New report examines the blockchain market forecast to 2023

Blockchain Market By Application (Payments, Smart Contracts, Exchanges, Documentation) By Provider (Application and solution provider, Middleware Provider) By Organization Size(Small and Medium-Sized Enterprises (SMEs), Large enterprises) By Industry Sector (Banking, Financial Services, and Insurance (BFSI), Government and public sector, Healthcare and life sciences, Media and entertainment).

GLOBAL BLOCKCHAIN MARKET  was valued at USD 357.7 Million in the year 2017. Global Blockchain Market is further estimated to grow at a CAGR of 74.5% from 2018 to reach USD 10.10 Billion by the year 2023.

North America region holds the highest market share in 2017 and Asia-Pacific market is considered as the fastest growing market in the forecasted period due to high adoption and acceptance of blockchain technology. At a country level, the U.S., Japan & China are projected to grow strongly in the coming years.

JP Morgan Chase (U.S), IBM Blockchain (US), Microsoft Blockchain (US), Chain, Inc. (US), Amazon AWS (U.S) and Abra (US) are some of the key players in the Global Blockchain market.

Rising research and development expenses to cater changing demand of end users. Similarly, growth strategies such as acquisition, merger, and expansion of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 manufacturers in recent years.

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Drivers:

            Rapidly growing cryptocurrency market

            Providing faster transactions

Restraints:

            Unregulated and not monitored by any central bank

Opportunities:

            Increasing traceability and customer experience

            Providing Security of online communications

Challenges:

            Security & privacy

            Lack of awareness about technology

The segmentation is done on the basis of provider, by application, by organization size, by industry vertical and by region. On the basis of application, the global blockchain market is sub-segmented as payments, smart contracts, exchanges, documentation, digital identity, supply chain management, governance, risk and compliance management and others (digital voting and content storage management) of which the payment segment is expected to hold the highest market share during the forecast period.

On the basis of providers application and solution provider holds the highest market share in coming years.

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The segmentation is done on the basis of Industry Vertical, the real estate segment is expected to hold the highest market share among other industries. On the basis of Organization Size, the market is segmented into small and medium-sized enterprises (SMEs) and large enterprises of which large enterprises is expected to grow at the highest CAGR during the forecasted period.  

Key Benefits for Stakeholders

Blockchain Manufacturers, Distributors, and Retailers

Research and Consulting Organization

Technology Standards Organizations, Forums, Alliances and Associations

End-use industries

Regulatory bodies, policy actors, and consumers.

By Application

Payments

Smart Contracts

Exchanges

Documentation

Digital Identity

Supply chain management

Governance, risk and compliance management

Others (digital voting and content storage management)

By Provider

Application and solution provider

Middleware provider

Infrastructure and protocol provider

By Organization Size

Small and Medium-Sized Enterprises (SMEs)

Large enterprises

By Industry Vertical

Banking, Financial Services, and Insurance (BFSI)

Government and public sector

Healthcare and life sciences

Media and entertainment

Retail and e-commerce

Travel and hospitality

Transportation and logistics

Real estate

IT and telecommunications

Others (Automotive, Education, Energy and Utilities)

By Region

North America

Europe

Asia-Pacific

RoW

Key Market Players

360 Blockchain Inc.

Amazon AWS

Abra (US)

Deloitte

IBM Blockchain

Microsoft Blockchain

Chain, Inc.

Ripple

BTL Group

Coinbase

Axoni

JP Morgan Chase

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