Blockchain Technology Market Size By Providers (Infrastructure Provider, Application Provider, Operators), By Application (Smart Contract, Payment & Wallet, Digital Identity, Exchange, Compliance & Risk Management), By End-use (BFSI, Government, Healthcare, IT Service, Media & Entertainment, Transportation & Logistics), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Switzerland, Australia, China, India, Japan, South Korea, Singapore, Brazil, Mexico, Israel, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024

Published Date: Jul 2018  |  Report ID: GMI2194  |  Authors: Ankita Bhutani, Preeti Wadhwani

Report Format: PDF   |   Pages: 180   |   Base Year: 2017




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Blockchain Technology Market size estimated at over USD 200 million in 2017 and is anticipated to grow at a CAGR of more than 75% from 2018 to 2024.
 

LATAM Blockchain Technology Market Share, By Country, 2017

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The blockchain technology market is projected to witness a sharp growth due to the extensive utilization of the technology in industry verticals, including banking, healthcare, and government. Government agencies globally are using the technology to improve the delivery of public services, prevent tax fraud, and augment more transparent government-citizens relations. For instance, in February 2018, Maharashtra (India) government introduced blockchain technology to allow secure storage and distribution of information. The technology supports data security in departments including police, revenue, and farm loan waiver scheme database. Blockchain-as-a-Service (BaaS) is also gaining traction due to the heavy adoption of cloud computing, which will lead to market growth. Integration of the technology with cloud services proves beneficial for enterprise customers and allows them to develop and host their own apps managed by cloud-based service providers.
 

Blockchain Technology Market Report Coverage
Report Coverage Details
Base Year: 2017
Historical Data for: 2013 to 2017 Forecast Period: 2018 to 2024
Pages: 180 Tables, Charts & Figures: 171
Geographies covered (18): U.S., Canada, UK, Germany, France, Spain, Switzerland, Australia, China, India, Japan, South Korea, Singapore, Brazil, Mexico, Israel, UAE, South Africa
Segments covered: Providers, Application, End-use and Region
Companies covered (28): Abra, Alphapoint, Amazon Web Services, Asta Solutions, Bacoor, Bitfury, BitSE, Blocko, Blockstream, Bloq, BTL Group, Chain, Inc., Coinbase, Digiledg, Digital Asset Holding, Earthport, Emurgo, Exioms, Factom, Huobi, IBM Corporation, Infinity Blockchain Labs, Microsoft Corporation, Paystand, Ripple, R3, SimplyFI Softech, SmartMesh

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By Providers

The operators’ market is expected to grow at a CAGR of over 80% from 2018 to 2024. Network operators configure the network, grant access to network participants, and specify use cases for the network to serve & manage software upgrades across the network. This will augment the demand for operators including network operators and application operators who manage applications by offering specific services to users.
 

By Application

U.S. Blockchain Market Share, By Application, 2017

U.S. Blockchain Market Share, By Application, 2017

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The smart contract segment is estimated to hold a blockchain technology market share of around 10% by 2024 as it assists organizations and individuals to conduct business transactions. The increasing usage of smart contracts in various industry verticals such as insurance, legal proceedings, real estate, management, government, automobile, healthcare, and logistics will drive market growth. For instance, the insurance industry relies heavily on data; hence, blockchain technology is enabling data-related transactions for an insurer through smart contract. Smart contract facilitates and improves the performance of an insurance contract and supports the management of claims in a responsive way.
 

By End-use

China Blockchain Technology Industry Share, By End-Use, 2017

China Blockchain Technology Industry Share, By End-Use, 2017

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The transportation & logistics segment is anticipated to show an accelerated growth over the forecast timeline due to the widespread usage of blockchain technology across supply chain networks to create efficient workflows and develop a new business model. The technology is creating a positive impact on the supply chain processes by offering a scalable solution for order tracking and authentication. As supply chains are extremely complex, the need for technology increases to improve visibility & predictability of logistics operations by accelerating the physical flow of goods. Companies present in the commercial transportation industry are increasingly implementing blockchain to improve efficiency and lower shipping costs.
 

By Region

The Asia Pacific blockchain technology market will witness the highest growth rate with a CAGR of over 85% between 2018 and 2024. The market growth is attributed to supportive government initiatives in countries including China, Japan, and India to promote the adoption of technology. For instance, in October 2017, Andhra Pradesh (India) government launched blockchain-based projects for transport and managing land records. The state has implemented a technology to prevent the tampering of land records. In November 2017, the Monitory Authority of Singapore passed a regulation that will include bitcoin & other cryptocurrencies under a single legislation. The proposed bill is aimed at bringing virtual currency services, such as cryptocurrency exchange platforms, under the regulatory purview. 
 

Competitive Market Share

The market is dominated by emerging companies as it is highly fragmented. Companies operating in the market are focusing on strategic partnerships to maintain a competitive edge compared to their competitors. For instance, in May 2016, Chain along with Visa, Citigroup, Fidelity, Capital One, and Nasdaq published a new open-source protocol, Chain Open Standard. The new protocol helps to build a blockchain network that can securely and rapidly handle large volumes of transactions globally. Some companies are laying more emphasis on geographic expansion to cater to a wide set of customers. In May 2018, Blocko announced that it will open two branches in Hong Kong and London. This decision was taken to deliver its services to overseas customers and increase its market share globally. In December 2017, Digiledge offered its blockchain-based solutions to Federal Bank and South Indian Bank. The solutions helped the banks in cross-border remittances and foreign transactions.
 

The key vendors of the blockchain technology market are IBM, SAP, R3, Blockstream, Ripple, AWSHPE, Abra, Alphapoint, Microsoft, Amazon Web Services, BTL Group, Peer Ledger, Blocko, Asta Solutions, Bacoor, AWSHPE, Bitfury, BitSE, Bloq, Chain, and Coinbase.
 

Industry Background

Over the past couple of years, blockchain technology evolved into a mainstream technology for solving cybersecurity problems. The technology is built on the foundations of cryptography and enables enterprises to solve fraud and data tampering. The technology is gaining momentum due to the rising number of government initiatives for the adoption of the technology for various application areas including banking, government, and transportation & logistics. Currently, the technology is in the nascent stage, but with the increase in the adoption of blockchain platforms, the market is expected to witness an accelerated growth over the coming two to four years.  


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