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)
Advantages such as transparency, high operational efficiency, and substantial cost savings are driving the blockchain market globally
Latest market study on “Blockchain Market to 2027 - 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– Global Analysis and Forecasts”, The Blockchain Market is estimated to reach US$ 162.84 Bn by 2027 from US$ 1.57 Bn in 2018. The report includes key understanding on the driving factors of this market and also highlights the prominent players in the market and their developments.
Major industries across are globe including BFSI, retail, logistics & transportation, healthcare, automotive, media & entertainment, and government are embracing and investing in disruptive technologies such as Blockchain, artificial intelligence, IoT, big data, and predictive analytics among others. The rising adoption of Blockchain technology is driven by the successful uses cases and proof of concepts of Blockchain in various industries that resulted into increased transparency, enhanced operational efficiency, and reduced costs. The nature of businesses is becoming very competitive in every industry across the world and to compete efficiently, enterprises nowadays relying on technology integration into various business functions to increase operational transparency and efficiency. Blockchain has several applications in the financial sector including payments, capital markets, trade services, investment & wealth management, and securities & commodities exchanges among many others and substantial cost savings is one of the main drivers for rising adoption of Blockchain in this sector.
The global Blockchain is anticipated to exhibit very high growth in near future. Some of the major driving factors contributing to the market growth include extensive adoption of Blockchain solutions in the BFSI sector; advantages such as higher transparency, higher operational efficiency and substantial cost savings; and increasing number of innovative start-ups worldwide will drive the market during the forecast period and have a high impact in the short term. However, factors such as concerns related to data privacy, confidentiality and security; unclear regulatory environment; and interoperability, scalability, and sustainability challenges are anticipated to hinder the market growth in the coming years. During the forecast period, trends such as Rising Government Support and Initiatives and Combination of Blockchain and Artificial intelligence for advanced applications are expected to provide exciting opportunities for the players operating in the Blockchain market.
The key companies operating in the field of Blockchain market that are profiled in the report 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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