Blockchain Market to Cross USD 6 Billion Mark by 2023 - IndustryARC

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Global Market is expected to cross $6 Billion mark by 2023 owing to growth in adoption of this distributed ledger technology across various applications such as payments, smart contracts, digital identities, and documentation. 

The Market led by the demand from banking, financial, government and public sectors is expected to cross $6 Billion mark in revenue by 2023. 

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Blockchain, the decentralized database and ledger technology for transactions over a shared network, is gaining traction in a multiple applications and sectors as it connects the consumer and supplier directly without the need for a middle man or third party interference. According to a recent study from IndustryARC, the Blockchain market is forecasted to reach $6,076.6M by 2023 and is estimated to grow at a CAGR of 48.37% during the forecast period. The growth in the Blockchain market can be attributed to the adoption of this technology in banking, financial, government and public sectors.

With the advent of digitalization and modernization, Blockchain technology has scope to penetrate deeply into all major industries verticals that includes banking, financial services & insurance (BFSI), information and communication, government & public sector, healthcare, logistics, supply chain & transportation, e-commerce and retail and others. Banking, financial services & insurance (BFSI) accounted for a major market share of 41.1% in 2016, and was valued at $163.85 Million for the same year. Banking, financial services & insurance markets are implementing the decentralized Blockchain platform to offer better services to their customers.

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The market for Blockchain in North America is estimated to reach $2,660.9 Million by 2023, and is expected to grow at a CAGR of 49.31 % during the forecast period from 2017 to 2023. This region has well-established financial and IT infrastructure owing to increasing adoption of Blockchain technology for payments, digital identities, smart contracts and documentation. European region, in 2016, accounted as second largest market for Blockchain and estimated to grow at a CAGR of 43.98% during the forecast period. Europe is an important market for Blockchain technology because of the increasing focus in digital innovation in the major countries within the region and the presence of many large enterprises.

The Major Players in this Market Include 

• Microsoft Corporation (U.S.)
• IBM Corporation (U.S.)
• Deloitte Touche Tohmatsu Limited (U.S.)
• Ripple (U.S.)
• BTL Group Ltd. (Canada)

Blockchain technology solution providers, in addition to mergers and acquisitions, have utilized their core competencies and new innovative offerings to augment entry into potential markets. It is through new additions to product portfolio as well as leveraging capabilities of acquired companies to gain a foothold in the emerging markets.

The Blockchain Market study across various industry verticals is incorporated in the Report

• Banking Financial Services & Insurance (BFSI)
• Information and Communication
• Government & Public Sector
• Healthcare
• Logistics, Supply Chain & Transportation
• E-Commerce and Retail
• Others

The overall market is also presented from the perspective of different geographic regions along the key countries. Competitive landscape for each of the product types is highlighted and market players are profiled.

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About IndustryARC: 

IndustryARC is a Research and consulting firm that publishes more than 500 Reports Annually in various industries, such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.

IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications of the Market. Our Custom Research Services are designed to provide insights on the constant flux in the global demand-supply gap of markets. Our strong analyst team enables us to meet the client research needs at a very quick speed with a variety of options for your business.

We look forward to support the client to be able to better address customer needs; stay ahead in the market; become the top competitor and get real-time recommendations on business strategies and deals. Contact us to find out how we can help you today.

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SOURCE IndustryARC