As per the report published by Fior Markets, the global Blockchain market is expected to grow from U USD 1.3 Billion in 2017 to USD 169.5 Billion by 2025 at a CAGR of 83.8% during the forecast period from 2018-2025.North America is dominating region because of increasing implementation of blockchain technologies by the organizations in this region. Also, the evolution of several blockchain technology providers impact the overall share of the market. Hence, they have started implementing the technology to grow business applications
Global Blockchain Market by Provider (Application Providers, Middleware Providers, Infrastructure Providers), Organization Size, Industry Vertical, Application, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
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Prominent companies in the industry include IBM, AWS, Microsoft, SAP , Intel, Oracle and among others. Developing nations are offering greater opportunities and major players are continuously focused on new product developments and venture capital investments to obtain market share. For instance, in November 2018, Microsoft collaborated with Interswitch Group, a Nigeria-based electronic payment and digital commerce solutions provider which resulted in the launch of blockchain-based supply chain financing service to ensure fast and seamless trade financing in the entire supply chain system.
The provider segment is classified into application providers, middleware providers and infrastructure providers. The application providers segment is dominating the Blockchain market with USD 0.62 Billion in 2017. The utilisation of blockchain technology as an application platform to build the underlying trust base of the system including owners, lenders, investors and service providers is propelling the growth of the market. Organization size segment includes small and medium-sized enterprises and large enterprises. SMEs segment dominated the market with the highest market share of 63.90% in 2017. The requirement for restructuring the business processes in a cost-effective way is driving the SMEs segment. Low infrastructure costs and transparency in business processes is also mobilising the segment. Industry vertical segment is divided into segments such as banking, financial services, and insurance, government, healthcare and life sciences, media and entertainment, retail and ecommerce, travel and hospitality, transport and logistics and real estate. Banking, financial services, and insurance, government segment is dominating the market and valued around USD 0.31 Billion in 2017. Because it provides safe and secure transactions to customers. High compatibility with the financial services industry ecosystem, rising cryptocurrencies and Initial Coin Offerings (ICOs), fast transactions, and reduced total cost of ownership are another factors boosting the market. The application segment includes payments, exchanges, smart contracts, documentation, digital identity, supply chain management, governance, risk, and compliance management. The smart contracts segment held market share of 27.60% in 2017. Smart contracts arranged over the blockchain network provides for no modification in contract terms and conditions, thus, making it difficult for third parties to hack the data in contracts.
Growing investments in venture capital funding and blockchain technology is a major factor driving the market. In addition, ease in business processes and creating transparency by blockchain technology reduces working costs and fuelling the growth of market. Lack of technical professionals for handling the blockchain technology may hamper the growth of market. However, high implementation of blockchain solutions for payments, smart contracts, and digital identities
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