The Global — Blockchain Technology Market is forecast to rise exponentially in the coming years The market is expected to witness high demand from diverse industries, especially the banking, financial services, and insurance (BFSI) industry, finds Fortune Business Insights in a report “Blockchain Technology Market” As per the report, the global Blockchain Technology Industry will reach US$ 21,070.2 Mn by the end of 2025 as against US$ 1,640.7 Mn in 2017. If these figures hold true, the global market will rise at a remarkable CAGR of 38.4%.
In terms of industry vertical, the banking, financial services, and insurance segment held the leading share of 41% in global Blockchain Technology Market in 2017. The segment will gain further impetus following introduction of bitcoin. “Rampantly increasing cyber-attacks and frauds in the BFSI industry accounts for millions of dollars. This has become a global concern. To make the technology used in the industry safer and more secure, Deloitte and Microsoft Azure and other tech giants are offering blockchain services,” said a lead analyst.
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In terms of deployment, the proof of concept segment is gaining traction and is expected to witness impressive growth during the forecast period 2018-2025. Growth witnessed in this segment is backed by high need of transparent transaction across industries such as healthcare, retail and BFSI.
Increasing Demand for Secure Blockchain Technology to Guarantee Growth at Promising Rate
“Government initiated awareness programs aimed at educated consumers across underdeveloped nations about the benefits of blockchain technology is anticipated to fuel the demand in the global blockchain technology market,” said a lead analyst at Fortune Business Insights.
Increasing adoption of e-financial services and rapid adoption of the blockchain technology in developed nations are expected to drive the market during the forecast period. Furthermore, the market is expected to gain from the advent of novel blockchain products and technologies.
Partnerships Among Key Market Players and Blockchain Developers Driving the Market in North America
North America emerged dominant in the global Blockchain Technology Market in 2017. The North America market was worth US$ 820 Mn in 2017. The region will continue leading the market at a global level through the forecast period. Growth witnessed in the market is also attributable to recent collaborations between market players in the U.S. and blockchain service provides. Europe is also anticipated to witness impressive growth during the forecast period owing to high presence of blockchain technology developers. Asia Pacific is expected to grow at a relatively higher CAGR compared to other regions. The growth witnessed is attributable to the increasing investments made by financial technology firms in countries such as Korea, Japan, and China.
In 2017, IBM was the leading organization in the global Blockchain Technology Industry owing to its diverse product portfolio and strong distribution channel. IBM will witness impressive growth during the forecast period also, due to its various projects ongoing in different nations. Other companies operating in the global market are Oracle Corporation, Deloitte, Microsoft Corporation, IBM Corporation, The Linux Foundation, Chain Inc., Consensus Systems, Bits, Inc (Tendermint, Inc.), Schvey, Inc. (Axoni), VironIT, Altoros, and Fintech & Blockchain Software House.
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Major Table of Contents:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Global Market Overview
4.2. Key Market Indicators
4.3. Macro and Micro Economic Factors
4.4. Emerging Market Trends
4.5. Industry SWOT Analysis
5. Global Blockchain Technology Market Analysis, Insights and Forecast, 2014-2025
5.2. Key Findings / Summary
5.3. Market Analysis, Insights and Forecast – By Product
5.4. Market Analysis, Insights and Forecast – By Deployment
5.4.1. Proofof Concept
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