Published Date : Apr 10, 2017
Albany, New York, April 10, 2017: MarketResearchReports.biz has announced the addition of a report, titled “Global Blockchain Technology Market 2017-2021,” to its database. The report encompasses all the important parameters of the market, including its dynamics, competitive scenario, and geographical segmentation. According to the report, the global blockchain technology is estimated to register a phenomenal CAGR of 56% between 2017 and 2021.
Blockchain technology (BT) supports the existence of cryptocurrency. Therefore, the growing investments in financial technologies (FinTech) are providing a significant momentum to the global BT market. FinTech companies are allocating sizeable funds for the development of new and innovative payment solutions. The increasing trend of digitization is paving way for digital wallets, which in turn is leading to the greater implementation of BT. Moreover, the disintermediation of banking services is augmenting the market.
The rising concerns regarding network privacy and security are, however, hampering the growth of the market. In addition, the existing technology has issues with system configuration, which induces skepticism among end users and thus, limits its widespread adoption. Furthermore, the lack of awareness regarding this technology is negatively impacting the growth of the market.
On the other hand, the advent of artificial intelligence (AI) and continuous advancements in technology are likely to create tremendous growth opportunities for the global BT market. AI enables investors to be better informed while making a decision about their financial plans and customers to have easy access to comparative information. The increasing implementation of IoT is also expected to augur well for the growth of the market in the near future.
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On the basis of end user, the global blockchain technology is divided into supply chain management, BFSI, and healthcare. BFSI will continue to account for the lion’s share in the market until 2021. The soaring need to manage digital transactions, insurance policies, and claims is driving the demand for blockchain technology across the BFSI sector.
Geographically, the market is segmented into Asia Pacific, Americas, and Europe, the Middle East, and Africa (EMEA). The Americas will be the frontrunner in the market throughout the forecast period. The growth of the segment can be attributed to the burgeoning demand for cloud-based blockchain technology and increasing number of mergers between BT service providers and banking firms.
The low availability of suppliers makes it difficult for companies operating in the global blockchain technology market to provide competitive costs to end users. In such a scenario, to gain a competitive edge, players are constantly focusing towards the development of new and advanced technologies. The leading players in the market are Accenture, Microsoft, and IBM. Other prominent companies operating in the global blockchain technology market are Axoni, BTL Group, BlockCypher, ConsenSys, Ethereum, Global Arena Holding, Provenance, Ripple, Slock.it, Scorechain, and TATA Consultancy Services.
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