Blockchain Market Worth 2.3 Billion USD by 2021

675

Share with:


According to a new market research report “Blockchain Technology Market by Provider, Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Clearing and Settlement), Organization Size, Vertical, and Region – Global Forecast to 2021”, published by MarketsandMarkets, the Blockchain Technology Market is estimated to grow from USD 210.2 Million in 2016 to USD 2,312.5 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 61.5 per cent

The major forces driving the Blockchain Technology Market are transparency & immutability, and reduced total cost of ownership. The Blockchain Technology Market is growing rapidly because of the high adoption of this distributed ledger technology across various applications such as payments, smart contracts, exchanges, digital identities, and documentation.

Application and solution provider to grow at the highest CAGR from 2016 to 2021 

Application and solution provider segment is expected to witness the highest CAGR in the global Blockchain Technology Market during the period 2016-2021. Application and solutions are used to accelerate the different business processes such as payments, documentation, transactions, and others deployed by organizations for efficient business operations.

Banking, Financial Services, and Insurance (BFSI) vertical to have the largest market size in 2016 

The Blockchain Technology Market is also segmented into various industry verticals, out of which, the Banking, Financial Services, and Insurance (BFSI) sector is expected to dominate the market with the largest market share as the need for banking and financial transactions has evolved from traditional payments systems to be seamlessly integrated into new systems. Moreover, the media and entertainment vertical is estimated to grow at the highest rate, followed by healthcare and life sciences.

North America is expected to dominate the Blockchain Technology Market in 2016 

North America is expected to hold the largest share of the Blockchain Technology Market in 2016 due to the technological advancements and early adoption of blockchain technology in the region. The market in APAC is expected to grow at the highest CAGR between 2016 and 2021. The major driving forces for this growth are transparency, immutability & scalability, and huge opportunities across industry verticals in APAC countries, especially India, Australia, and China.

The report also encompasses different strategies, such as mergers & acquisitions, partnerships & collaborations, business expansions, and product developments, adopted by major players to increase their market share. Some of the major technology vendors include Microsoft Corporation (U.S.), IBM Corporation (U.S.), Deloitte (U.S.), Ripple (U.S.), Chain, Inc. (U.S.), Abra, Inc. (U.S.), BitFury (U.S.), Coinbase (U.S.), Circle Internet Financial Limited (U.S.), Digital Asset Holdings (U.S.), Blockchain Tech Ltd (Canada), Global Arena Holding, Inc. (U.S.), Digital CC Ltd (Australia), 21 Inc. (U.S.), and Earthport (U.K.).

 

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

Visit Website
View All Articles
Buy Bitcoin at CEX.IO

Get Blockchain News Where You Are!

Join our Linked in GroupLike our Facebook Page
Linkedin Group BlockchainLinkedin Facebook Group