Blockchain Market Overview: —
Faster and secure mode of transaction is the need of the hour, and when technology provides just that, transactions can expect a whopping rise. Blockchain technology is promising such a safe pathway which would verify payment mode and then give users access, all within a blink of an eye. The advent of digital currency such as bitcoin assisted in the development of bitcoin. The payment procedure includes permissioned ledgers who secure the payment method, and with cryptography encoding of data takes place before the input reaches the receiver. The global blockchain technology market is about to experience a 51% growth that would take the market value to USD 2 billion during the forecast period (2016-2023). Market Research Future (MRFR) in their extensively studied report elaborately discusses drivers such as Banking, Financial Services, and Insurance (BFSI), cost-efficiency and increasing security and authenticity of the process. Other verticals can also gain much from this technology as it supports and creates a safe passage for technological or any kind of human interaction.
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However, the market is still having issues raised by regulatory boards over security concerns. This can impede immediate growth. But its efficacy is so profound that the coming years are going to witness blockchain playing a much more substantial role in controlling payment modes.
Presearch has launched a new decentralized technology that would verify and keep searches transparent. Machine learning has been incorporated in the technology to make it able to detect frauds within their system.
BotChain is another company that is aiming at developing blockchain for a different purpose where it will create a registry for artificial intelligence (AI) bots to identify themselves. This will provide a higher level of security and verification of AI. Imogen Heap’s Mycelia, by using blockchain technology, enables artists to control the circulation of their music among music enthusiasts and fans using blockchain technology.
By region, the global Blockchain Market can be segmented by North America, Europe, Asia Pacific (APAC) and Rest-of-the-World (RoW).
North America is currently generating the maximum share of the global revenue and its implementation across industries are also ensuring a high growth rate during the forecast period. The market is experiencing favorable winds as governments are supporting the new technology.
The APAC region is also going to experience the fastest CAGR during the forecast period as countries in this region have realized its potential, and its features such as transparency, immutability & scalability service are helping it further. Industry verticals in regions such as India, China, and Australia are expecting to boost the regional market as well.
The competitive market is banking majorly on collaborations and mergers. Its prospects are so intense that start-ups are flocking in large numbers to contribute to the growth in a significant manner. For instance, the companies such as Dole, Driscoll’s, Golden State Foods, Kroger, McCormick and Company, McLane Company, Nestlé, Tyson Foods, Unilever and Walmart, plan to work with IBM ensure the future expansion of the market. Turner Valley Oil and Gas, Inc. is planning to acquire several blockchain companies to better their market stand.
Key players impacting the blockchain market are IBM Corporation (U.S.), Microsoft Corporation (U.S.), Deloitte, Inc. (U.S.), Ripple (U.S.), Coinbase (U.S.), Chain, Inc. (U.S.), Abra, Inc. (U.S.), Bitfury Group (U.S.), BlockChain tech Ltd. (U.K.), Earthport PLC (U.K.), and others.
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The global blockchain market can be segmented by services and application.
By services, the market can further be segmented into payments & transactions, contracts, digital identity, documentation, exchanges, and others.
Based on application the market includes banking & finance, healthcare, government, media& entertainment, retail, and others.
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