Blockchain Technology Market Report

Blockchain Technology Market Analysis By Type (Public, Private, And Hybrid), By Application (Financial Services, Consumer/Industrial Products, Technology, Media & Telecom, Healthcare, Transportation, And Public Sector), By Region, & Segment Forecasts, 2015 - 2024

Published: December 2016  |  80 Pages  |  Format: PDF  |  Report ID: GVR-1-68038-329-4
Industry Insights

The global blockchain technology market size was valued at USD 509.1 million in 2015 and is predicted to gain momentum over the forecast period. The blockchain technology is one of the most promising upcoming technological trends in the information technology domain. It enables a ledger that can be accessed by parties involved in the transaction and can act as the universal irrefutable depository of all transactions between the involved parties.

The numerous benefits involved in developing such a platform have already attracted the attention and hence, investments, from the financial sector as well as many technological giants. Not only does the technology hold the ability to disrupt the way the financial sector often works but will also have ramifications on many other industries including consumer goods, technology, and media & telecom, among others.

Global blockchain technology market by type, 2015 - 2024 (USD Million)

Global blockchain technology market

An innovative requiem for all Bitcoin transactions; the blockchain technology has also incorporated other cryptocurrencies, including Litecoin, Ripple, and Mintchip. Many financial institutions and banks are developing a 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 a considerable interest in the matter.

A wide range of players in the finance market are looking out for investment opportunities and many have made the first phase 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 of the concerned technology in financial transactions, spanning diverse domains and industries.

Type Insights

Public networks are the most dominant segment in the market owing to the growing tendency of the government 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 type segment is expected to follow the public segment albeit cautiously and may witness a considerable rise in adoption in the coming years.

Application Insights

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

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

North America blockchain technology market by application, 2015 (USD Million)

North America blockchain technology market

Regional Insights

The North American regional industry dominated the overall market and accounted for 40.9% of the global market revenue. This can be attributed to faster adoption of innovative technologies in developed countries such as the U.S., and Canada.

The growing financial sector in emerging countries such as China and India is predicted to stimulate the Asia Pacific regional growth. The regional industry is presumed to grow at a CAGR of 41.6% in the coming years.

Competitive Insights

The key market players in the industry include IBM Corp., Microsoft Corp., Linux Foundation, and R3. Some other key players in the market include BTL Group, Chain Inc., Deloitte, Circle Internet Financial Limited, Global Arena Holding, Inc. (GAHI), Post-Trade Distributed Ledger, Ripple, and Eric Industries, among others.

The industry is characterized by a growing amount of investments in the developing technology structure and increasing collaboration 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 also leveraging the technology for the auditing and reconciliation processes.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historic data

2015

Forecast period

2016 - 2024

Market representation

Revenue in USD Million & CAGR from 2016 to 2024

Regional scope

North America, Europe, Asia Pacific, RoW

Country scope

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

Report coverage

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

15% free customization scope (equivalent to 5 analyst working days)

If you need specific market information that is not currently within the scope of the report, we will provide it to you as a part of the customization


Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the 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 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

      • UK

      • Germany

      • France

    • Asia Pacific

      • China

      • Japan

      • Australia

    • South America

    • MEA

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