Global Blockchain Market Poised for Significant Expansion Till 2023
A new report published by Research on Global Markets, titled ‘Global Blockchain Market (2018-2023)’, suggests that the market is anticipated to witness considerable growth during the forecasted period. Blockchain technology is witnessing rapid adoption in banking and financial services, as well as in new applications like ride-sharing and content streaming. The ever-increasing adoption of the technology is mainly attributed to its unique capabilities of securing customer data in any application.
The global Blockchain market is segmented based on type and industry. Based on the type, Public Blockchain occupied the largest share of the global market because of its ability to provide higher decentralization and improved transparency in operations. However, the BFSI sector is increasingly adopting Private Blockchain owing to its tighter security features. Private Blockchain currently occupies a market share of 15%, but its adoption is expected to increase considerably during the forecast period. Based on industry, the BFSI sector held the largest market share in 2017 since the technology is being adopted for most banking applications like clearing and settlements, payments, digital identity, and smart assets. The insurance industry too is witnessing higher adoption of Blockchain technology, especially in the health insurance domain. Blockchain technology is also disrupting supply chain management and facilitating efficient tracking of inventory, smart contracts with vendors, and digital tagging, along with other aspects of the industry.
Check out the Research on Global Markets report featured in this article:
Research on Global Markets tracks the performance of the global Blockchain market across the key geographies of North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. North America is the largest market for Blockchain technology and has the highest adoption owing to the increasing number of financial transactions in the region. Asia-Pacific is also witnessing increased adoption of Blockchain technology. However, the Middle East and Africa is still a nascent market.
Key highlights of this report:
- Market overview - historical (2014-2016) and forecasted (2017-2022) market size (USD Bn), geography-wise market revenue (USD Bn), and market attractiveness analysis
- Qualitative analysis of the drivers and challenges affecting the global market
- Significant trends in the global Blockchain market
- Analysis of the competitive landscape and profiles of the major players operating in the market
- Segmentation based on type (public Blockchain technology, private Blockchain technology, and hybrid Blockchain technology) - historical (2014-2016) and forecasted (2017-2022) market size (USD Bn), and key market observations
- Segmentation based on industry (banking and financial services, insurance, healthcare, supply chain management, and others) - historical (2014-2016) and forecasted (2017-2022) market size (USD Bn), and key market observations
- Market segmentation based on region (North America, Europe, Asia-Pacific, and the Middle East and Africa)
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for Blockchain technology across the world to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.