC region is expected to be the fastest growing region in the blockchain technology market which is primarily driven with high investments by financial technology in distributed ledger technology.
The blockchain technology market faces challenges such as security, privacy & control, and scalability. Moreover, factors such as technical understanding about the blockchain concept hamper the market growth.
- 21, Inc.
- Abra, Inc.
- BTL Group (Blockchain Tech Ltd.)
- Chain, Inc.
- Circle Internet Financial Limited
- Digital Asset Holdings
- Digitalx Ltd. (Digital CC Ltd.)
- Global Arena Holding, Inc. (GAHI)
- IBM Corporation
- Microsoft Corporation
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Blockchain Technology Market Overview
6 Blockchain Technology Market: Industry Trends
7 Blockchain Technology Market Analysis, By Provider
8 Blockchain Technology Market Analysis, By Application
9 Blockchain Technology Market Analysis, By Organization Size
10 Blockchain Technology Market Analysis, By Industry Vertical
11 Geographic Analysis
12 Competitive Landscape
13 Key Innovator Profiles
For more information about this report visit http://www.researchandmarkets.com/research/f44h8j/blockchain
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SOURCE Research and Markets