Global Blockchain Market Analysis and Forecast to 2022 | Growth Opportunity Assessment
Princeton, NJ -- (SBWIRE) -- 06/01/2018 -- The blockchain market is expected to grow from USD 411.5 Million in 2017 to USD 7,683.7 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 79.6%. Factors such as demand for distributed ledger technology, reduced total cost of ownership, rising cryptocurrencies market cap and initial coin offerings, increasing demand for simplified business processes, transparency and immutability, faster transactions, and rising adoption for Blockchain-as-a-Service are expected to drive the growth of the global market.
The report provides detailed insights into the global blockchain market, which is segmented by provider, application, organization size, industry vertical, and region. Among applications, the payment application would continue to dominate the market during the forecast period owing to reduce risks, improved efficiency, and transparency in payment systems provided by blockchain across different verticals. Digital identity application is expected to grow at the fastest rate owing to its applications in multiple transactions and reduced fraud rate and easy management.
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Among providers, the application and solution provider segment is expected to dominate the blockchain market owing to significant value added to the businesses by reducing duplications in transactional data, providing periodic reconciliation and authentication for commercial and regulatory reasons. Application and solution provider segment is expected to grow at the fastest rate due to the rising demand for international online money transfer network, and cloud-based services across multiple industry verticals.
The real estate vertical is expected to grow at the highest rate during the forecast period. Blockchain can be used by real estate industries to define fast processes in multiple transactions, easy money transfer, and provide transparency of each transaction to its customers. In addition, steady progress of cross-border investment across the globe boosts transparency, thereby fueling the market growth for blockchain market.
Large enterprises are expected to dominate the market in terms of market share as such enterprises are continuously investing in their R&D activities to improve overall performance and provide customer satisfaction. Companies also get venture funding to develop supportive infrastructure for blockchain integration. However, the Small and Medium-Sized Enterprises (SMEs) are expected to exhibit a higher CAGR, owing to the availability of Blockchain-as-a-Service provided by vendors operating in the market that minimizes infrastructure development costs.
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The report covers all the major aspects of the blockchain market and provides an in-depth analysis across the regions of North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and Latin America. Being the early adopter of blockchain and cryptocurrency technologies, and the presence of the prominent industry players, the North American region is expected to continue to dominate the market during the forecast period. The APAC region is expected to grow at the highest CAGR during the forecast period, owing to the increasing adoption of blockchain across multiple industry verticals such as BFSI, retail and eCommerce, and real estate.
Factors such as rising cryptocurrencies market cap and ICO, faster transactions, reduced total cost of ownership, simplified business processes, transparency, and immutability are expected to drive the market growth. However, the transformation of international trade and supply chain management, high adoption of blockchain for payments, smart contracts, and digital identities, rising importance and adoption of blockchain technology for communication service providers, and a new breed of programmable blockchain platforms would create lucrative market opportunities.
The global blockchain market is fragmented in nature, as no single vendor dominates the market. Vendors that offer blockchain solutions include Abra (US), AlphaPoint (US), Amazon Web Services, Inc. (US), Bitfury Group Limited (US), BTL Group Ltd. (Canada), Chain, Inc. (US), Coinbase (US), Digital Asset Holdings LLC. (US), Earthport PLC (UK), Factom (US), International Business Machines Corporation (US), Microsoft Corporation (US), and Ripple (US). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, product upgradations, partnerships and collaborations, and acquisitions, business expansions, and venture funding to expand their offerings and enhance the customer experience in the market.
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For instance, in August 2017, IBM announced major blockchain collaboration with leading global food supply chain companies to make the global food system more efficient and safer. The consortium includes Dole, Driscoll's, Golden State Foods, Kroger, McCormick and Company, Mclane Company, Nestle, Tyson Foods, Unilever, and Walmart. In addition, in May 2015, Ripple obtained USD 28 million funding from AME Cloud Ventures, ChinaRock Capital Management, China Growth Capital, Wicklow Capital, Bitcoin Opportunity Corp., Core Innovation Capital, Route 66 Ventures, RRE Ventures, Vast Ventures and Venture51.
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