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.).