Report : Blockchain Market to 2027 - Global Analysis and Forecasts by Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Governance, Risk & Compliance, and Others); Industry Vertical (BFSI, Retail, Government, Transportation and Logistics, Healthcare, Automotive, Media & Entertainment, and Others)
Blockchain Market to 2027- Global Analysis and Forecasts by Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Governance, Risk & Compliance, and Others); Industry Vertical (BFSI, Retail, Government, Transportation and Logistics, Healthcare, Automotive, Media & Entertainment, and Others) and Geography.
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. In general terms, Blockchain is a subset of a more wider distributed ledger technology (DLT) and it combines three major concepts including cryptography, smart contracts, and distributed ledger design. Distributed ledger technology (DLT) is a fast-emerging approach that records and shares data across various data stores/ledgers. DLT facilitates the recording, sharing, and synchronization of transactions and data across a distributed network of different network participants.
Also, the continuous investments in various use cases and proof of concepts across major industry verticals such as BFSI and retail has fueled the market growth, especially among developed economies such as North America and Europe. Whereas among emerging economies in Asia-Pacific and Middle East & Africa regions, the growing end-user industries coupled with the government initiatives towards disruptive technologies, are expected to drive the growth of Blockchain market in these regions. Rest of the regions like South America and Middle East & Africa are also expected to grow significantly throughout the forecast period. The BFSI, Retail, and Government sectors are the major industry verticals poised to drive the market of Blockchain in this region during the forecast period.
The major players operating in the blockchain market 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.
The report segments the global blockchain market as follows:
Global Blockchain Market by Application
Global Blockchain Market by Industry Vertical
Global Blockchain Market by Geography
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