Blockchain Technology Market Share - Business Development and Global Forecast 2023

As per Market Research Future (MRFR)’s report, the global blockchain technology market is set to thrive exponentially at an exceptional CAGR of 66.41% during the forecast period 2018 to 2023. The market’s value is estimated to touch a valuation of USD 7128 Mn towards the end of 2023.

The blockchain is expected to scale new heights both as a technology and as a market. The reliability of the emerging technology in owing to its authenticated digital sources has developed applications across different industrial verticals such as BFSI, healthcare, financial services, etc.

An upsurge in demand for the technology is expected for digital identities, payments, smart contracting, developments of business models, etc. This, in turn, is prognosticated to catalyze the growth of the blockchain technology market in the forthcoming years.

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The technology has gained a quick mileage in the last few years and is forecasted to flourish through the projection period. It is poised to accelerate revenue creation in the end-user industries which are anticipated to emerge as the driving force of the growth of the blockchain technology market in the foreseeable future. However, the security concern remains an impediment to the market growth.

Market Segmentation:

By application, the global blockchain technology market has been segmented into digital identity, documentation, exchanges, payment & transactions, smart contract, and others.

By end users, the blockchain technology market has been segmented into Banking, financial services and insurance (BFSI), government, healthcare & life science, Information Technology (IT) & telecommunication, real estate & construction, travel & hospitality, and others.

By organization size, the global blockchain technology market has been segmented into small & medium enterprises and large enterprises.

By service providers, the blockchain technology market has been segmented into application & solution provider, infrastructure & protocol provider, and middleware provider.

Regional Analysis:

Blockchain Technology Market Share, by region, has been segmented into Europe, Asia Pacific, North America, and the Rest of the World (RoW). Europe is the largest regional market at present and is likely to dominate the global marketplace over the next couple of years. Germany, France, Italy, Russia, and the U.K. are the major country-level markets of the region and are expected to contribute significantly towards the development of the blockchain technology market. It is projected to expand at a CAGR of 70.36% over the assessment period.

North America is the second-largest market and is poised to touch a valuation of USD 2,504.8 Mn by the end of 2023. The U.S. is projected to thrive at the highest CAGR in the foreseeable future. Asia Pacific is estimated to mark a CAGR of 64.30% across the review period. The factors responsible for driving the growth of the blockchain technology market in the region are urbanization, digitization, internet penetration, growth of the e-commerce sector, etc.

Competitive Dashboard:

Some of the key players profiled in the report are Oracle Corporation, IBM Corporation, Hewlett Packard, Deloitte Touche Tohmatsu Limited, Enterprise Company, Infosys Limited, Cyber Infrastructure Pvt. Ltd, Accenture PLC, Solulab Inc., Microsoft Corporation, Empirica S.A, and Amazon Web Services, Inc

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