MarketsandMarkets forecasts the global Blockchain Market 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. The blockchain technology is a digitally distributed, decentralized, and shared database that assists in identifying, tracking, and tracing every transaction on the enterprise blockchain network. These transactions are recorded in the form of blocks. The blocks are added to blockchain in a linear and chronological order. The blockchain technology provides secure sharing of information while making the process transparent and immutable for all the participants. The blockchain technology finds numerous applications across industry verticals, such as payments, exchanges, smart contracts, documentation, digital identity, supply chain management, and Governance, Risk, and Compliance (GRC) management.
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The blockchain technology has immense potential in various application areas, such as banking, cybersecurity, and the Internet of Things (IoT). Several pioneers are implementing blockchain solutions to create a decentralized network of IoT devices, which would eliminate the need for a central location to handle the communication between devices. The blockchain technology can revolutionize the world by addressing various challenges in the traditional banking processes, resulting in uninterrupted banking services.
The cyber threat landscape is expanding, and conventional security solutions are not able to detect malware, ransomware, and other sophisticated cyber threats. Hence, the security vendors are also leveraging the blockchain technology for fortifying the capabilities of their cybersecurity solutions and services, thereby offering better protection and remediation for enterprises. The increasing use of blockchain technology in IoT, banking, and cybersecurity would provide growth opportunities for blockchain technology vendors.
The application providers segment is expected to grow at the highest CAGR during the forecast period, due to an increasing need to speed up the process of universal cross-border payments. Application providers are third-party entities that distribute and manage blockchain solutions for customers across industry verticals. Blockchain solutions are outsourced to meet the technological needs for businesses. The application vendors provide blockchain solutions that help for the smooth functioning of business operations.
The Blockchain Market report covers 5 major regions, namely, North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America., APAC is expected to record the highest growth rate during the forecast period, due to the growing use of blockchain technology across applications, such as smart contracts, documentation, payments, exchanges, and digital identity. Rapid economic development, globalization, reduced ownership cost, faster transactions, and the increased proliferation of blockchain-based smartphones are expected to drive the Blockchain Market in the APAC region.
The adoption of blockchain technology solutions has increased in the last 2–3 years in various business applications, such as payments, exchanges, smart contracts, documentation, and digital identity. However, the blockchain technology is still at its nascent stage and has the potential to transform traditional business models completely. Many startups, including include Auxesis Group, Blockpoint, SpinSys, Symbiont, Bitfury, and RecordsKeeper, have entered the market and started developing blockchain technology solutions. There were more than 876 blockchain venture capital funding in 2017, while by October 2018, 3,128 venture capital funding activities, an approximately 257% increase, in the number of blockchain venture capital funding. The amount of money raised by blockchain and blockchain-related companies via traditional venture capital funding till now is on its way to surpassing the figures in 2017. The venture capital investments have tripled in 2018. Venture capital firms, such as Digital Currency Group, Pantera Capital, Blockchain Capital, Andreessen Horowitz, Node Capital, and IDG Capital, are funding startups to help them innovate blockchain technology solutions. According to experts and research studies, investments in the blockchain technology are projected to increase in the coming years, thereby providing more growth opportunities for vendors in the global Blockchain Market.
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