Blockchain Technology Market Report

The global blockchain technology market is anticipated to bank on growing use of the technology to improve identity management, cross-border payment options, collateral management, KYC or documentation, and trade finance transactions in the financial sector. Adoption of blockchain technology is expected to significantly increase in future as enterprises continue to show interest in various benefits of the technology.

Blockchain technology can help with faster settlement of financial transactions, reduced number of errors in transaction processing, elimination of the requirement for reconciliation in accounting and validation of transactions, and reduced duplication in recordkeeping. In September 2019, Verizon, a US telecommunications company, was awarded a patent by the US Patent and Trademark Office for blockchain-based virtual SIM cards.

Important Points to Remember

●  Increasing acceptance of cryptocurrency among merchants to augment demand for blockchain technology

●  Vendors to introduce innovative and novel blockchain technologies to attract more consumers

●  BFSI to continue to create healthy demand for blockchain technology in the coming years

●  Blockchain technology to find increased application in the payments sector

End-use Industries other than Finance to Increase Investments in Blockchain Technology

Strong investments in blockchain technology not only from the financial sector but also the government and healthcare sectors are expected to create lucrative market growth opportunities for players during the forecast period. Rising adoption of blockchain technology in the IT sector could also help with rewarding business prospects for vendors in the coming years. Increasing expansion of the alternative cryptocurrencies market and growing acceptance of cryptocurrency among merchants are anticipated to further augment the demand for blockchain technology. High use of blockchain technology among SMEs mainly for the purpose of automating financial transactions and increasing data security is predicted to propel the global market growth in future.

Players to Launch More Advanced Products to Cement Competitive Market Position

Some of the leading vendors operating in the global blockchain technology market are Amazon, Digital Asset Holdings, IBM, BTL Group, Microsoft, Bitfury Group, Coinbase, Ripple, Earthport, and Chain, Inc. Vendors are expected to partner with other companies to strengthen their position in the global blockchain technology market. Introduction of new and more sophisticated blockchain technologies could be another strategy largely adopted by vendors. In September 2019, Modex, a UK technology company that builds blockchain solutions, launched the Modex Blockchain Database platform (Modex BCDB) to simplify the way enterprises can deploy blockchain technology.

By Industry

●  BFSI

●  Government

●  Healthcare

●  Retail and E-Commerce

●  Transportation and Logistics

By Application

●  Payments

●  Exchanges

●  Smart Contracts

●  Documentation

●  Digital Identity

Among industry segments, BFSI is projected to account for a remarkable share of the global blockchain technology market due to its heavy investment in the technology. Development of new blockchain technologies complying with transaction and regulatory standards followed in the BFSI sector could be a significant growth driver of the segment. Among applications, payments is forecast to secure a commanding share of the global blockchain technology market because of the need to enhance efficiency of payment systems. Growing focus on reducing operational costs of payment systems and increasing transparency in payments and other transactions could also help to push forward the demand for blockchain technology in the payments application.

By Region        

Rise in the uptake of blockchain technology, especially in the retail, government, and BFSI sectors, is projected to increase the market growth of North America. The US and Canada showing increased adoption of new and advanced technologies could make substantial contributions to the growth of North America in the global blockchain technology market. Asia Pacific could be another high-growth region for the global blockchain technology market, taking into consideration the increasing growth of the financial sector in India and China. Advancement of blockchain technology on the back of strong initiatives taken by research and government organizations is anticipated to set the tone for impressive market growth of Asia Pacific.

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