A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological orde, it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.
Blockchain Market Projected for USD 242.4 million in 2017 and is growing at a CAGR of 79.9% during the forecast period of 2018 to 2025.
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Blockchain Market Research helps companies to obtain market information from different sources, and in multiple formats. It aims to study supply and demand, analyze data as per geography, age factors, demography, technology, product, psychographic & gender differences, and many other parameters. Access to in-depth market trends helps companies to assess the market effectiveness. Some of the multiple techniques used for market research include customer analysis, choice modeling, competition and risk analysis, product research, advertising the research, marketing mix modeling, simulated test marketing, and more.
Market Definition:
This market report defines the trends and forecast the upcoming opportunities and threats of the blockchain market in the upcoming 8 years. One of the major factors such as increase in the adoption of blockchain technology is driving the market demand. This has increased the annual savings for banks and also has reduced infrastructure cost. For instance, According to DMR, around USD 8-12 billion were reported as annual savings for the banks who have utilized blockchain technology. Blockchain is just a digitalized immutable ledger of economic transactions which can record not only the financial transactions but everything related to value. It can be used during payments, smart contracts, digital identity risk and compliance management and many more.
Major Market Competitors:
- IBM Corporation,
- Microsoft Corporation,
- AWS,
- Digital Asset Holdings,
- Earthport,
- BTL Group,
- Chain Inc.,
- Factom,
- Ripple,
- Alphapoint,
- Bitfury,
- Coinbase and
- Abra among others.
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Major Market Drivers and Restraints:
- Helps in total ownership cost reduction, transparency, and faster transaction
- Growth in blockchain services
- Increase in the adoption of blockchain technology with respect to payments, digital identities and smart contracts
- Introduction of new breed of programmable blockchain platforms
- Inventions regarding internet of things (IOT)
- Lack of standard and indefinite regulatory norms
Market Segmentation:
- The global blockchain market is segmented based on organization size, applications, end users and geographical segments.
- Based on organization size, the global blockchain market is segmented into small and medium sized enterprise and large sized enterprise.
- On the basis of application, the global blockchain market is segmented into payments, documentation, smart contracts, digital identity, exchanges, governance, risk, and compliance management, supply chain management and others.
- On the basis of end users, the global blockchain market is segmented into government and public sector, healthcare and life sciences, banking, financial services and insurance, transportation and logistics, retail and ecommerce, media and entertainment, IT and telecommunication, travel and hospitality, real estate and others.
- Based on geography, the global blockchain market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
Competitive Landscape:
The global blockchain market is consolidated due to the presence of limited number of players concentrated in few countries. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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