The rapidly rising interest among several giant companies in leveraging the disruptive potential of blockchain is what has set off significant competitive forces characterizing the global blockchain technology market. Transparency Market Research (TMR) notes that this accounts for increasingly competitive vendor landscape in the blockchain technology market. Furthermore, the continuous entry of new players capitalizing on the use of the process for practical business applications will intensify the level of competition in the blockchain technology market over the coming years.
Several players are leveraging the synergistic potential of merger and acquisitions to gain a better foothold in the blockchain technology market, finds TMR. A growing number of companies are intensively focusing on bolstering their product portfolio, expanding the framework for block applications, and opting for geographic consolidations, as some of the key strategic measures to gain competitive edge over the market.
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Prominent names in the blockchain technology market include Digital Asset Holdings LLC, Chain Inc., Deloitte, Credits, IBM Corporation, and Microsoft Corporation.
The opportunities in the global blockchain technology market is projected to surge from US$315.9 million in 2015 to US$20 billion by the end of 2024. If these figures hold true, the global market is forecast to expand at an astounding CAGR of 58.9% from 2016 to 2024.
Among the broad types of applications of blockchain technology, the financial services sector has emerged out as the most promising segment in recent years. The share of the segment in the overall blockchain technology market is attributed to the proliferating use of the technology in the banking industry, supported by mammoth investments.
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On the regional front, North America is expected to rise at substantial pace over the next few years in the blockchain technology market. Massive rise investments made by several businesses across sectors on developing applications of the blockchain technology in the region.
Rise in Use Cases of Blockchain Technology across All Industries bolsters Market’s Growth
The popularity that blockchain has been gaining over the recent years is driven by the disruptive potential of the technology in streamlining business process across industries, world over. The rise in popularity of cryptocurrency, notably the digital currency bitcoin, is a crucial factor behind the rapid evolution of the blockchain technology market. The growth in the blockchain technology market is likely to be propelled by burgeoning investments by established and new players alike.
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The rising number of collaborations by blockchain technology providers with financial organizations. In the financial sector, blockchain has made a mark as distributed ledger technology and in the coming years new enterprises showing interest in fast implementing them.
Vast Strides by Banking and Financial Services Sector fuel Rapid Expansion
A growing number of new enterprises are focused on developing practical use of the blockchain technology, given its unique advantage of better security of contacts and remarkable higher transparency in business processes. The growing popularity of cryptocurrency-based transactions, coupled with the vast strides that the banking sector is making in various parts of the world, is a key factor fueling the rapid growth of the blockchain technology market. The promising potential of the blockchain technology in bolstering internet of things connectivity in devices is also expected to boost its demand.
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Lack of Proper Regulatory Framework and High Development Cost account for Limited Mainstreaming
However, with cryptocurrency market being increasingly volatile for some time now, particularly in Bitcoin’s value, the blockchain technology market has been beset with genuine challenges. Moreover, industry players are still to develop large number of real-world applications of the blockchain technology pointing to a very low level on mainstreaming in end-use industries. A part of this may be attributed to the high cost of blockchain technology, lack of appropriate regulatory framework, and less number of use cases in underdeveloped economies.
That said, the blockchain technology market will keep evolving from constant efforts to develop practical applications and the growing public acceptance, at least in developed markets. The amazing potential of the technology to transform business processes is likely to keep the market lucrative.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Blockchain Technology Market (Type – Public Blockchain, Private Blockchain, and Consortium Blockchain; Application – Financial Services and Non-financial Sector) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024”.
The global blockchain technology market is segmented based on:
- Public blockchain
- Private blockchain
- Consortium blockchain
- Financial services
- Non-financial sector
- North America
- Asia Pacific
- Middle East and Africa
- South America
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