Blockchain Technology Market Size, Share & Trends Report

Blockchain Technology Market Size, Share & Trends Analysis Report By Type (Public, Private, Hybrid), By Application (Financial Services, Consumer Products, Technology, Telecom), And Segment Forecasts, 2018 - 2024

  • Published Date: May, 2018
  • Base Year for Estimate: 2015
  • Report ID: GVR-1-68038-329-4
  • Format: Electronic (PDF)
  • Historical Data: 2015
  • Number of Pages: 80

Industry Insights

The global blockchain technology market size was valued at USD 604.5 million in 2016 and is predicted to exhibit a CAGR of 37.2% over the forecast period. Blockchain technology is one of the most promising developments in the information technology (IT) domain. It enables a ledger that can be accessed by all parties involved in the transaction and can act as the universal irrefutable depository of all transactions between involved parties.

U.S. blockchain technology market

The numerous benefits involved in developing such a platform have already attracted immense traction, and subsequently investments, from the financial sector as well as many technological giants. The technology holds the ability to change the way the financial sector works and would result in favorably impacting many other industries including technology, consumer goods, and media and telecom.

An innovative requiem for all Bitcoin transactions, blockchain technology has also incorporated other cryptocurrencies, including Litecoin, Ripple, and Mintchip. Many financial institutions and banks are developing keen interest in the technology, owing to its unique and innovative structure with regulatory bodies, such as IMF and Bank of England, which are showing considerable interest in the matter.

A wide range of players in the finance industry are looking out for investment opportunities and many have made the first round of investments to develop products and services in the industry. Though the market may be struggling with regulatory uncertainties and security concerns, the coming years are expected to witness a larger role in financial transactions, spanning diverse domains and industries.

Apart from the financial sector, blockchain technology holds enormous opportunities across multiple application arenas. Healthcare and public-sector applications are expected to witness enormous growth in the years to come. This is due to the fact that the implication of the technology was restricted only to the BFSI segment earlier. The actual model of blockchain is now being implemented in various core applications.

Type Insights

Public networks emerged as the dominant segment in the blockchain technology market owing to rising tendency of governments and institutions to inculcate open and efficient transactions. For example, the Australian Securities Exchange (ASX) announced that the exchange had intentions to move Australia’s settlement and clearing systems on the blockchain platform.

The private network segment allows companies to modify rules and reverse transactions at comparatively cheaper transaction rates. These networks allow fixing of faults by manual interventions and at exceedingly high speeds. Private networks are expected to follow the public segment, albeit cautiously, and may witness a considerable rise in adoption in the coming years.

Application Insights

Blockchain technology tends to immensely benefit financial transactions that take place in businesses around the world. This is done by providing anonymity, openness, and efficiency by leveraging the capabilities of the Internet era. The financial sector stands to benefit the most from this technology and has been a proactive partner and investor in its development from the initial stages.

Global blockchain technology market

The regulatory and transactional offerings of the technology are in alignment with the BFSI sector and will have major consequences on the many domains within the financial sector. Other industries that stand to benefit from the technology are consumer goods, healthcare, media and telecom, public sector, and transportation.

Regional Insights

North America dominated the overall market and accounted for 40.9% of the global revenue. This can be attributed to faster adoption of innovative technologies in developed countries such as U.S. and Canada. Highly competitive environment in U.S., owing to strong presence of technology providers such as Microsoft and Deloitte, is phenomenally contributing to the infusion of various blockchain solutions.

A growing financial sector in emerging countries such as China and India is predicted to stimulate the growth of the Asia Pacific market. The banking sector in the region stresses on streamlining KYC and compliance processes, which is driving the adoption of blockchain in the financial services sector. The regional market is presumed to expand at a CAGR of 41.6% in the coming years.

Blockchain Technology Market Share Insights

Key market players in the industry include IBM Corp., Microsoft Corp., Linux Foundation, and R3. Other prominent industry participants include BTL Group; Chain Inc.; Deloitte; Circle Internet Financial Limited; Global Arena Holding, Inc. (GAHI); Post-Trade Distributed Ledger; Ripple; and Eric Industries.

The industry is characterized by rising investments in developing technology structures and increasing collaborations among different stakeholders. For instance, Microsoft Corporation (U.S.) entered into a partnership with R3 consortium to gain a competitive advantage over Amazon Inc. (U.S.) and Alphabet’s Google Inc. (U.S.). Similarly, Deloitte is leveraging the technology for auditing and reconciliation processes.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historical data

2015

Forecast period

2016 - 2024

Market representation

Revenue in USD Million & CAGR from 2016 to 2024

Regional scope

North America, Europe, Asia Pacific, South America, Middle East & Africa

Country scope

U.S., Canada, Mexico, U.K., Germany, France, Japan, China, and Australia

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis on latest industry trends in each of the sub-segments from 2015 to 2024. For the purpose of this study, Grand View Research has segmented the global blockchain technology market report on the basis of type, application, and region:

  • Type Outlook (Revenue, USD Million, 2015 - 2024)

    • Public

    • Private

    • Hybrid

  • Application Outlook (Revenue, USD Million, 2015 - 2024)

    • Financial Services

    • Consumer or Industrial Products

    • Technology, Media, and Telecom

    • Healthcare

    • Transportation

    • Public Sector

  • Regional Outlook (Revenue, USD Million, 2015 - 2024)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • U.K.

      • Germany

      • France

    • Asia Pacific

      • China

      • Japan

      • Australia

    • South America

    • MEA

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