Blockchain technology is being used increasingly in the Banking Financial Services and Insurance (BFSI) segment for financial transactions and cross-border payments. In the banking and financial sector, it is utilized to secure payments, maintain customer identities, settle cross-border payments, etc. The global Blockchain market is expected to grow at a CAGR of 42.8% (2017-2022), resulting in a global revenue of USD 13.96 billion by 2022.
Blockchain technology is also employed in the healthcare sector, supply chain management, energy, media, informatics, etc. BFS,I however, holds the largest share while Blockchain in retail industry under supply chain management is the fastest growing sector.
The Blockchain Technology market is further classified into three main types based on its users’ accessibilities – Public Blockchain Technology, Private Blockchain Technology and Mixed Blockchain Technology. Public Blockchain technology rules the roost.
The US dominates in Blockchain patents application. About half of the total Blockchain patents applied are primarily for financial applications.
Key growth factors
Financial Technology (FinTech) companies are planning to invest a part of their total investment in the distributed ledge technology, i.e., Blockchain. The decentralized nature of the technology attracts the banking sector to adopt it.
The Blockchain technology market is expected to exhibit swift growth owing to less time consumption and its transparent nature that also requires less transaction costs.
Threats and key players
Even though the Blockchain market is expected to grow globally, there still a lack of awareness, regulation problems and clashes of ideology that hinders its adoption.
Some of the Blockchain technology providers in the Blockchain market are Microsoft Corporation, IBM, Accenture, Deloitte, etc.
What’s covered in the report?
1. Overview of the Blockchain technology market
2. Current and forecast market size data for Global BFS, Insurance, supply-chain, healthcare, others
3. Current and forecasted regional (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) market size data for Blockchain technology market
4. Current and forecasted market size data for Global Public, Private, Mixed Blockchain technology
5. Analysis of company profiles of major public and private players operating in the market
6. Blockchain Technology patent analysis
7. Key Opportunity for Blockchain technology market
8. Market Trends in global Blockchain technology market
1. Get a broad understanding of the Blockchain technology application in BFS, Insurance separately along with its use in Supply Chain Management, healthcare, others
2. Get Region-specific drivers and challenges affecting the Global Blockchain Technology market
3. Recognize significant competitors' business and market dynamics, and respond accordingly
With the given market data, Research on Global Markets offers customizations according to specific needs. Write to us at [email protected]
Frequently Asked Questions
- By product type
- By End User/Applications
- By Technology
- By Region