The global blockchain technology market is set to gain momentum from the rising emphasis of the prominent companies towards investments in research centers to develop and implement blockchain technology in their operations. Besides, the government and public authorities are showing more interest in gaining regulatory and research approvals for their products. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Blockchain Technology Market Size, Share and Industry Analysis by Product Type (Vertical Solutions, Blockchain-as-a-Service), Deployment, Industry Vertical (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Ent., Retail & Consumer Goods, Travel and Transportation), and Regional Forecast 2018-2025.” The report further states that the blockchain technology market size stood at USD 1.64 billion in 2017, and is projected to reach USD 21.07 billion by the end of 2025, thereby exhibiting a CAGR of 38.4% during the forecast period.
This Report Answers the Following Questions:
• What are the recent trends of the market?
• Which companies would generate the largest revenue in the coming years?
• Which segment is set to lead the market during the forthcoming period?
• How will the market be affected by chancing consumer preference?
• Which strategies are the key companies adopting to promote the deployment of blockchain technology?
Drivers & Restraints-
Rising Usage of Bitcoins & IoT Solutions to Accelerate Growth
Blockchain technology helps users in building secure and stable records by utilizing timestamps and cryptography. It also offers a state-of-the-art version of the digital payment system. It does not require any central mediator and hence, the users are able to take part in peer-to-peer transactions efficiently. Additionally, the increasing adoption of Internet of Things (IoT) solutions and Bitcoins, as well as high demand for crypto currencies would augment the blockchain technology market growth during the forthcoming years.
BFSI Segment to Exhibit Steady Growth Stoked by High Demand for Faster Transactions
Based on industry vertical, the market is categorized into travel & transportation, retail & consumer goods, telecom, media, & entertainment, manufacturing, healthcare & life sciences, BFSI, government, and energy & utilities. Out of these, the BFSI segment held 41% blockchain technology market share in 2017. The industry is presently facing a major challenge of cyber-attacks and fraud. To battle these challenges, reputed companies, such as Deloitte and Microsoft Azure are mainly engaging in the deployment of blockchain-as-a-service offerings. In the developing economies, industry giants are enhancing the penetration of ‘Proof of Concept’ solutions. Apart from this, the increasing demand for transparent and quicker transaction methods would propel the growth of this segment in the near future.
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