Fintech
Blockchain Technology Market Worth $21,070.2 Million by 2025; Increasing Research & Regulatory Approvals to Boost Growth, says Fortune Business Insights™
Pune, Jan. 02, 2020 (GLOBE NEWSWIRE) — The global Blockchain Technology Market size is projected to reach USD 21,070.2 million by the end of 2025, thereby exhibiting a CAGR of 38.4%. Fortune Business Insights™ published this information in a recent 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 market was valued at USD 1,640.7 million in 2017.
Highlights of the Report
Nowadays, the industry giants are focusing mainly on investing huge sums in the research and development activities to create and implement blockchain in their companies. Besides, the government, as well as public authorities, are showcasing high interest in regulatory and research approvals of the products that are being launched in the market. All these factors are anticipated to propel the Blockchain Technology Market growth during the forecast period.
Proof of Concept Segment to Lead Fueled by Rising Usage in BFSI and Retail Industries
In terms of deployment, the market is grouped into production, pilot, and proof of concept. Amongst these, the proof of concept segment is anticipated to lead the market in the coming years. This growth is attributable to the increasing investments by the governments of various countries for implementing this solution in the emerging or niche industries, namely, healthcare and BFSI. Moreover, the validated requirement of blockchain solutions for optimizing online transaction facilities in the retail and BFSI industries would also accelerate the growth of this segment. Some of the most significant end users of proof of concept solutions are manufacturing, life sciences, and healthcare industries.
Geographically, the market is segregated into Europe, the Middle East and Africa, Asia Pacific, North America, and Latin America. Out of these regions, North America had generated USD 820 million Blockchain Technology Market revenue in 2017. It is expected to retain its dominant position in the coming years owing to the rising partnerships and alliances between service providers and prominent companies in the U.S. They are doing so to ensure the coherent deployment of blockchain technology. Europe is projected to experience high growth stoked by the increasing dominance of the manufacturing industry in this region. Asia Pacific, on the other hand, is likely to showcase moderate growth and a significant CAGR on account of the rising number of investments undertaken by financial technology organizations in the developing nations, such as Korea, China, Japan, and others.
IBM Launches Blockchain Platform Free 2.0 Beta with Enhanced Features February 2019: IBM launched its latest next-generation cloud-based Blockchain Platform Free 2.0 Beta. It is a fully-flexible blockchain platform. It provides three state-of-the-art capabilities that are not present in any of the other available platforms in the market. It maintains complete control of the user’s smart contracts, ledge, and identities through a redesigned console. The user can connect an individual peer to multiple networks and even deploy only the necessary components. It aids in augmenting the user’s ability to gain advantage from several industry networks. Lastly, it helps the user to grow very easily and quickly by letting the person move from development to test, and to production in a single environment. Overall, this new development would support IBM in gaining more Blockchain Technology Market share during the forthcoming years.
Fortune Business Insights™ profiles some of the most renowned companies operating in the Blockchain Technology Market. They are as follows:
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To gain more insights into the market with detailed table of content and figures, click here: https://www.fortunebusinessinsights.com/industry-reports/blockchain-technology-market-100072
Growing Regulatory Approvals by Several Authorities to Boost Growth
North America to Dominate Backed by Rising Partnerships Between Industry Giants
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