Blockchain Market by Provider, Application, Organization Size, Industry Vertical, and Region - Global Forecast to 2022
DUBLIN, Jan. 8, 2018 /PRNewswire/ --
The "Blockchain Market by Provider, Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Supply Chain Management, and GRC Management), Organization Size, Industry Vertical, and Region - Global Forecast to 2022" report has been added to Research and Markets' offering.
The blockchain market is expected to grow from USD 411.5 Million in 2017 to USD 7,683.7 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 79.6%.
Factors such as demand for distributed ledger technology, reduced total cost of ownership, rising cryptocurrencies market cap and initial coin offerings, increasing demand for simplified business processes, transparency and immutability, faster transactions, and rising adoption for Blockchain-as-a-Service are expected to drive the growth of the global market.
The report provides detailed insights into the global blockchain market, which is segmented by provider, application, organization size, industry vertical, and region. Among applications, the payment application would continue to dominate the market during the forecast period owing to reduce risks, improved efficiency, and transparency in payment systems provided by blockchain across different verticals. Digital identity application is expected to grow at the fastest rate owing to its applications in multiple transactions and reduced fraud rate and easy management.
Among providers, the application and solution provider segment is expected to dominate the blockchain market owing to significant value added to the businesses by reducing duplications in transactional data, providing periodic reconciliation and authentication for commercial and regulatory reasons. Application and solution provider segment is expected to grow at the fastest rate due to the rising demand for international online money transfer network, and cloud-based services across multiple industry verticals.
The real estate vertical is expected to grow at the highest rate during the forecast period. Blockchain can be used by real estate industries to define fast processes in multiple transactions, easy money transfer, and provide transparency of each transaction to its customers. In addition, steady progress of cross-border investment across the globe boosts transparency, thereby fueling the market growth for blockchain market.
Large enterprises are expected to dominate the market in terms of market share as such enterprises are continuously investing in their R&D activities to improve overall performance and provide customer satisfaction. Companies also get venture funding to develop supportive infrastructure for blockchain integration. However, the Small and Medium-Sized Enterprises (SMEs) are expected to exhibit a higher CAGR, owing to the availability of Blockchain-as-a-Service provided by vendors operating in the market that minimizes infrastructure development costs.
Factors such as rising cryptocurrencies market cap and ICO, faster transactions, reduced total cost of ownership, simplified business processes, transparency, and immutability are expected to drive the market growth. However, the transformation of international trade and supply chain management, high adoption of blockchain for payments, smart contracts, and digital identities, rising importance and adoption of blockchain technology for communication service providers, and a new breed of programmable blockchain platforms would create lucrative market opportunities.
Market Dynamics
Drivers
- Increasing Adoption of Blockchain-As-A-Service
- Rising Cryptocurrency Market Cap and ICO
- Simplifying Business Processes and Creating Transparency and Immutability
- Faster Transactions
- Reduced Total Cost of Ownership
Restraints
- Uncertain Regulatory Status and Lack of A Common Set of Standards
Opportunities
- Rising Importance and Adoption of the Blockchain Technology Among Communication Service Providers
- Transforming International Trade and Supply Chain Management
- High Adoption of the Blockchain Technology for Payments, Smart Contracts, and Digital Identities
- New Breed of Programmable Blockchain Platforms
Challenges
- Security, Privacy, and Control
- Limited Scalability
- Lack of Awareness About the Blockchain Technology
Industry Trends
Types of Blockchain Technology
- Public Blockchain
- Private Blockchain
- Permissioned Blockchain
Blockchain Associations and Consortiums
- CLS Group
- R3cev Blockchain Consortium
- Hyperledger
- Global Payments Steering Group (GPSG)
- Financial Blockchain Shenzhen Consortium (FBSC)
- Cu Ledger
- Blockchain Collaborative Consortium (BCCC)
- Wall Street Blockchain Alliance (WSBA)
Blockchain Market Evolution
Use Cases
- Blockchain in Supply Chain Management
- Blockchain in Finance
- Blockchain in Insurance
- Blockchain in Healthcare
- Blockchain in Government
Companies Mentioned
- AWS
- Abra
- Alphapoint
- BTL Group
- Bitfury
- Chain, Inc.
- Coinbase
- Digital Asset Holdings
- Earthport
- Factom
- IBM
- Microsoft
- Ripple
For more information about this report visit https://www.researchandmarkets.com/research/3kmxwc/blockchain_market?w=5
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