The global blockchain technology market is expected to exhibit a strong 66.41% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global blockchain technology market is expected to reach a valuation of more than USD 7 billion by 2023, according to the report. The report presents a detailed review of the market for blockchain technology, including an analysis of the market’s key drivers and restraints, and provides forecasts for the market’s growth trajectory over the forecast period from 2018 to 2023. Major players operating in the global blockchain technology market and the leading strategies employed by market players are profiled in the report.
The growing demand for cryptocurrencies has been the major driver for the blockchain technology market. Cryptocurrencies such as Bitcoin and others have flourished in the uncertain economic climate of the last decade, where traditional stalwarts such as the US dollar and the GB pound have lost their reliability and become untradeable in some areas. This has led to a growing demand for cryptocurrencies based on different up and down cycles and responding to different fluctuations, allowing them to remain stable in times when traditional currencies may experience massive flux. The slow but steady success story of Bitcoin, slowly gathering value over the last 10 years and more before bursting on to the public scene in the last two or three years, has been a major driver for the cryptocurrency market, and thus for the blockchain technology market.
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Apart from cryptocurrencies, the ease of managing blockchain operations has led to a growing use of blockchain technology in monetary transactions carried out in conventional currencies as well. The growing need to decentralize data chains has led to a growing demand for blockchain technology, and is likely to remain a pressing driver for the global blockchain technology market over the forecast period. The increased automation provided by blockchain technology has also made it a promising technology for the management of long sequences of monetary transactions.
On the other hand, concerns regarding the scalability and security of blockchain technology have held back the global blockchain technology market over the last few years. Data security is likely to be paramount in the coming years, leading to innovations in blockchain technology to make it more secure. This could propel the global blockchain technology market at a steady growth rate over the forecast period. The lack of integration with existing technological structures is also a hindrance for the global blockchain technology market, as this has held back the technology from being widely adopted.
Leading players in the global blockchain technology market include Amazon Web Services Inc., Oracle Corporation, Microsoft Corporation, Empirica S.A., Solulab Inc., Cyber Infrastructure Pvt. Ltd., Infosys Limited, Accenture PLC, Enterprise Company, HP, IBM, and Deloitte Touche Tohmatsu Limited.
The global Blockchain Technology Market Size is segmented on the basis of service provider, organization size, application, end use, and region.
By service provider, the global blockchain technology market is segmented into application and solution provider, middleware provider, and infrastructure and protocol provider.
By organization size, the market is segmented into large enterprises and SMEs (small and midsized enterprises).
By application, the global blockchain technology market is segmented into payment and transaction, smart contract, digital identity, documentation, exchanges, and others.
By end use, the global market is segmented into healthcare and life sciences, BFSI, IT and telecommunications, retail, government, travel and hospitality, real estate and construction, and others.
In August 2019, blockchain-based browser Brave announced a new tipping service for Twitter users, which allows users to tip content creators with basic attention tokens (BAT).
The same month, engineers at the Royal Bank of Scotland announced the development of a new investment platform made using blockchain technology. Originally developed for enterprise operations, the platform allows investors to trade ether and GBP on the same blockchain. The platform is called Digital Asset Shared Ledger and is built upon R3’s open-source blockchain system, the Corda Network.
North America is likely to remain the leading player in the global blockchain technology market, followed by Europe.
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