At 75% CAGR, Blockchain Technology Market to Hit $16bn by 2024 | Amazon Web Services, Huobi Global, Coinbase, IBM, Microsoft, Ripple, and 22 Other Companies Profiled
SELLBYVILlE, Del., Oct. 10, 2018 /PRNewswire-PRWeb/ -- The blockchain technology market is categorized into infrastructure providers, application providers, and operators. The infrastructure providers dominated the market space with more than 65% revenue in 2017. The growth of the market is credited to the growing demand for the core blockchain protocol to develop customized application and software. On the other hand, the application providers are anticipated to grow at a CAGR of more than 85% during the forecast timeline. The market is driven by the growing demand for the blockchain-based payment and documentation solutions.
Payments and wallets are leading the application landscape with more than 50% stake in the blockchain technology market. The numerous benefits offered by the blockchain-based payment solutions such as transparency, speed, and cost-effectiveness are the major factors that foster the market growth. Moreover, there is an ability of the distributed ledger technology to eliminate the middlemen or requirement of the central authority for making the cross-border payments.
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Digital identity segment in blockchain technology market is predicted to grow substantially during the forecast interval at a CAGR of more than 95%. The requirement for the reliable and secure international identification system and the growing risk of cyberattacks are the major forces driving the market.
The smart contract is also one of the prominent applications of the blockchain technology market and is estimated to grow at a CAGR of over 80% during the forecast period. Smart contract assists organizations and individuals conduct transactions of property, money, and shares in a conflict-free and transparent manner, eliminating the services of middlemen. It offers parties involved in the agreement with autonomy, safety, backup, speed, and accuracy. The smart contracts can be implemented on distributed ledger or non-distributed ledger systems. Blockchains are a form to distributed ledger systems, which make it impossible for a single party or a group to reverse the transaction once recorded in the database, eliminating the need for intermediaries to authenticate and settle transactions.
BFSI sector accounted for over 60% share in the blockchain market in 2017. The increasing use of the blockchain technology among the financial institutes in a variety of applications, ranging from cross-border payment and wallets to digital identity identification, is the primary factor augmenting the market growth. Furthermore, the technology also facilitates an omnichannel system for the customer and minimizes the time per transaction.
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The government sector is predicted to grow at a CAGR of over 85% during the forecast period. The ability of the blockchain to streamline the documentation process among the public-sector organization is the major factor augmenting the market growth. The growing adoption of the technology among the real-estate registration companies for creating smart contracts also drives the market demand.
The Asia Pacific blockchain technology market is estimated to attain a noteworthy growth with a CAGR of over 87% during the forecast timeline. The market is driven by increasing investments in the blockchain technology by venture capitalists. The government initiatives and policies are also augmenting the demand for the blockchain technology in the region. Furthermore, increasing number of the blockchain start-ups and ICOs in the region also propels the blockchain market share.
North America held more than 50% stake in the blockchain technology market in 2017. The supportive government initiative & policy for driving the adoption of the blockchain among the public-sector companies is the major force supporting the market. Moreover, the presence of the major market players in the region also fosters the market growth. Whereas, Asia Pacific is predicted to grow at a CAGR of over 87% during the forecast period. The increasing investment in the blockchain technology market space from countries including China, India, and Switzerland, is driving the market growth.
The market is characterized as highly competitive owing to the presence of both, multinational players and start-ups. The key vendors of the blockchain technology market are IBM, Microsoft, SAP, AWS, Ripple, R3, Alphapoint, Bitfury, Bacoor, Blocko, BitSE, Bloq, Blockstream, BTL Group, Coinbase, Chain, Digital Asset Holdings, Digiledge, and Earthport.
Browse key industry insights spread across 180 pages with 132 market data tables & 39 figures & charts from the 2018 report Blockchain Market in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/blockchain-technology-market
Table of Contents (ToC) of the report:
Charts & Figures:
FIG 1 Blockchain technology market, 2016 - 2024 (USD Million)
FIG 2 Blockchain architecture analysis
FIG 3 Components of blockchain ecosystem
FIG 4 Blockchain ecosystem analysis
FIG 5 Analysis of operators & users of blockchain
FIG 6 Market evolution analysis
FIG 7 Market capitalization of cryptocurrencies
FIG 8 Blockchain investment landscape
FIG 9 Porter's analysis
FIG 10 PESTEL analysis
FIG 11 SWOT Analysis, Amazon Web Services
FIG 12 SWOT Analysis, Abra
FIG 13 SWOT Analysis, Alphapoint
FIG 14 SWOT Analysis, Amazon Web Services
FIG 15 SWOT Analysis, Asta Solutions
FIG 16 SWOT Analysis, Bacoor
FIG 17 SWOT Analysis, Bitfury
FIG 18 SWOT Analysis, BitSE
FIG 19 SWOT Analysis, Blocko
FIG 20 SWOT Analysis, Blockstream
FIG 21 SWOT Analysis, Bloq
FIG 22 SWOT Analysis, BTL Group
FIG 23 SWOT Analysis, Chain, Inc.
FIG 24 SWOT Analysis, Coinbase
FIG 25 SWOT Analysis, Digiledg
FIG 26 SWOT Analysis, Digital Asset Holding
FIG 27 SWOT Analysis, Earthport
FIG 28 SWOT Analysis, Emurgo
FIG 29 SWOT Analysis, Exioms
FIG 30 SWOT Analysis, Factom
FIG 31 SWOT Analysis, Huobi
FIG 32 SWOT Analysis, IBM Corporation
FIG 33 SWOT Analysis, Infinity Blockchain Labs
FIG 34 SWOT Analysis, Microsoft Corporation
FIG 35 SWOT Analysis, Paystand
FIG 36 SWOT Analysis, Ripple
FIG 37 SWOT Analysis, R3
FIG 38 SWOT Analysis, SimplyFI Softech
FIG 39 SWOT Analysis, SmartMesh
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/blockchain-technology-market
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