The Blockchain Technology Market is expected to reach $28,248.7 million by 2025 from $583.5 million in 2018, growing at a CAGR of 74.1%. Increasing Adoption of BaaS, increasing merchants accepting cryptocurrency, and growing interest in blockchain among financial institutions are the key factors driving the growth of the global blockchain technology market. However, regulatory uncertainty; limited scalability; security, privacy & lack of awareness are hindering the growth of the market.
Increasing Adoption of BaaS Fuels the Growth of the Global Blockchain Technology Market
Blockchain as a Service (BaaS) is an offering that allows customers to leverage cloud-based solutions to build, host and use their own blockchain apps, smart contracts and functions on the blockchain while the cloud-based service provider manages all the necessary tasks and activities to keep the infrastructure agile and operational. Due to the increasing interest in the blockchain ecosystem, it is indirectly aiding the blockchain adoption across businesses. Moreover, it is based on, and works similar to, the concept of Software as a Service (SaaS) model. Individuals and businesses are increasingly willing to adapt to blockchain technology market. However, the technical complexities and operational overhead involved in creating, configuring, and operating the blockchain, and maintaining its infrastructure, often act as deterrent to its mass adoption. Along with leading tech giants, many startups are now offering a viable solution to this problem through the Blockchain-as-a-Service (BaaS) model. BaaS might prove to be the necessary catalyst that can lead to a much wider and deeper penetration of blockchain technology across various industry sectors and businesses, thus driving market growth.
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Increasing Merchants Accepting Cryptocurrency Drives the Blockchain Technology Market Growth
Digital currency, or cryptocurrency, is becoming more talked about and well known to the general public as time passes. In addition, increasing numbers of companies are accepting it as a form of payment for goods and services every day. According to Coinmap.org, in January 2017, around 8,207 brick and mortar businesses accepted Bitcoin as a payment method for their goods and services. Moreover, in March 2017, three days before the end of the first quarter, 8,665 businesses accepted Bitcoin. This showed that for the first three months of 2017, there was a 5.58% increase in Bitcoin accepting businesses. Other big companies such as Overstock.com, Expedia, PayPal, Subway, Shopify and Microsoft also have started accepting cryptocurrencies, to name a few. With the current hype, the blockchain technology is receiving; the acceptance of cryptocurrencies by merchants is bound to increase in the near future.
Key Findings in the Global Blockchain Technology Market Study:
BFSI Industry Vertical Dominates Blockchain Technology Market and Witness Highest Growth during Forecast Period
Banking, financial services and insurance (BFSI) accounted for the largest share of the global blockchain market. This segment is expected to grow at a CAGR of 70.0% during the forecast period. The rising need to simplify financial transactions, increasing demand to counteract fraud, and growing interest of companies to adopt blockchain technology market are the major factors contributing in growth.
Payment Application Dominates the Global Blockchain Technology Market, by Application
The payments segment accounted for the largest share of the global blockchain market. The rising need to transfer funds directly and securely to anyone and growing demand to reduce cost of transactions propels the adoption of blockchain in this application area.
Over the years, international payments, specifically outside the SEPA zone have evolved multi-fold. The growing demand for faster processing, easier reconciliation, and greater transparency on fees are some of the key drivers for technological advancements of the payments processing industry over the past few years. This demand is ever increasing and with increasing globalization of transactions is now gradually moving towards technologies that provide greater transparency of payments and payment security. Blockchain is regarded as one of the most apt technologies to achieve this. Blockchain technology has steadily advanced into the payments processing application over the past few years to transform the transaction environment.
Asia Pacific: The Fastest Growing Regional Market
The Asia-Pacific blockchain technology market is expected to grow at a highest CAGR in the next 5-7 years. The growth in the APAC market is mainly attributed to rapid adoption of blockchain technology in the financial and supply chain industries. In addition, government initiatives and collaboration with private organization to implement blockchain to secure currentsystems is further propelling the demand for blockchain in APAC.
Key Players
The report includes competitive landscape based on extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 3 years (2015-2018). The major players operating in the global blockchain technology market are Amazon (U.S.), IBM (U.S.), Microsoft (U.S.), Ripple (U.S.), Chain, Inc. (U.S.), Earthport (U.K.), Coinbase (U.S.) Bitfury Group (Netherlands), BTL Group (Canada), Antier Solutions Pvt. Ltd. (India),and Digital Asset Holdings (U.S.), among many others.
Scope of the Report:
Blockchain Technology Market, by Application
Blockchain Technology Market, by Vertical
Blockchain Technology Market, by Geography
Key questions answered in the report:
Increasing adoption of BaaS fuels the growth of the global blockchain technology market
Payment application accounted for the largest share of the blockchain technology market
North America market favors both global and local providers that compete in multiple segments
Recent partnerships, acquisitions, and expansions have taken place in the global blockchain technology market
We are in the phase of updating this report by analysing the impact of COVID-19 on this market.
1. Introduction
1.1. Market Definition
1.2. Market Ecosystem
1.3. Currency and Limitations
1.3.1. Currency
1.3.2. Limitations
1.4. Key Stakeholders
2. Research Methodology
2.1. Research Process
2.1.1. Secondary Research
2.1.2. Primary Research
2.1.3. Market Size Estimation
3. Executive Summary
4. Industry Overview
4.1. Types of Blockchain
4.1.1. Public Blockchain
4.1.2. Private Blockchain
4.1.3. Permissioned Blockchain / Federated Blockchains
4.2. Recent Investments in Blockchain Technologies
5. Market Overview
5.1. Introduction
5.2. Market Drivers
5.2.1. Increasing Adoption Of BaaS
5.2.2. Increasing Merchants Accepting Cryptocurrency
5.2.3. Growing Interest in Blockchain among Financial Institutions
5.3. Restraints
5.3.1. Regulatory Uncertainty
5.4. Opportunities
5.4.1. Cost Reduction
5.4.2. Blockchain in International Trade
5.4.3. Smart Contract and Digital Identity
5.5. Challenges
5.5.1. Limited Scalability
5.5.2. Security, Privacy, and Lack of Awareness
6. Global Blockchain Market Size, by Application
6.1. Introduction
6.2. Payments
6.3. Smart Contracts
6.4. Documentation
6.5. Exchanges
6.6. Digital Identity Management
6.7. Supply Chain Management
6.8. Governance, Risk, and Compliance Management
6.9. Other Applications
7. Global Blockchain Market Size, by Vertical
7.1. Introduction
7.2. Banking, Financial Services & Insurance (BFSI)
7.3. Government Organizations
7.4. Healthcare & Life Sciences Industry
7.5. Retail and E-Commerce Industry
7.6. Transportation and Logistics Industry
7.7. Media and Entertainment Industry
7.8. Travel & Hospitality Industry
7.9. Real Estate Industry
7.10. IT and Telecommunications Industry
7.11. Other Industry Verticals
8. Global Blockchain Market Size, by Geography
8.1. Overview
8.2. North America
8.2.1. U.S.
8.2.2. Canada
8.3. Europe
8.3.1. U.K.
8.3.2. Germany
8.3.3. Rest of Europe (RoE)
8.4. Asia Pacific (APAC)
8.4.1. China
8.4.2. Australia & New Zealand
8.4.3. Rest of Asia-Pacific
8.5. Latin America
8.5.1. Mexico
8.5.2. Brazil
8.5.3. Rest of Latin America
8.6. Middle East & Africa (MEA)
9. Competitive Outlook
9.1. Competitor Benchmarking
9.2. Market Share Analysis, by Key Players
10. Company Profiles (Business Overview, Financials, Solutions Offered, Recent Strategic Developments)
10.1. Amazon
10.2. IBM
10.3. Microsoft
10.4. Ripple
10.5. Chain, Inc.
10.6. Earthport
10.7. Coinbase
10.8. Bitfury Group
10.9. BTL Group
10.10. Digital Asset Holdings
10.11. Antier Solutions Pvt. Ltd.
10.11. Others
11. Appendix
11.1 Questionnaire
11.2 Available Customization
List of Tables
Table 1 Key Recent Investments in Blockchain Technology
Table 2 Market Dynamics
Table 3 Blockchain Technology Market Size, by Application, 2016–2025 ($Million)
Table 4 Global Blockchain Market Size for Payments, by Region, 2016–2025 ($Million)
Table 5 Global Blockchain Market Size for Smart Contracts, by Region, 2016–2025 ($Million)
Table 6 Global Blockchain Market Size for Documentation, by Region, 2016–2025 ($Million)
Table 7 Global Blockchain Market Size for Exchanges, by Region, 2016–2025 ($Million)
Table 8 Global Blockchain Market Size for Digital Identity Management, by Region, 2016–2025 ($Million)
Table 9 Global Blockchain Market Size for Supply Chain Management, by Region, 2016–2025 ($Million)
Table 10 Global Blockchain Market Size for Governance, Risk, and Compliance Management, by Region, 2016–2025 ($Million)
Table 11 Global Blockchain Market Size for Other Applications, by Region, 2016–2025 ($Million)
Table 12 Global Blockchain Market Size for Banking, Financial Services, & Insurance Industry, by Region, 2016–2025 ($Million)
Table 13 Global Blockchain Market Size for Banking, Financial Services, & Insurance Industry, by Application, 2016–2025 ($Million)
Table 14 Global Blockchain Market Size for Government Organizations, by Region, 2016–2025 ($Million)
Table 15 Global Blockchain Market Size for Government Organizations, by Application, 2016–2025 ($Million)
Table 16 Global Blockchain Market Size for Healthcare & Life Sciences Industry, by Region, 2016–2025 ($Million)
Table 17 Global Blockchain Market Size for Healthcare & Life Sciences Industry, by Application, 2016–2025 ($Million)
Table 18 Global Blockchain Market Size for Retail & E-Commerce Industry, by Region, 2016–2025 ($Million)
Table 19 Global Blockchain Market Size for Retail & E-Commerce Industry, by Application, 2016–2025 ($Million)
Table 20 Global Blockchain Market Size for Transportation & Logistics Industry, by Region, 2016–2025 ($Million)
Table 21 Global Blockchain Market Size for Transportation & Logistics Industry, by Application, 2016–2025 ($Million)
Table 22 Global Blockchain Market Size for Media & Entertainment Industry, by Region, 2016–2025 ($Million)
Table 23 Global Blockchain Market Size for Media & Entertainment Industry, by Application, 2016–2025 ($Million)
Table 24 Global Blockchain Market Size for Travel & Hospitality Industry, by Region, 2016–2025 ($Million)
Table 25 Global Blockchain Market Size for Travel & Hospitality Industry, by Application, 2016–2025 ($Million)
Table 26 Global Blockchain Market Size for Real Estate Industry, by Region, 2016–2025 ($Million)
Table 27 Global Blockchain Market Size for Real Estate Industry, by Application, 2016–2025 ($Million)
Table 28 Global Blockchain Market Size for IT & Telecommunications Industry, by Region, 2016–2025 ($Million)
Table 29 Global Blockchain Market Size for IT & Telecommunications Industry, by Application, 2016–2025 ($Million)
Table 30 Global Blockchain Market Size for other Industry Verticals, by Region, 2016–2025 ($Million)
Table 31 Global Blockchain Market Size for other Industry Verticals, by Application, 2016–2025 ($Million)
Table 32 Blockchain Technology Market Size, by Region, 2016-2025 ($Million)
Table 33 North America: Blockchain Technology Market Size, by Country, 2016-2025 ($Million)
Table 34 North America:Market Size, by Application, 2016-2025 ($Million)
Table 35 North America: Market Size, by Vertical, 2016-2025 ($Million)
Table 36 U.S.: Blockchain Market Size, by Application, 2016-2025 ($Million)
Table 37 Canada: Blockchain Technology Market Size, by Application, 2016-2025 ($Million)
Table 38 Europe: Blockchain Market Size, by Country, 2016-2025 ($Million)
Table 39 Europe: Market Size, by Application, 2016-2025 ($Million)
Table 40 Europe: Market Size, by Vertical, 2016-2025 ($Million)
Table 41 U.K.: Market Size, by Application, 2016-2025 ($Million)
Table 42 Germany: Market Size, by Application, 2016-2025 ($Million)
Table 43 Rest of Europe: Market Size, by Application, 2016-2025 ($Million)
Table 44 APAC: Blockchain Market Size, by Country, 2016-2025 ($Million)
Table 45 APAC: Market Size, by Application, 2016-2025 ($Million)
Table 46 APAC: Market Size, by Vertical, 2016-2025 ($Million)
Table 47 China: Market Size, by Application, 2016-2025 ($Million)
Table 48 Australia & New Zealand: Market Size, by Application, 2016-2025 ($Million)
Table 49 Rest of Asia-Pacific: Market Size, by Application, 2016-2025 ($Million)
Table 50 Latin America: Market Size, by Country, 2016-2025 ($Million)
Table 51 Latin America: Market Size, by Application, Latin America -2025 ($Million)
Table 52 Latin America: Market Size, by Vertical, 2016-2025 ($Million)
Table 53 Mexico: Market Size, by Application, 2016-2025 ($Million)
Table 54 Brazil: Market Size, by Application, 2016-2025 ($Million)
Table 55 Rest of Latin America: Blockchain TechnologyMarket Size, by Application, 2016-2025 ($Million)
Table 56 MEA: Market Size, by Application, 2016-2025 ($Million)
Table 57 MEA: Market Size, by Vertical, 2016-2025 ($Million)
Table 58 Key Products/Solutions in the Global Blockchain Market
List of Figures
Figure 1 Market Ecosystem
Figure 2 Key Stakeholders in the Global Blockchain Technology Market
Figure 3 Research Process
Figure 4 Key Executives Interviewed
Figure 5 Primary Research Techniques
Figure 6 Market Size Estimation
Figure 7 Key Opportunities
Figure 8 Scope of the Global Blockchain Market
Figure 9 Global Blockchain Technology Market, by Application
Figure 10 Global Blockchain Market, by Technology
Figure 11 Key Adopters of Blockchain Technology
Figure 18 Market Dynamics
Figure 19 BSFI Continue to Dominate the Blockchain Market during Forecast Period
Figure 2 0 Smart Contracts Will Dominate the Blockchain Applications Market by 2025
Figure 21 Asia-Pacific to Register Highest Growth during Forecast Period
Figure 22 Global Blockchain Technology Market Size, by Application, 2018 Vs 2025 ($Million)
Figure 23 Global Blockchain Technology Market Size, by Vertical, 2025 Vs 2018 ($Million)
Figure 24 Blockchain Technology Market: Competitive Benchmarking
Figure 25 Blockchain Technology Market Share Analysis, by Key Players (2017)
Figure 26 Amazon: Financial Overview: 2015-2017
Figure 27 IBM: Financial Overview: 2015-2017 85
Figure 28 Microsoft: Financial Overview: 2015-2017
Figure 29 Earthport: Financial Overview: 2015-2017
Figure 30 BTL Group: Financial Overview: 2016-2017
We are in the phase of updating this report by analysing the impact of COVID-19 on this market.
We are in the phase of updating this report by analysing the impact of COVID-19 on this market.
Published Date: Jun-2023
Published Date: Oct-2022
Published Date: Sep-2022
Published Date: Aug-2022
Published Date: Sep-2021
