Burgeoning Adoption Across Vertical is Projected to Accentuate the Global Blockchain market

 The global Blockchain market is expected to witness a high growth in the forecasted period on account of surging adoption of the technology across various in end-user such as financial services, consumer products, media &telecom, healthcare, transportation. Besides this, launch of various blockchain services by the market players, surging venture capital funding in blockchain technology and increasing demand for simplified business procedures are promulgating a significant impact on the growth of blockchain market.

 

Based on Organization, the market is segmented into large organization and small & medium organization. The adoption of blockchain technology in the small and medium (SMEs) organization is growing at a rapid rate in order to simplify cost of operations at a faster rate, improved data security and financial transaction across SMEs.

 

Based on End-User, BFSI acquired the highest market share in the Global Blockchain Market. The growth of the segment is attributed to increasing investment by the banks and financial institution in blockchain technology to enhance the proficiency of financial processes, improve audit transparency and to diminish the risk.

Besides this, healthcare sector is also inclination more towards the deployment of blockchain technology. The technology helps the firm to have a control on illegitimate activities such as illegal production of medicine and counterfeit product also continuously track on the supply chain of healthcare products from production unit.

 

Asia-Pacific grabbed the significant market share in the Global Blockchain market. China and India captured the highest market share in the Asia-Pacific on account of increasing integration of blockchain service the public sector such as banks and financial institutes to minimize the operating cost and execute quicker transaction, rising predominance of blockchain companies along with influx of SMEs and burgeoning application of blockchain solutions for payments & smart contracts.

 

The key players with a considerable market share in the Global Blockchain market are IBM, AWS, Microsoft, SAP, Intel, Oracle, NTT Data, Earthport, Amazon Web Services, Consensus Systems, Huawei, Monax, Ripple, BTL Group, R3 etc.