Market Highlights
The uplifting concentrations on the decentralization of information and data ledgers have resulted in the escalation of Blockchain technology. This Blockchain Technology Market facilitates the invariableness of the functions of the database by making transparent interactions.
The applications produced by Blockchain Technology Industry are gaining speedy mileage and covering a wide range of domains such as retail, healthcare, and BFSI. Also, there’s a huge market opportunity and potential for the Blockchain Technology Market. Therefore, Blockchain is assumed to gain huge popularity in the future years because of its innate nature.
According to the expectation of MRFR or Market Research Future, within the review period i.e. from 2018 to 2023, the Blockchain Technology Market will grow at a CAGR of Compound Annual Growth rate of 66.41%.
The rising demand for digital identity has resulted in the expansion of Blockchain Technology Market Forecast. The various identity platforms based on blockchain technology have numerous applications in both countries that have weak identification procedures and in unregulated countries.
At the national level, the adoption of Blockchain Technology Market Demand-based identification platforms has been performed by various governments to promote transparent and secure transactions across the public and private sectors.
Various governments have used blockchain technology at a national level with their e-citizen programs since 2018. Therefore, these countries have been able to develop their identity-related procedures and successfully minimized the bureaucracy. Also, this technology has helped them to digitalize all kinds of public transactions via safe digital identities.
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Segmentation:
According to the Blockchain Technology Market Analysis, this market can be classified based on the application, service provider, organization size, end-users, and region.
By Application:
The Blockchain technology market is segmented into the following divisions based on the types of application:
Payment and transaction
Digital identity
Exchanges
Smart contract
Documentation
Other
By Organization Size:
Based on organization size, the divisions of the Blockchain technology market are:
Small enterprises
Medium enterprises
Large enterprises
By Service Provider:
This segment classifies the usage of different Blockchain technology. The divisions are as follows:
Middleware provider
Application provider
Infrastructure provider
Solution provider
Protocol provider
By End-users:
The Blockchain technology market is segmented into the following divisions based on the end-users.
BFSI
Life sciences and Health care
Telecommunication and IT
Hospitality and travel
Government
Retail
Construction and real estate
Others
ByRegion:
The segmentation of the worldwide Blockchain technology market based on the region are:
North America
Europe
Asia Pacific
Rest of the world
Regional Analysis:
According to the Blockchain Technology Market Opportunitiesand trends, in 2018, the North American region has dominated this market and it was estimated at approximately USD 612.3 million. The reason behind such growth is the speedier adoption of these innovative Blockchain technologies in most of the developed nations such as Canada and the United States.
Also, the rising adoption of this technology among various verticals including retail, BFSI, government for detection of digital identity, wallet and payment solutions, smart contracts, etc. are assumed to enhance the Blockchain Technology Market Share.
Industry News:
In 2017, the price of the cryptocurrency has jumped to 2.200% within only 11 months and as a result, the funds raised by the various Blockchain start-ups via IOS had surpassed the VC investment in the Blockchain sector.
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Blockchain Technology Market Research Report: By Service Provider (Application and Solution Provider, Middleware Provider, Infrastructure & Protocol Provider), By Organization Size ( Large Enterprise, Small and Medium Enterprise ), By Application ( Payment and Transaction, Smart Contract, Digital Identity, Documentation, Exchanges and Others), By End-Users ( Healthcare, Life Sciences, BFSI, IT and Telecommunication, Retail, Government, Travel and Hospitality, Real Estate & Construction, Others) - Global Forecast 2028
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