The demand for distributed ledger technology, reduced total cost of ownership, rising crypto currencies market cap and initial coin offerings, increasing demand for simplified business processes, transparency and immutability, faster transactions, and Block chain-as-a-Service are said to fuel the growth of this market.
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Block chain market size is expected to grow from USD 411.5 million in 2017 to USD 7,683.7 million by 2022, at a Compound Annual Growth Rate (CAGR) of 79.6%.
In addition, rising importance and adoption of block chain for communication service providers, transformation of international trade and supply chain management, new breed for programmable block chain platforms, and high adoption of block chain for payments, smart contracts, and digital identities would create opportunities for the growth of this market. However, uncertain regulatory status and a common set of standards might hinder the overall growth of the market.
- Service providers and distributors
- Blockchain application builders
- Customer experience management professionals
- Independent Software Vendors (ISVs)
- Analytics consulting companies
Block chain solution providers in the APAC region, design and develop user-friendly, cost-effective, and faster processing crypto currency platforms to enhance the application reach of block chain in multiple industry verticals. Large enterprises and SMEs have been adopting venture funding strategies and are investing in R&D activities in an effort to provide technologically advanced block chain solutions.
In addition, the rapid transformation of the potential countries from semi-transparent to transparent real estate sector has propelled the market growth of block chain in the APAC region.
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The block chain is a peer-to-peer technology with nodes supporting the ledger and the mining process, and enables connectivity that significantly transforms the payment industry. The integration of the technology provides real-time payments against assets with an immutable state and digital identity, and result in substantial cost savings in the context of reconciliation and settlement for many financial institutions and banks.
In addition, block chain automates the payment processing activities, eliminates the need for intermediaries, and reduce the administrative costs and time for providers and payers. All these factors are expected to be fueling the overall growth of this segment in the block chain market.
2 Prominent Players Operating in the Blockchain Market
3 Partnerships, Agreements, and Collaborations
4 New Product Launches/Product Upgradations
5 Business Expansions
6 Venture Funding
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The report segments the block chain market based on provider into application and solution provider, middleware provider and infrastructure and protocol provider. Based on organization size, the market has been segmented into large enterprises and Small and Medium-sized Enterprises (SMEs).
Further, under industry verticals, the market includes Banking, Financial Services, and Insurance (BFSI); telecommunication and IT; retail and eCommerce; healthcare and life sciences; government; energy and utilities; media and entertainment; real estate, travel and hospitality, transport and logistics, and others (automotive, energy and utilities, and education).Based on application, the market is segmented into payments, exchanges, smart contracts, documentation, digital identity, supply chain management, governance risk and compliance management, and others. The regions have been segmented into North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.
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