According to a report by Grand View Research, Inc., the global blockchain technology market is anticipated to attain around USD 7.59 billion by 2024. Blockchain is one of the most significant IT innovations. It enables an archive that can be assessed by all the parties engaged in any business transaction. In addition, it can also act as universal depository containing details of various transactions taking place among involved parties. Moreover, it can allow access to databases from anywhere, thereby allowing multiple institutions to use it simultaneously to bring different systems nearer and support improve efficiency. These factors are anticipated to bode well for market growth over the forecast period (2015 to 2024)
Numerous benefits of blockchain technology are expected to drive demand from financial sector. Technology can change the financial sector in terms of work and can favorably impact many other sectors including consumer goods, technology, media, and telecom. Growing adoption from banks and other financial institutions attributed to innovative and unique structure with regulatory bodies can fuel blockchain technology market growth.
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Reducing need for any financial institution to authenticate transactions, eliminating reconciliation, reducing duplicate recordkeeping, and facilitating faster settlement, and minimizing error rates can fuel market growth. Ability of blockchain technology to enable an irrevocable immediate settlement capable of restricting any kind of transactional changes can fuel market growth. Increasing adoption from healthcare and other public sector applications can augment market.
The worldwide blockchain technology market can be segregated on the basis of type, application, and region. Based on type, the market can be categorized into private, public, and hybrid. Public networks dominated the market and accounted for largest market share. Rising preference of governments and other institutions to adopt efficient and transparent transactions can fuel growth. The segment is expected to expand at a CAGR of 39.2% during the forecast period. The market is still in development phase. It boasts of novel technological advancements and integrations.
On the other hand, private network segment enables companies to modify rules and reverse transactions at relatively cost effective transaction rates. These networks enable fixing faults at high speed with the help of manual interventions. Private networks may witness rise in adoption in the forthcoming years.
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Based on application, the market for blockchain technology can be classified into consumer or industrial products; financial services; transportation; healthcare; public sector; and technology, media and telecom. The technology is beneficial for financial transactions taking place in businesses around the world. This can be done by providing openness, anonymity, and efficacy. The sector is anticipated to benefit the most from blockchain technology. Regulatory and transactional offerings are likely to have major consequences on many domains within financial sector.
Regional segmentation includes Europe, North America, Asia Pacific, South America, and Middle East and Africa (MEA). In 2016, North America dominated the market with 40.9% of global market share in terms of revenue. RIsing adoption of innovative technologies from Canada and United States can fuel market growth. In addition, presence of Deloitte and Microsoft among other technology providers is anticipated to bode well for regional market growth over the forecast period.
Asia Pacific is expected to witness significant growth over the forecast period attributed to expansion of financial sector in India and China. Stress on Know Your Customer (KYC) by the regional banking sector along with other such compliance processes are anticipated to drive adoption from financial services. The regional market is anticipated to witness a CAGR of 41.6% through to 2025.
Some of the leading companies operating in the blockchain technology market are Deloitte; Circle Internet Financial Limited, IBM Corp., Microsoft Corp., and Linux Foundation. This market can be characterized by investments in technological innovations and growing collaborations among different stakeholders.
The global blockchain technology market has been segmented on the basis of type, application, and region:
Blockchain Technology Type Outlook (Revenue, USD Million, 2015 – 2024)
Public
Private
Hybrid
Blockchain Technology Application Outlook (Revenue, USD Million, 2015 – 2024)
Financial Services
Consumer orIndustrial Products
Technology, Media, and Telecom
Healthcare
Transportation
Public Sector
Blockchain Technology Regional Outlook (Revenue, USD Million, 2015 – 2024)
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Asia Pacific
China
Japan
Australia
South America
MEA
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About Grand View ResearchGrand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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