Market Research Future (MRFR)’s study has shown that the global Blockchain technology is anticipated to exhibit a compound annual growth rate (CAGR) of 66.4% during the forecast period 2018 to 2023.
MRFR is a research group that bridges the gap between clients by identifying and decoding the target group, while generating leads with accuracy.
The assessment indicates that the global market is poised to scale a valuation of USD 7,128 Mn towards the end of 2023, observing an upsurge in the adoption of Blockchain for smart contracting, digital payments, and identities. This wide scale adoption, in turn, is anticipated to lead the growth of Blockchain both as a technology as well as a market in the years to come.
Blockchain signifies high potential which is prognosticated to exhibit proliferating applications across different industry verticals. The adoption of the technology as a growth catalyst for end-user industries is forecasted to propel the expansion of the Blockchain technology market over the next couple of years.
The intensifying demand for simplification of business architecture in conjunction with the credibility of the technology is expected to unleash developmental opportunities in the Blockchain technology market. It being a new technology has gained quick mileage over the last few years and is expected to attract an inflow of massive investments in the years to come. Case to the point is, B3i Service AG, a Zurich-based Blockchain startup, has raised USD 16 Mn for the development of a Blockchain trading platform for the entire insurance industry.
Other major companies operating in the Blockchain technology market are Oracle Corporation, Accenture l, Cyber Infrastructure Pvt. Ltd., Amazon Web Services Inc., Deloitte Touche Tohmatsu Limited, Hewlett Packard Enterprise Company, Empirica S.A., IBM Corporation, Microsoft Corporation, Infosys Limited, and SoluLab Inc.
The Blockchain technology market has been projected to remain highly lucrative across the review period. However, issues associated with scalability and security are expected to check the expansion of the market in the forthcoming years. In addition, uncertain regulatory standards and difficulties posed by the technology in integration with existing applications are likely to undermine market growth in the foreseeable future.
- ShelterZoom Creates Contract and Transaction Management Platform Marking New Contract Evolution on Blockchain - April 19, 2019
- Samsung SDS and Tech Mahindra Join to Explore Global Blockchain Market using Samsung’s Nexledger Platform - April 15, 2019
- Kudelski Security Partners with BTblock, fusing Blockchain Consulting with Technology for better Cybersecurity and Design - April 14, 2019
- Albertsons Companies is Joining Blockchain-based IBM Food Trust Network to Pilot Technology to Increase food Transparency - April 11, 2019
- Opera Announces Brand New Browser for Mac, Windows and Linux with Crypto Wallet, Web 3 Explorer and a free VPN - April 9, 2019
- Blockchain Platform Insolar Accepted into BiTA, Advancing its Mission of Furthering Blockchain Adoption - April 9, 2019
- Blockchain Technology Expected to Grow 66.4% in next 5 Years According to MRFR Research Findings - April 8, 2019
- Japanese Trading Platform Liquid Achieves Unicorn Status through Investments from IDG Capital and Bitmain Technologies - April 8, 2019
- 105 Organizations Announce Commitment to New Blockchain Association INATBA Created by the European Union - April 6, 2019
- Start Up Energy Transition (SET) names Blockchain Company Insolar amongst Top 100 Tech Innovators - April 4, 2019
- Bitwise Asset Management report Claims 95% of Bitcoin Trading Volumes are Fake, Overstating True Size of the Market - March 30, 2019
- Flipside Crypto’s Release of the FCAS25 Mechanism Shows Health of Crypto Industry has been on the Rise through 2018/19. - March 29, 2019
- Digix is launching DigixDao Platform, Joining Ranks of Pioneering Decentralised Autonomous Organisations in Singapore - March 28, 2019
- Quedex on Brink of Becoming World’s First Regulated Crypto-Centric Futures and Options Exchange, after in-principle Decision from GFSC - March 27, 2019
- Ugandan Orphanage able to Sustain Itself through Cryptocurrency Donations from Listeners of National Radio Show - March 26, 2019
- Blockchain-based Entertainment Platform ‘Blue Baikal’ opens Pre-Registration Event Connecting Producers, Influencers and Consumers - March 26, 2019
- French Crypto-Friendly Pacte Law Passes Second Reading in National Assembly, Senate Next - March 25, 2019
- Bamboo Capital Partners, Government of Togo and Moeda Seeds Bank Join to Launch the Bloc fund to Consolidate Social Development - March 25, 2019
- Western Union Joins Stellar Partner Thunes to Use Blockchain to Speed Up Transfers - March 25, 2019
- Dragonchain Announces Partnership with Humanitarian Organization M2030, Facilitating Donation Processes with Blockchain to Fight Malaria - March 21, 2019