Global blockchain technology market is projected to accumulate approximately US $16.82 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
Blockchain technology, also known as DLT (Distributed Ledger Technology), generally facilitates secure transaction across a distributed network. Blockchain eliminates the need for third-party verifications, as the ledgers are shared by each party over the distributed network. The aforementioned factors are influencing the adoption of blockchain technology.
Financial institutions across the world are extensively adopting blockchain technology, owing to its benefits that include data management settlements, lowered infrastructural costs for reconciling statements, and more. The technology is immensely beneficial for increasing transactional speed by eradicating the need for a trusted third party. Bitcoin deploys cryptography to secure its ledgers and offers high security platforms for all the transactions.
Besides being adopted largely by the financial sector, the blockchain technology is currently being deployed across various verticals. The technology & telecommunications vertical, for instance, is using blockchain technology for IoT (Internet of Things), for improved coordination between different devices. In addition to this, the technology & telecom sector is capitalizing on the blockchain feature of eliminating the processing fees levied by the third parties. Furthermore, the healthcare vertical is developing interested in blockchain for securing its sensitive & crucial data and documents, and digital assets.
Depending on the application spectrum, the global blockchain technology market is segmented into payments, smart contracts, exchanges, digital identity, and others. While, based on the end-use outlook, the global market is bifurcated into BFSI (Banking, Financial Services & Insurance), government & public sector, commerce & retail, healthcare, media & entertainment, and technology & telecom.
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On the basis of the regional landscape, the global blockchain technology market is divided into five major regions, namely North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. According to the study, North America has demonstrated fast-paced adoption of the blockchain technology, Europe being the second biggest adopter of the technology. The key findings of the study also reveal that North America held the largest market share in the year 2017, due to a prominent number of ventures adopting this technology.
The report further cites that the blockchain market in the Asia Pacific region is gaining traction, with the developing economies (like China and India) keenly adopting the blockchain technology. Moreover, APAC nations like Australia have already deployed this technology, and are creating a private blockchain for the clearing and settlement process of its stock exchange.
Leading market players including Ripple, R3, Deloitte, Chain Inc., Samsung, IBM, Eric Industries, Microsoft, BTL Group, Circle Internet Financial Limited, and Linux Foundation are profiled in the market report.
The latest report provides a deep-dive analysis of the worldwide blockchain technology market drivers, restraints, and opportunities influencing the commercialization scope of this industry over the forecast period. The industry analysis included in the report takes into account Porter's five forces which are bargaining power of the supplier, bargaining power of the buyer, the degree of competition, the threat of substitute, and the threat of new entrant.