North America blockchain technology market is estimated to dominate the worldwide industry share over the forecast period due to early adoption of blockchain across various industry verticals for the implementation of payment & wallet solutions, smart contracts & digital identity detection, and documentation applications.
Selbyville, Delaware , Nov. 21, 2019 (GLOBE NEWSWIRE) —
According to latest report “Blockchain Market by Providers (Infrastructure Provider, Application Provider, Operators), Application (Smart Contract, Payment & Wallet, Digital Identity, Exchange, Compliance & Risk Management), End-use (BFSI, Government, Healthcare, IT Service, Media & Entertainment, Transportation & Logistics), Regional Outlook, Price Trends, Competitive Market Share & Unit Forecast 2025”, by Global Market Insights, Inc., the market valuation of blockchain technology will cross $25 billion by 2025. The blockchain technology is driving the digital revolution of enterprises explicitly with the digitization of processes, automation, tokenization of physical resources, and activities & codification of intricate contracts.
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Some major findings of the blockchain market report include:
- The blockchain technology market is estimated to propel over the forecast timeline due to several benefits offered by the technology such as reduction of duplicative recordkeeping, elimination of reconciliation, and validation of transactions.
- Blockchain technology improves efficiency, enhances transparency in the business, and eases business processes.
- Israeli startups are focusing on areas such as diamond registration, cybersecurity, cryptocurrencies, international shipping, and DNA data storage.
- Major players operating in the blockchain market are IBM Corporation, Microsoft Corporation, R3, and SAP SE.
- The new market entrants are raising funds from VCs, investors, and prominent industry leaders to increase their R&D spending.
- Supportive government initiatives and hefty funds are augmenting the demand for blockchain technology across the globe.
Blockchain can be used in stock markets for directly transferring shared ownership between various participants instead of using a centralized hub for all transactions. It has a huge potential across stock markets as it facilitates faster exchanges, reduces risks, and offers transparency & security.
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The stock market stakeholders, such as brokers and traders & regulators, have to undergo complex processes, which will take up to three days to complete due to the role of various intermediaries. The blockchain simplifies the mechanism through decentralization and automation. It helps stakeholders to reduce the cost while speeding up the process for faster transactions.
The blockchain as a service has found increasing applications across supply chain management, identity management, payments, and risk & compliance management. The major factors driving the adoption in these sectors are cost reduction across data storage and increased efficiency. The blockchain technology offers decentralization across data storage, which is highly effective in reducing costs for the end users. For instance, in January 2018, IBM announced a joint venture with Maersk Group to implement blockchain for improving the global trade and digitizing the supply chain.
The North America region is estimated to dominate the blockchain market over the forecast period due to the early adoption of blockchain technology across various industry verticals for the implementation of payment & wallet solutions, smart contracts & digital identity detection, and documentation applications. The region received high venture capital investments in the blockchain sector. The U.S. specifically accounted for around 56% share in the global blockchain investments between 2012 and 2017. Various Chinese cryptocurrency mining companies are eyeing Canada as an attractive destination for cryptocurrency mining. This is due to its cheap & reliable energy resources. The country has a cold climate, which will help to maintain a cool environment, preventing the servers from overheating.
The blockchain market is highly fragmented due to the presence of a larger number of start-ups in the space. The start-ups are focusing on organic strategies to gain market share. Partnerships and collaborations are the common strategies used by start-ups to gain market share. For instance, in 2018, R3 collaborated with HSBlox, a technology firm, that offers services in healthcare to develop a new blockchain initiative for the healthcare industry based on the Corda Healthcare Community.
Browse key industry insights spread across 259 pages with 226 market data tables and 33 figures & charts from the report, “Blockchain Technology Market Size 2019–2025” in detail along with the table of contents @
Table of Contents (ToC) of the report:
Chapter 6. Blockchain Market, By Application
6.1. Key trends, by application
6.2. Smart Contract
6.2.1. Market estimates and forecast, 2016 – 2025
6.3. Payments & Wallets
6.3.1. Market estimates and forecast, 2016 – 2025
6.4. Digital identity
6.4.1. Market estimates and forecast, 2016 – 2025
6.5.1. Market estimates and forecast, 2016 – 2025
6.6.1. Market estimates and forecast, 2016 – 2025
6.7. Compliance & Risk Management
6.7.1. Market estimates and forecast, 2016 – 2025
6.8.1. Market estimates and forecast, 2016 – 2025
Chapter 7. Blockchain Technology Market, By End-Use
7.1. Key trends, by end-use
7.2.1. Market estimates and forecast, 2016 – 2025
7.3.1. Market estimates and forecast, 2016 – 2025
7.4.1. Market estimates and forecast, 2016 – 2025
7.5. IT Service
7.5.1. Market estimates and forecast, 2016 – 2025
7.6. Media & entertainment
7.6.1. Market estimates and forecast, 2016 – 2025
7.7. Transportation & logistics
7.7.1. Market estimates and forecast, 2016 – 2025
7.8.1. Market estimates and forecast, 2016 – 2025
Browse Complete Table of Contents (ToC) @
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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