The increasing demand of blockchain software and services is exaggerated towards increasing emphasis of business organizations in safeguarding financial transactions through online medium and evolving trend of the digital economy in various developed as well as developing economies. The technology is used for various financial and non-financial applications like payments, exchanges, smart contracts, documentation, and digital identity.

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The increasing and shifting trend that is observed in the growth of the blockchain market includes increasing utilization of the technology amongst several government organizations across the globe.

The major factors that are driving the growth of the blockchain industry include increasing adoption of cryptocurrencies from various merchants and business organizations operating in BFSI domain.

The key players in blockchain market are launching new link for various supply chain experts. Furthermore, there are several software development enterprises that are embracing the technique at an extensive rate as it helps them in fighting against fraudulent activities.

Asia-Pacific is expected to witness the fastest growth during the forecast period due to huge investment undertaken towards the development of blockchain market that helps in reducing excessive labor cost.

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The blockchain market is consolidated structure with the presence of key players such as IBM Corporation, Ripple, Amazon Web Services, Inc., Microsoft Corporation, Abra, Chain Inc., BigchainDB Gmbh, Ethereum Foundation, Earthport PLC, Factom, BTL Group Ltd., Humaniq, Tierion, BlockCypher Inc., AlphaPoint, and Bitfury Group Limited.

Source: VynZ Research