According to new market research report “Blockchain Market by Provider, Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Supply Chain Management, and GRC Management), Organization Size, Industry Vertical, and Region – Global Forecast to 2023”, The global blockchain market size is expected to grow from USD 1.2 billion in 2018 to USD 23.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 80.2% during 2018–2023. Major forces driving the blockchain market include the increasing venture capital funding and investments in the blockchain technology, increasing popularity of the blockchain technology in retail and supply chain management, and a growing focus on reducing operational cost.
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The digital identity application segment to grow at the highest CAGR from 2018 to 2023
Digital identity applications help businesses authenticate the identity of customers. The decentralized blockchain principle, in combination with identity verification, creates a digital identity, which can be assigned to multiple online transactions for eliminating frauds at a significant rate. The digital identity application segment is expected to be the fastest-growing application in the blockchain market, as it eliminates the need for central authority and third party thereby making it easier for the individuals to manage and control over personal information and access. The vendors operating in the global blockchain market focus on developing commercially feasible solutions. The focus of dominant players in the market is also on the development of blockchain-based identity management solutions for financial transactions and personal use cases. The market size of the digital identity application in the blockchain market is expected to grow at the highest CAGR during the forecast period.
Increasing number of blockchain startups to drive the SMEs segment in the blockchain market during 2018-2023
The blockchain market by organization size has SMEs and large enterprises segments. The SMEs segment is expected to grow at a higher CAGR from 2018 to 2023, as there will be a sharp increase in the number of blockchain startups. The blockchain technology can prove to be a valuable asset for SMEs, as it helps reduce operational cost by eliminating intermediaries required for trading across regions. Another area where SMEs can take advantage of the blockchain technology in their manual or semi-automatic processes, including invoicing, inventory, and payroll. For instance, smart contracts, a critical capability offered by the blockchain solution, can prove to be more economical, helping SMEs streamline their operations cost-effectively and at a faster rate.
North America to dominate the blockchain market in 2018
The global blockchain market by regions covers North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is a home for most of the industries with a large operation base, and has witnessed a prominent implementation of smart contracts, documentation and payment applications in most of its industries particularly in BFSI, retail and eCommerce, and healthcare and life sciences. The region is expected to be the early and largest adopter of blockchain solutions, due to increasing funding on the development of distributed ledger technologies to provide customers with transparency and faster transactions. An increasing adoption rate in various industries including transportation and logistics, retail and eCommerce, media and entertainment, real estate and IT and telecommunication is expected to drive the market. Moreover, financial institutions in APAC are heavily investing in designing a permissioned blockchain network to streamline their internal operations and minimize costs. The integration of the technology in these verticals is changing the way businesses are conducted across industry verticals.
The report encompasses the different strategies, such as mergers and acquisitions, partnerships and collaborations, business expansions, and product developments, adopted by major players to increase their market share. Major technology vendors in the blockchain market include IBM (US), AWS (US), Microsoft (US), SAP (Germany), Intel (US), Oracle (US), Bitfury (US), Cegeka (Netherlands), Earthport (UK), Guardtime (Estonia), Digital Asset Holdings (US), Chain (US), Huawei (China), BlockCypher (US), Symbiont (US), BigchainDB ( Germany), Applied Blockchain (UK), RecordsKeeper (Gibratar), Blockpoint (US), Auxesis Group (India), BTL Group (Canada), Blockchain Foundry (Singapore), AlphaPoint (US), and Factom (US).
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