The blockchain is a distributed database of a public ledger of transactions, which maintains a continuously growing list of records named as blocks. The each block contains a timestamp which is linked to the previous block. The blockchain technology is based on the distributed computing system with high byzantine fault tolerance. The blockchain technology is an important and innovative technology as it stands as the proof of all the transactions on the network. The blockchain technology creates the chain of the all blocks stored in the system. The blockchain technology has maintained complete information and a database of all addresses and their balances right from the origin blocks to the most recent blocks, which is the key factor drives the demand of the blockchain technology worldwide.
Blockchain Technology Market – Drivers and Restraints
The global blockchain technology market is projected to register a significant CAGR over the forecast period as the increase in the demand of the innovative blockchain technology from the various industries such as banking, financial institutes and insurance. The blockchain technology creates the transparency and immutability in the transactions which is the key driving factor of the global blockchain technology market. The adoption of the technology based applications such as payments, exchanges, documentation and digital identities also boost the demand and drives the global blockchain technology market.
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However, the ever growing size of the blockchain and database might become leads to the problem of data storage and synchronization, which may hamper the growth of the global blockchain technology market. The lack of awareness about the advantages of the blockchain technology over the traditional technologies may also restrain the growth of the global blockchain technology market over the forecast period.
Blockchain Technology Market – Segmentation
The global blockchain technology market is segmented on the basis of service provider, application, end user and region.
On the basis of service provider,the global blockchain technology market is segmented as follows:
- Application and solution provider
- Middleware provider
- Infrastructure and protocols provider
On the basis of application,the global blockchain technology market is segmented as follows:
- Clearing and settlement
- Digital identity
- Smart contracts
On the basis of end user,the global blockchain technology market is segmented as follows:
- Banking sector
- Insurance sector
- Financial institutes
- Media and entertainment sector
- Government and public sector
- Healthcare and life sciences sector
- Retail and ecommerce sector
- Automotive sector
Blockchain Technology Market – Regional Outlook
The global blockchain technology market is segmented into the seven regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). The North America is dominating the global blockchain technology and contributed the leading shares in terms of revenue to the global blockchain technology as the high acceptance of blockchain technology due to its transparency and immutability. The Western Europe also contributed the significant shares to the global blockchain technology and anticipated to register the healthy growth over the forecast period. APEJ is the most lucrative market for the blockchain technology as the growing demand for the blockchain technology from the various industries such as banking, finance, insurance, media and entertainment and, retail and ecommerce sectors. Latin America and MEA are at a nascent stage in the global blockchain technology market due to low awareness and adaptability in the regions and anticipated to register the decent market growth over the forecast period. Overall, the global blockchain technology market is projected to register a significant CAGR over the forecast period 2016 – 2026.
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Blockchain Technology Market – Key Players
The key players of the global blockchain technology market are as follows:
- IBM Corporation
- Microsoft Corporation
- Deloitte Touche Tohmatsu Ltd.
- Blockchain Tech Ltd
- Digital Asset Holdings
- Ripple Labs Inc.
- Global Arena Holding, Inc.
- BitFury Usa Inc.
- Chain, Inc.
- Coinbase Inc.
- Abra, Inc.
- Circle Internet Financial Limited
- Global Arena Holding, Inc.
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