Blockchain Market to 2027 Global Analysis and Forecasts by Application, Industry Vertical

Posted April 27, 2020 by NileshS

The blockchain market was valued at US$ 1.57 Bn in 2018 and is expected to reach US$ 162.84 Bn by 2027 with a CAGR growth rate of 68.1% in the forecast period from 2019 to 2027.
North America is one of the fastest growing regions in terms of technological development. In the past few years, the region has witnessed significant adoption of blockchain solutions across all the industries. The North America region contributes to the largest market share in the global blockchain market. In terms of revenue, it is estimated that it would continue to dominate the global blockchain market throughout the forecast period from 2019 to 2027. The adoption of blockchain technology is very high in the US. The highly competitive environment in the US and strong presence of technology providers such as IBM and Microsoft is contributing to the high growth of blockchain market in North America.

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The global Blockchain is anticipated to exhibit very high growth in near future. Some of the major driving factors contributing to the market growth include extensive adoption of Blockchain solutions in the BFSI sector; advantages such as higher transparency, higher operational efficiency and substantial cost savings; and increasing number of innovative start-ups worldwide will drive the market during the forecast period and have a high impact in the short term. However, factors such as concerns related to data privacy, confidentiality and security; unclear regulatory environment; and interoperability, scalability, and sustainability challenges are anticipated to hinder the market growth in the coming years. During the forecast period, trends such as Rising Government Support and Initiatives and Combination of Blockchain and Artificial intelligence for advanced applications are expected to provide exciting opportunities for the players operating in the Blockchain market.

Blockchain technology and its applications in the banking, financial services, and insurance sector have attracted a lot of attention in the past few years majorly due to its ability to transform the foundation and business models of existing industries. Presently, apart from cryptocurrency applications, the other major practical applications of blockchain are still in the banking and financial sector; but various companies and institutions are now rapidly developing blockchain based solutions to solve complex business problems. The rising adoption of blockchain technology among North America countries is set to nurture the global blockchain market in this region during the forecast period.

The key companies operating in the field of Blockchain market that are profiled in the report include IBM Corporation, Microsoft Corporation, Accenture, Amazon Web Services, SAP Se, Hewlett Packard Enterprise Development LP (HPE), Oracle Corporation, Intel Corporation, Ripple, and Bitfury Group among many others.

Source:- The Insight Partners
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Issued By The Insight Partners
Country India
Categories Services , Technology
Last Updated April 27, 2020