Blockchain Technology Market by Trends Analysis, Technology and Segment Analysis to 2025

Blockchain Technology Market in North America is estimated to dominate the over the forecast period due to the early adoption of blockchain technology across various industry verticals for the implementation of payment & wallet solutions, smart contracts & digital identity detection, and documentation applications. The region received high venture capital investments in the blockchain sector. The U.S. specifically accounted for around 56% share in the global blockchain investments between 2012 and 2017. Various Chinese cryptocurrency mining companies are eyeing Canada as an attractive destination for cryptocurrency mining. This is due to its cheap & reliable energy resources. The country has a cold climate, which will help to maintain a cool environment, preventing the servers from overheating.

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Blockchain Technology Market is expected to exceed USD 25 billion by 2025.

The Blockchain Technology Market is highly fragmented due to the presence of a larger number of start-ups in the space. The start-ups are focusing on organic strategies to gain market share. Partnerships and collaborations are the common strategies used by start-ups to gain market share. For instance, in 2018, R3 collaborated with HSBlox, a technology firm, that offers services in healthcare to develop a new blockchain initiative for the healthcare industry based on the Corda Healthcare Community.

The blockchain as a service has found increasing applications across supply chain management, identity management, payments, and risk & compliance management. The major factors driving the adoption in these sectors are cost reduction across data storage and increased efficiency. The blockchain technology offers decentralization across data storage, which is highly effective in reducing costs for the end users. For instance, in January 2018, IBM announced a joint venture with Maersk Group to implement blockchain for improving the global trade and digitizing the supply chain.

The stock market stakeholders, such as brokers and traders & regulators, have to undergo complex processes, which will take up to three days to complete due to the role of various intermediaries. The blockchain simplifies the mechanism through decentralization and automation. It helps stakeholders to reduce the cost while speeding up the process for faster transactions.

The blockchain technology market is estimated to propel over the forecast timeline due to several benefits offered by the technology such as reduction of duplicative recordkeeping, elimination of reconciliation, and validation of transactions

The blockchain technology is driving the digital revolution of enterprises explicitly with the digitization of processes, automation, tokenization of physical resources, and activities & codification of intricate contracts.

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Blockchain can be used in stock markets for directly transferring shared ownership between various participants instead of using a centralized hub for all transactions. It has a huge potential across stock markets as it facilitates faster exchanges, reduces risks, and offers transparency & security.

Some major findings of the Blockchain Technology Market report include:

  • Blockchain technology improves efficiency, enhances transparency in the business, and eases business processes
  • Israeli startups are focusing on areas such as diamond registration, cybersecurity, cryptocurrencies, international shipping, and DNA data storage
  • Major players operating in the Blockchain Technology Market are IBM Corporation, Microsoft Corporation, R3, and SAP SE
  • The new market entrants are raising funds from VCs, investors, and prominent industry leaders to increase their R&D spending
  • Supportive government initiatives and hefty funds are augmenting the demand for blockchain technology across the globe

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