Global blockchain market is growing at a significant rate during the forecast period (2018-2024). The increasing demand of blockchain software and services is exaggerated towards increasing emphasis of business organizations in safeguarding financial transactions through online medium and evolving trend of digital economy in various developed as well as developing economies. The technology is used for various financial and non-financial applications like, payments, exchanges, smart contracts, documentation, and digital identity.
The increasing and shifting trend that is observed in the growth of the blockchain market includes increasing utilization of the technology amongst several government organizations across the globe. Furthermore, increasing emphasis of several business enterprises to collaborate this technology with mobile devices are another trend that is expected to accentuate the demand for blockchain market in the near future.
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The major factors that are driving the growth of the blockchain industry include increasing adoption of cryptocurrencies from various merchants and business organizations operating in BFSI domain. Furthermore, the increasing demand of cryptocurrency is due to various benefits availed to the users such as immediate clearance and optimal settlement decisions in several financial transactions. Thereby, these factors are bolstering the growth of blockchain market across the globe at a rapid pace.
Geographically, North America has accounted for largest share in blockchain market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of large number of organizations having huge base of operation, adoption of payment and documentation uses in several industries along with widespread execution of smart contracts. Moreover, Asia-Pacific is expected to witness fastest growth during the forecast period due to huge investment undertaken towards the development of blockchain market that helps in reducing excessive labor cost.
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The blockchain market is consolidated structure wit the presence of key players such as IBM Corporation, Ripple, Amazon Web Services, Inc., Microsoft Corporation, Abra, Chain Inc., BigchainDB Gmbh, Ethereum Foundation, Earthport PLC, Factom, BTL Group Ltd., Humaniq, Tierion, BlockCypher Inc., AlphaPoint, and Bitfury Group Limited.
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