The global blockchain technology market is led by top three companies viz R3, Chain Inc., and IBM, which collectively accounted for 45.3% of the market in 2015. Players in the market are focusing on mergers and acquisitions so as to expand their consumer bases and make valuable additions to their existing technologies, states Transparency Market Research (TMR) in its report. The competition is high in the blockchain market on account of the powerful presence of many players. Enhancement of product portfolio remains the key focus of leading vendors in this market.
As per the report, the global blockchain market is expected to rise from US$315.9 mn in 2015 to be worth US$20 bn by the end of 2024, exhibiting a whopping CAGR of 58.7% between 2016 and 2024, which is tremendously high. On the basis of type, the global blockchain market is expected to be led by the consortium blockchain technology, which is predicted to expand at a remarkable CAGR of 58.9% between 2016 and 2024. Consortium technology offers greater flexibility and large scale deployment, thus driving increased adoption.
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By geography, North America accounted for the largest share of the market in 2015 on account of the presence of leading players and growing investments for the development of this technology. Asia Pacific will witness a stupendous growth in the blockchain technology market, expanding at a 61.3% CAGR between 2016 and 2024 on account of the growing trend of online payment in countries such as India, China, and Japan. In addition to this, the recent demonetization that took place in India, shall drive the growth prospects of the blockchain technology market.
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The global blockchain technology market is driven by the demand for decentralized data and eliminating intermediaries so as to secure online payment. The automation of transactions have eliminated the need for documentation and this is making blockchain technology secure. The real time tracking of transactions, averting frauds and errors when making online payments will also fuel the adoption of blockchain technology.
These economic benefits of blockchain technology will boost the growth of the market in the forecast period. Since transactions can be speedy with the help of blockchain technology, it is in demand from both financial and non financial services. The introduction of artificial intelligence is driving the growth prospects of this market. The adoption of blockchain technology based applications such as exchanges, payments, documentation, and digital identities is increasing, and this will drive the growth of the market worldwide.
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One of the factors restraining the growth of the blockchain market is the increasing size of the database and blockchain, resulting in problems relating to synchronization and storage of data. The continued use of traditional technology owing to a lack of awareness about the benefits offered by blockchain technology will also act as a challenge.
In addition to this, stringent government regulations, playing a critical role in the deployment of large scale technology shall also pose a challenge for the blockchain technology market. Players need to adhere to regulatory compliances and privacy laws which differ from country to country, and this is another issue hampering the growth of the market. .
This review is based on Transparency Market Research’s report, titled “Blockchain Technology Market (Type - Public Blockchain, Private Blockchain, and Consortium Blockchain; Application - Financial Services and Non-financial Sector) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
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