PUNE, May 12, 2020 (GLOBE NEWSWIRE) -- The global blockchain market is set to gain momentum from the rising emphasis of the prominent companies towards investments in research centers to develop and implement blockchain technology in their operations. Besides, the government and public authorities are showing more interest in gaining regulatory and research approvals for their products. This information is given by Fortune Business Insights in an upcoming report, titled, Blockchain Technology Market Size, Share and Industry Analysis by Product Type (Vertical Solutions, Blockchain-as-a-Service), Deployment, Industry Vertical (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Ent., Retail & Consumer Goods, Travel and Transportation), and Regional Forecast 2018-2025. The report further states that the blockchain technology market size stood at USD 1.64 billion in 2017, and is projected to reach USD 21.07 billion by the end of 2025, thereby exhibiting a CAGR of 38.4% during the forecast period.

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An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

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Drivers & Restraints-

Rising Usage of Bitcoins & IoT Solutions to Accelerate Growth

Blockchain technology helps users in building secure and stable records by utilizing timestamps and cryptography. It also offers a state-of-the-art version of the digital payment system. It does not require any central mediator and hence, the users are able to take part in peer-to-peer transactions efficiently. Additionally, the increasing adoption of Internet of Things (IoT) solutions and Bitcoins, as well as high demand for crypto currencies would augment the blockchain technology market growth during the forthcoming years.

Segment-

BFSI Segment to Exhibit Steady Growth Stoked by High Demand for Faster Transactions

Based on industry vertical, the market is categorized into travel & transportation, retail & consumer goods, telecom, media, & entertainment, manufacturing, healthcare & life sciences, BFSI, government, and energy & utilities. Out of these, the BFSI segment held 41% blockchain technology market share in 2017. The industry is presently facing a major challenge of cyber-attacks and fraud. To battle these challenges, reputed companies, such as Deloitte and Microsoft Azure are mainly engaging in the deployment of blockchain-as-a-service offerings. In the developing economies, industry giants are enhancing the penetration of Proof of Concept solutions. Apart from this, the increasing demand for transparent and quicker transaction methods would propel the growth of this segment in the near future.

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Regional Analysis-

North America to Lead Backed by Rising Alliances between Organizations

The market is regionally segregated into Latin America, Europe, the Middle East and Africa, Asia Pacific, and North America. Amongst these, North America procured USD 820 million revenue in 2017 and is expected to lead throughout the forecast period. This growth is attributable to the rising partnerships and alliances between key service providers and organizations in the U.S. They are doing so to deploy blockchain technology efficiently. Europe, on the other hand, is set to experience considerable growth backed by the dominance of prominent manufacturing companies in this region. Asia Pacific would grow moderately by exhibiting a high CAGR on account of the rising investment in countries such as Korea, China, and Japan by financial technology firms.

Competitive Landscape-

Key Players Aim to Launch New Solutions to Strengthen Their Positions

IBM is considered to be one of the dominant companies with the highest share in the market. It is mainly aiming to restore its strategy to refine the accessibility of its products. Some of the other companies are also aiming to surge their share by conducting research and development activities to launch new blockchain technology-equipped products. Below is one of the key industry developments:

List of Key Companies Operating in the Blockchain Technology Market. They are as follows:

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Detailed Table of Content

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Have a Look at Related Research Insights:

Blockchain-as-a-Service (BaaS) Market Size, Share & Industry Analysis, By Component (Tool and Service), By Application (Smart Contracts, Supply Chain Management, Payments, Governance, Risk, and Compliance Management), By Industry (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Entertainment, Retail & Consumer Goods), and Regional Forecast, 2020-2027

Blockchain in Retail Market Size, Share & Industry Analysis, By Component (Platform, Services), By Provider (Application and solution provider, Middleware provider Infrastructure, Protocol Provider), By Organization Size (Large Enterprises, Small & Medium Enterprises) Others and Regional Forecast, 2019-2026

Blockchain in Energy Utilities Market Size, Share & Industry Analysis, By Offerings (Vertical Solutions, Blockchain-as-a-Service), By Deployment (Proof of Concept, Pilot, and Production) and Regional Forecast, 2019-2026

Blockchain in BFSI Market Size, Share And Global Trend By Type (Private Blockchain, Public Blockchain, Consortium Blockchain), By Application (Smart Contracts, Security, Trade Finance, Digital Currency, Record Keeping, GRC Management, Identity Management and Fraud Detection), And Geography Forecast Till 2026

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Blockchain Technology Market to Reach USD 21.07 Billion by 2025; Investments in Development of Research Centers to Aid Growth: Fortune Business...