Blockchain Market in government sector is expected to grow rapidly over the forecast period. The ability of the blockchain to streamline the documentation process among the public-sector organization is the major factor augmenting the market growth. The growing adoption of the technology among the real-estate registration companies for creating smart contracts also drives the blockchain market demand.
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One of the major trends visible in the overall functionality of the world’s largest financial institutions is the favorable results being obtained by deploying blockchain technology, essentially boosting the blockchain market share. Leveraging the capabilities of the technology to compete with the fintech startups, identify new business prospects, and cut down operating costs, prominent banks are incorporating blockchain technology on a priority basis. Bank of England, for instance, intends to restructure the system that underpins the banking operations of the nation by 2020 and fortify defenses against cyber threats by utilizing distributed ledger technology.
The last decade has witnessed a dramatic acceptance of distributed ledger technology for data security, a shift that has led to blockchain market emerging as one of the most trending business spheres. The potential scope of blockchain technology for money saving, record-keeping, and digital information sharing has been remarkably attracting most of the technology giants to deploy the blockchain at their workplaces. Core companies across the banking, telecommunication, smartphone, and healthcare service sectors have also been looking forward to extensively adopting blockchain technology, thereby augmenting blockchain market share over the years ahead.
The blockchain market is categorized into infrastructure providers, application providers, and operators. The infrastructure providers dominated the market space with more than 65% revenue in 2017. The growth of the blockchain market is credited to the growing demand for the core blockchain protocol to develop customized application and software. On the other hand, the application providers are anticipated to grow at a CAGR of more than 85% during the forecast timeline. The market is driven by the growing demand for the blockchain-based payment and documentation solutions.
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North America held more than 50% stake in the blockchain market in 2017. The supportive government initiative & policy for driving the adoption of the blockchain technology among the public-sector companies is the major force supporting the market. Moreover, the presence of the major market players in the region also fosters the market growth. Whereas, Asia Pacific is predicted to grow at a CAGR of over 87% during the forecast period. The increasing investment in the blockchain market space from countries including China, India, and Switzerland, is driving the market growth.
Indeed, the rapid adoption of blockchain technology across a multitude of business verticals would invariably propel the remuneration portfolio of blockchain market in the years ahead. Driven by the rising investment by venture capital firms to find effective strategies of deploying distributed technology in various walks of life along with increasing acceptance by numerous governments, blockchain market is slated to garner a revenue of over USD 16 billion by 2024.
Table Of Content For This Research Report:
Chapter 5. Global Blockchain Market, By Providers
5.1. Key trends, by providers
5.2. Infrastructure provider
5.2.1. Market estimates and forecast, 2016 – 2024
5.2.2. Market estimates and forecast, by region, 2016 – 2024
5.3. Application provider
5.3.1. Market estimates and forecast, 2016 – 2024
5.3.2. Market estimates and forecast, by region, 2016 – 2024
5.4.1. Market estimates and forecast, 2016 – 2024
5.4.2. Market estimates and forecast, by region, 2016 – 2024
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