Global Blockchain Technology Market to Rake in Over USD 7, 000 Mn By 2023

Pune, India, December, 2018 /MRFR Press Release/- Market research future published a Cooked research report on Blockchain Technology market Forecast 2023.

As per the latest report published by Market Research Future (MRFR), the global blockchain technology market is set to exhibit a robust CAGR of 66.4% during the forecast period (2018-2023) and reach a valuation in excess of USD 7,000 Mn. Blockchain is viewed as a disruptive technology that allows decentralization of ledgers and database activities.  Using blockchain applications financial services are creating an open and transparent architecture. The technology has high application potential.

Blockchain technology finds application opportunities in various domains. The telecommunication sector is increasingly utilizing blockchain for applications such as smart contracts, billing, roaming services and identity as a service. Some of the other industrial verticals that are focusing on leveraging blockchain include packaging, retail, and banking. Financial service providers are integrating their digital database and ledger record platforms with blockchain for real-time transaction settlement. Using blockchain, companies can enhance trade accuracy, speed up the settlement process, and reduce risks.

Browse Complete Report @ https://www.marketresearchfuture.com/reports/block-chain-technology-market-1708 

There is a growing need for simplifying business processes where technologies such as the blockchain play an important role. Factors such as rising demand for enhanced contractual performance and automation with data integrity and security is creating growth opportunities for the global blockchain technology market. In years to come, blockchain is expected to have a significant impact on transformation of digital services. Nonetheless, integration complications associated with blockchain applications and existing system and poorly defined regulatory protocols is undermining market potential.

MRFR’s report includes a comprehensive segmental analysis of the market based on service provider, service provider, organization size, application and end-user. By service provider, the market has been segmented into middleware provider, protocol provider, application and solution provider, and infrastructure. The application and solution provider segment is likely to retain its dominant position throughout the assessment period. In 2017, the segment stood at USD 148.9 Mn and is set to exhibit a strong growth over 2023.  By organization size, the market has been segmented into large enterprises and small and medium size enterprises. The large enterprises segment accounts for the market share. The segment is expected to surpass a market valuation of USD 4,200 Mn by the end of the forecast period. Large enterprises are investing heavily in blockchain to harness the technology and improve operational efficiency.  By application, the market has been segmented into payment & transactions, digital identity, exchanges, smart contracts, documentation and others. The payment & transactions segment is expected to retain its pot position over the forecast period. By the year 2023, the segment is expected to stand at a market valuation of over USD 2,000 Mn. Blockchain is transforming the overall payment and transaction infrastructure and facilitating a greater degree of transparency and accountability. By end-user, the market has been segmented into BFSI, retail, real estate & construction, healthcare & life sciences, IT & telecommunication, travel & hospitality, government and others. Of these, the BFSI segment is projected to remain highly lucrative. In addition, the segment will exhibit a relatively higher CAGR till 2023. This is primarily owing to the growing importance of the blockchain technology in the banking and insurance sector. 

The market has been covered across regions such as North America, Latin America, Asia Pacific, Europe and the Middles East & Africa (MEA). Currently, North America command the largest share of the global blockchain technology market. The region will continue to present attractive opportunities to market players in 2018 and beyond. Europe following on the heels of North America occupies the second spot. During the review period, the Europe blockchain technology market will witness the fastest CAGR, which will see it topple North America market by 2023-end.

Hewlett Packard, Deloitte Touche Tohmatsu Limited, Accenture PLC, Cyber Infrastructure Pvt. Ltd, Empirica S.A, Oracle Corporation, Amazon Web Services, Inc., IBM Corporation, Enterprise Company, Solulab Inc., Infosys Limited, and Microsoft Corporation are some of the key companies mentioned in the MRFR’s report.

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Contact:
Akash Anand,
Market Research Future
+1 646 845 9312 Email: akash.anand@marketresearchfuture.com