Fior Markets launched a study titled “Global Blockchain Market by Provider (Application Providers, Middleware Providers, Infrastructure Providers), Organization Size, Industry Vertical, Application, Region, Global Industry Analysis, Market Size, Share, Growth, Trends)” and Global Forecast 2018-2025.
The global Blockchain market is expected to grow from USD 1.3 Billion in 2017 to USD 169.5 Billion by 2025 at a CAGR of 83.8% during the forecast period from 2018-2025. Adoption of blockchain technology in retail and supply chain management and ease in business processes and creates transparency are two major factors of the market.
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Application Providers segment valued around USD 0.62 Billion in 2017
The provider segment is classified into application providers, middleware providers and infrastructure providers. The application providers segment is dominating the Blockchain market with in 2017. The utilisation of blockchain technology as an application platform to build the underlying trust base of the system including owners, lenders, investors and service providers is propelling the growth of the market.
SMEs segmentvalued around USD 0.83 Billion in 2017
Organization size segment includes small and medium-sized enterprises and large enterprises. SMEs segment dominated the marketin 2017. The requirement for restructuring the business processes in a cost-effective way is driving the SMEs segment. Low infrastructure costs and transparency in business processes is also mobilising the segment.
Banking, financial services, and insurance, government segmentheld largest market share of 24.50%in 2017
Industry vertical segment is divided into segments such as banking, financial services, and insurance, government, healthcare and life sciences, media and entertainment, retail and ecommerce, travel and hospitality, transport and logistics and real estate. Banking, financial services, and insurance, government segment is dominating the market.
Smart contracts segment valued around in USD 0.35 Billion in 2017
The application segment includes payments, exchanges, smart contracts, documentation, digital identity, supply chain management, governance, risk, and compliance management. The smart contracts segment held market share of 27.60% in 2017. Smart contracts arranged over the blockchain network provides for no modification in contract terms and conditions, thus, making it difficult for third parties to hack the data in contracts.
Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America held the largest market share of approximately42.30% in 2017.North America is dominating region because of increasing implementation of blockchain technologies by the organizations in this region. Also, the evolution of several blockchain technology providers impact the overall share of the market. Hence, they have started implementing the technology to grow business applications
The major players ofmarketinclude IBM, AWS, Microsoft, SAP , Intel, Oracle, Bitfury, Cegeka, Earthport, Guardtime, Digital Asset Holdings, Chain, Huawei, BlockCypher, Symbiont, BigchainDB , Applied Blockchain, RecordsKeeper, Blockpoint, Auxesis Group, BTL Group, Blockchain Foundry, AlphaPoint, and Factom.