Blockchain Technology Market: Need for Real Time Tracking of Transactions to Drive Adoption, says TMR

The global blockchain technology market is led by top three companies viz R3, Chain Inc., and IBM, which collectively accounted for 45.3% of the market in 2015. Players in the market are focusing on mergers and acquisitions so as to expand their consumer bases and make valuable additions to their existing technologies, states Transparency Market Research (TMR) in its report. The competition is high in the blockchain market on account of the powerful presence of many players. Enhancement of product portfolio remains the key focus of leading vendors in this market. 

As per the report, the global blockchain market is expected to rise from US$315.9 mn in 2015 to be worth US$20 bn by the end of 2024, exhibiting a whopping CAGR of 58.7% between 2016 and 2024, which is tremendously high. On the basis of type, the global blockchain market is expected to be led by the consortium blockchain technology, which is predicted to expand at a remarkable CAGR of 58.9% between 2016 and 2024. Consortium technology offers greater flexibility and large scale deployment, thus driving increased adoption. 

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Penetration of IoT Opens Up Lucrative Business Opportunities

Analysts anticipate that the global blockchain technology market will witness a spike in demand as it is known to reduce the risks related to frauds and identity thefts. Citing this reason, financial institutions are exploring options of collaborating with blockchain startups as well as investing in their research and development projects. The proliferation of Internet of Things (IoT) across various industries is also expected to play a crucial part in the uptake of these technologies. For instance, the banking sector is continuously working on the digitization of its services and facilities, which is likely to encourage swift uptake of blockchain technology in the coming years. Some of the potential areas for growth for the blockchain technology market are the smart contract, smart property, non-financial sector, healthcare, and music industries.

Early Adoption of Technology Keeps North America Blockchain Technology Market Ahead of Other Regions

In terms of geography, the global blockchain technology market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Of these North America held the largest share in the global market in 2015. The dominance of this region was attributable to the presence of several leading players and increasing investments in the development of their technology. The report suggests that the U.S. is expected to be the key contributor to the rising revenue of North America blockchain technology market in the coming years. The overall acceptance of technology in the region is also likely to boost the regional market in the coming years.

Additionally, Asia Pacific is also expected to show a significant growth rate in the global blockchain technology market. This regional market is expected to expand at a CAGR of 61.3% in the coming years. The booming economies of China, Japan, and India and their strengthening resolve to digitize their economies is expected to play an important role in shaping the trajectory of the Asia Pacific blockchain technology market in the coming years. In the meanwhile, rising investments in blockchain technology in developing regions of the Middle East and South America are also expected to help the market gain momentum, especially in the financial sector in the coming years.

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The key players operating in the global blockchain technology market are Microsoft Corporation, Deloitte Touche Tohmatsu Limited, IBM Corporation, R3, Chain Inc., Consensus Systems (ConsenSys), Ripple, Digital Asset Holdings LLC, and Credits. The competition is high in the market due to the strong presence of several players. Most of these companies are expected to focus on mergers and acquisitions to improve their consumer base and enhance their product offerings.