Blockchain Technology Market Size & Analysis – Forecasts To 2025

Blockchain Technology Market Insights

The global blockchain technology market is anticipated to register a CAGR of more than 53.2% over the forecast period. This market is expected to be influenced by rising demand for innovative blockchain technology from the industries such as BFSI.Factors such as transparency and immutability in transactions are likely to drive the global market over the coming years. The growing use of the technology based applications such as documentation, payments, exchanges, and digital identities are also expected to propel the demand and foster the market growth.The blockchain technology incorporates cryptocurrencies, such as Ripple, Litecoin, and Mintchip. The financial institutions and banks are growing a keen interest towards this technology, due to its unique and innovative framework with regulatory bodies, such as IMF and Bank of England.

However, the increase in the size of blockchain and database might lead to the problem of data storage and synchronization. This is in turn likely to limit the growth of the global blockchain technology market over the coming years. Moreover, the lack of knowledge about the benefits of the blockchain technology over the traditional technologies is also likely to hamper the growth of the global blockchain technology market over the forecast period.

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Blockchain Technology Market: Type Insights

The global blockchain technology market is segmented into Hybrid, Public, and Private. Public network type accounted for the dominant share of the global market in 2016. This growth is attributed to the growing practice of the government and institutions to inculcate open and efficient transactions.

The private network type segment is expected to register a considerable increase in adoption in the coming years.

Blockchain Technology Market: Organization-Size Insights

On the basis of organization size, the blockchain technology market is divided into Small and Medium Enterprises and Large Enterprises. Large Enterprises and Small&Medium Enterprises are rapidly adopting the Blockchain solutions. The demand for Blockchain solutions is projected to increase over the coming years due to its cost-effective and time-efficient features. The growth of blockchain technology is particularly high in SMEs, where low-cost solutions are much required.

Blockchain Technology Market: Application Insights

Payments application accounted for the largest share of the Blockchain market in 2016. The shift in preference from traditional payment systems to Blockchain-based payment solutions in banking and financial industries is predicted to boost the overall industry growth.

The digital identity market is also likely to grow at a significant rate as the Blockchain would make digital identities more secure and efficient.

Blockchain Technology Market: Vertical Insights

The Banking, Financial Services, and Insurance segment are projected to hold the largest market share over the forecast period. The media and entertainment vertical is anticipated to grow at the highest CAGR by 2025 due to the growing adoption of Blockchain across smart contracts, document management, and digital identities in the media industry.

Blockchain Technology Market: Regional Insights

North American dominated accounted for the largest revenue share in 2016. This growth is ascribed to rapid adoption of innovative technologies in countries such as the U.S., and Canada.

Asia Pacific is predicted to grow at a CAGR of around 40% over the coming years. The expansion of financial sector in emerging countries such as China and India is projected to aid the Asia Pacific regional growth.

Blockchain Technology Market: End-Use Landscape

The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from the global blockchain market. The major consumers of the product are HSBC Holdings and Wal-Mart Stores, Inc. amongst others.

Blockchain Technology Market: Competitive Landscape

Some of the key players of the global blockchain market include Microsoft Corporation , IBM Corporation, Deloitte, Ripple, Chain, Inc., Abra, Inc., BitFury, Coinbase, Circle Internet Financial Limited, Digital Asset Holdings, Blockchain Tech Ltd, Global Arena Holding, Inc., Digital CC Ltd, 21 Inc., and Earthport.

In April 2016, Microsoft Corporation partnered with R3 consortium to gain a competitive advantage over Amazon Inc. and Alphabet’s Google Inc.

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Blockchain Technology In Healthcare Market Size, Trends & Analysis – Forecasts To 2025

Blockchain Technology in Healthcare Market Insights

The global market for blockchain technology in healthcare is expected to grow at a high CAGR over the forecast period. The market is expected to be influenced by its increased potential to eliminate major challenges pertaining to the global healthcare industry, without tampering patient data privacy and security. Implementation of blockchain technology is also likely to have a positive impact on medical tourism.

Blockchain technology is anticipated to see an immense growth potential in the healthcare industry over the coming years. Increasing demand for healthcare services along with an enhanced patient care delivery system and growing emphasis on patient health management is likely to accentuate the demand for blockchain technology in the overall healthcare industry.

The slow adoption of technology among the healthcare centers is likely to hinder the growth of blockchain technology in the healthcare industry. The market is also likely to be hampered by the high initial cost of adopting blockchain and its integration with the existing technology. However, Healthcare providers are incorporating blockchain technology to manage electronic medical records and clinical trials data while adhering to regulations, thereby driving the market growth.

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Blockchain Technology in Healthcare Market: Organization-Size Insights

The blockchain technology in the healthcare market is divided into Small & Medium Enterprises and Large Enterprises, based on organization size. SMEs are more likely to incorporate blockchain solutions as it reduces transaction costs and ensures smooth workflow of the system. The demand for blockchain solutions among the organizations is likely to grow over the forecast period attributing to its cost-effective and time-efficient features.

Blockchain Technology in Healthcare Market: Application Insights

The market is segmented into medical case management, drug development & supply chain integrity, claims & billing management, and data interoperability among others, based on application.

Blockchain finds huge application in medical case management as it provides enhanced electronic medical records which allow providers to securely access patients’ data, hence avoiding the complexity associated with the procedure.

The technology also simplifies claims and billing management by eliminating the need for intermediaries between hospitals, physicians, insurers, and patients. Blockchain also increases transparency and accountability as it allows retailers, wholesalers, distributors, and manufacturers to track the transfer of materials across the globe.

Blockchain Technology in Healthcare Market: Regional Insights

North America accounted for the largest revenue share of the overall market in 2016. This regional growth is attributed to the rapid adoption of advanced technologies in countries such as the U.S., and Canada. The U.S. has been one of the largest contributors to the overall regional growth.Also, the increased number of geriatric population in North American countries created a demand for faster diagnosis & treatment, digital health systems, and complete care delivery system which is anticipated to propel the regional growth.

Blockchain Technology in Healthcare Market: End-Us.e Landscape

The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase blockchain technology in healthcare over the coming years. Some of leading consumers of blockchain technology in the healthcare industry are Mayo Clinic, Cleveland Clinic, and Mount Sinai Hospital among others.

Blockchain Technology in Healthcare Market: Vendor Landscape

The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.

Blockchain Technology in Healthcare Market Share & Competitor Analysis

Some of the players operating in the global blockchain technology in healthcare market include Accenture, IBM Corporation, Deloitte, Capgemini, Microsoft Corporation, Blockchain Health, Blockpharma, Bowhead Health Inc., Brontech, BurstIQ, and Chemonics, among others.

In June 2017, Microsoft collaborated with Accenture to create blockchain ID prototype for healthcare and other industries. This partnership was aimed to provide a digital identity for the population who does not have any formal ID.

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Blockchain Technology in Government Sector – Market Size & Analysis – Forecasts To 2025

Blockchain Technology in Government Sector: Market Insights

The global blockchain technology in the government sector is expected to grow at a high CAGR over the coming years as it improves the efficiency of government operations. Developed as well as developing countries have demonstrated a tremendous interest in adopting blockchain solutions to improve services and save money in the long-run.

Increased investment in developing an appropriate infrastructure to manage various public services, enhance the outreach of welfare policies, and quicken the delivery of services & solutions to the general public is projected to augment market growth over the coming years. Development of smart cities is expected to foster demand for blockchain technology in the North American, Middle East, European, and Asia Pacific region.

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Blockchain Technology in Government Sector: Type Insights

The blockchain technology market for the government sector is segmented on the basis of type into public, private, and hybrid. Private blockchain enables in improving operational efficiency to a large extent, however, it limits decentralization. Public blockchains are expected to grow at a high rate as it allows interoperability, decentralization, and transparency of operations along with security. This growth is attributed to the growing practice of the government and institutions to inculcate open and efficient transactions. The demand for hybrid blockchain solutions is also expected to grow at a significant CAGR over the coming years.

Blockchain Technology in Government Sector: Application Insights

Blockchain technology for government finds applications in identity management, license renewals, security management, election & voting, healthcare, education, contract management, documentation & compliance management, revenue & tax monitoring, utility payments, among others.

The demand for identity management solutions is anticipated to grow at a high CAGR over the coming years. Other services that would be easily adopted by companies are license renewals, contract management, documentation & compliance management, and tax payments. Developing countries are also expected to invest in blockchain solutions as it reduces red tape and improves the delivery of social welfare benefits to achieve set policy goals.

Blockchain Technology in Government Sector: Regional Insights

In 2016, Delaware came up with the Delaware Blockchain Initiative to improve its legal infrastructure for the shared ledger. Since Deleware resides over 65% of Fortune 500 companies, blockchain technology increases efficiency and speeds up business incorporation services. Illinois has also come up with similar initiatives to harness benefits of using blockchain technologies.The North American and European region is anticipated to witness large investments in blockchain technology on account of their faster acceptance of advanced technological solutions. The Asia Pacific and the Middle Eastern region is expected to grow at a high CAGR over the forecast period on account of their increasing investments in smart cities and need for improving process efficiency across government & public offices.

Blockchain Technology in Government Sector: Competitive Landscape

The global blockchain industry is evolving ata rapid pace on account of its increased preference across various industry verticals. IBM Corporation has developed Blockchain for a government which helps secure information exchange, integrating various business partners such as suppliers, service agencies, and other community-based organizations.

Other companies involved in developing blockchain technologies include Microsoft Corporation, Infosys, Global Arena Holding, Inc., ABB Ltd., BTL Group, Coinbase, 21, Inc., Chain, Inc., Deloitte, and Digital Asset Holdings among others. The need for digitalization of public services to improve transparency and increase policy outreach is projected to boost the demand for blockchain solutions over the coming years.

The stakeholders to the report include government institutions, public sector, research organizations, and educational institutes among others.

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Blockchain Technology in Energy Market Size & Analysis – Forecasts To 2025

Blockchain Technology in Energy Market Insights

The global blockchain technology in the energy sector is expected to grow at a significant CAGR over the coming years on account of increasing investments made in the energy & power sector. Some of the advantages offered by blockchain include process optimization & automation, transparency of markets, traceability of energy produced & consumed, and security.

Blockchain technology implemented in the energy sector helps lower cost of distribution by integrating functions of power generating companies, utilities, suppliers, subcontractors, and end-users. Development of smart cities is expected to foster demand for blockchain technology. The growing electric vehicle market and limited availability of charging infrastructure is expected to generate untapped opportunities for the use of blockchain in the energy & power sector.

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Blockchain Technology in Energy Market: Type Insights

The blockchain technology market for the energy sector is segmented on the basis of type into public, private, and hybrid. The main reason for using blockchain technology is to store and share information in a transparent & secure manner. Private blockchain improves operational efficiency to a large extent, however it limits decentralization.

Public blockchains are expected to grow at a high rate as it allows interoperability, decentralization, and transparency of operations along with security. This growth is attributed to increase operational efficiency across the value chain that includes producers, maintenance contractors, logistics, end-users, and other sub-contractors. The demand for hybrid blockchain solutions is also expected to grow at a significant CAGR over the coming years.

Blockchain Technology in Energy Market: Application Insights

Blockchain technology for energy finds applications in utilities, renewable energy generators, electric charging, peer-to-peer energy trading, and others. The growing investments in developing renewable energy infrastructures by private organizations and other small enterprises are expected to increase the demand for blockchain technology in the energy & power sector. Blockchain helps manage renewable energy certificates.

Blockchain plays a very important role in preserving maintenance record of pipes, gas stations and other utilities. Ownership of these services & facilities are subjected to change very frequently, this is where the maintenance record stored by contractors on blockchain can be beneficial. The peer-to-peer energy trading and renewable energy segment is expected to grow at a high CAGR over the forecast period.

Blockchain Technology in Energy Market: Regional Insights

The North American and European region is anticipated to witness large investments in blockchain technology on account of their faster acceptance of advanced solutions. The clean energy package developed by the European Commission has stressed on an energy union centered around the citizen. This means that citizens would be allowed to produce, store, consume and sell self-produced electricity individually or through communities. The Asia Pacific and the Middle Eastern region is expected to grow at a high CAGR over the forecast period on account of their increasing investments in renewable energy generation.

Blockchain Technology in Energy Market: Vendor Landscape

The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.

Blockchain Technology in Energy Market: Competitive Landscape

The global blockchain industry is evolving at a rapid pace on account of its increased preference across various industry verticals. Several companies have demonstrated their interest in developing blockchain technology solutions such as Volt Markets, LO3 Energy, Wanxiang Blockchain Labs, Deloitte, Conjoule, Drift, Greeneum, Grid+, Veridium Labs, MyBit, Power Ledger, Grid Singularity, Electron, Sun Exchange, and IBM Corporation among others.

The stakeholders to the report include government institutions, utilities, renewable energy generators, research organizations, and educational institutes among others

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Blockchain Technology in BFSI Market Size & Analysis – Forecasts To 2025

Blockchain Technology in BFSI Market Insights

The global blockchain technology in the banking, financial services, and insurance (BFSI) industry is expected to grow at a tremendous rate over the coming years. Major factors positively influencing the growth of this market include increased operational efficiency; reduced cost and time of the transaction and transparency are expected to positively influence the growth of the blockchain market in the BFSI sector.

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Blockchain Technology in BFSI Market: Type Insights

The blockchain technology market for the energy sector is segmented on the basis of type into public, private, and hybrid. Private blockchain improves operational efficiency to a large extent, however it limits decentralization. Public blockchains are expected to grow at a high rate as it allows interoperability, decentralization, and transparency of operations along with security. The demand for hybrid blockchain solutions is also expected to grow at a significant CAGR over the coming years.

Blockchain Technology in BFSI Market: Application Insights

Blockchain technology on the basis of the application is segmented into smart contracts, smart assets, clearing and settlement, payments, and digital identity among others. The payment segment is expected to grow at the highest CAGR over the coming years on account of the growing number of partnerships between banks and blockchain technology providers in order to reduce cost & time in processing transactions.

Blockchain Technology in BFSI Market: End-use Insights

Blockchain technology on the basis of end-use is segmented into banks, insurance providers, and other financial service providers. The demand for blockchain solutions in the banking sector is projected to occupy a large share in the market. Blockchain solution in the banking sector is expected to enable efficient management and collaboration across regulatory enterprises and businesses.

Blockchain Technology in BFSI Market: Regional Insights

The North American and European region is anticipated to witness large investments in blockchain technology as companies in these regions are more open to experimenting with upcoming IT solutions. Blockchain technology developers in the North American and European region have also experienced considerable investments by financial companies in blockchain projects. The Asia Pacific and the Middle Eastern region is expected to grow at a high CAGR over the forecast period on account of rising transactions in short-term bank lending.


Blockchain Technology in BFSI Market: Vendor Landscape

The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.

Blockchain Technology in BFSI Market: End-Use Landscape

The end-use landscape includes a list of current and prospective consumers existing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to invest in blockchain solutions such as Santander Bank, Canadian Imperial Bank of Commerce, Banco Santander, J.P. Morgan Chase, and Citigroup.

Blockchain Technology in BFSI Market: Competitive Landscape

The global blockchain industry is evolving at a rapid pace on account of its increased preference across various industry verticals. Some of the companies that have taken up projects to provide blockchain technology to the BFSI sector include IBM Corporation, AWS, Microsoft Corporation, Chain, Inc., Coinbase, Digital Asset Holdings, Ripple, R3, Ledger Holdings Inc., and Olympus Labs among others. In September 2017, Microsoft Corporation tied-up with Bank Hapoalim from Israel to develop a system that uses blockchain technology to manage digital bank guarantees.

The stakeholders to the report include government institutions, banks, financial repositories, insurance providers, exchange market, research organizations, and educational institutes among others.

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