The blockchain industry holds significant drivers in the market including the reduced total cost of ownership, rising marketing capitalization of cryptocurrencies and primary coin offerings, rising implementation of Blockchain-as-a-Service, and growing demand for distributed ledger technology. Moreover, adoption of blockchain technology, increasing importance for communication service providers as well as a new breed of programmable blockchain platforms is expected to create beneficial market opportunities.
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The global blockchain market size is widely expanding to the greater heights and is majorly segmented to providers, applications, industry verticals, organizational size and geography. The application segment for the blockchain market is sub-segmented into supply chain management, exchanges, risk, governance, documentation, compliance management, payments, contracts, and more others. Based on provider, the market is smartly classified into application and solution provider, middleware provider, infrastructure, and protocol provider.
Based on the market, application providers in the blockchain efficiently delivers the genuine value to the businesses by reducing duplications in providing periodic authentication, reconciliation of commercials, transactional data, and regulatory reasons. For more flexibility in the transaction process, the vendors have come up with cloud-based services and international online money transfer network. This can also make the process more secure and safe. Application providers keep a significant study in owning the potential for disruptive outcomes and restructuring businesses by providing distributed ledger technology to multiple industry verticals.
On the basis of organization size the market is bifurcated into small and medium-sized enterprises (SMEs) and large enterprises. Furthermore, based on industry vertical, the market significantly classified as government and public sector, life sciences, healthcare, business financial services and insurance (BFSI), entertainment, e-commerce, retail, hospitality, transportation, real estate, logistic, IT and telecommunications, education, energy and utilities, and automotive.
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Blockchain Key Target Audience
• Service providers and distributors
• Blockchain application builders
• Customer experience management professionals
• Independent Software Vendors (ISVs)
• Analytics consulting companies
The digital marketing management eradicates the need for third-party and central authority. The digital identity management is estimated to register as the fastest-growing application in the blockchain market. Now, the key players are more likely concentrating on enhancing feasible solution commercially in the global market. However, the leading players are completely focusing towards the growth of blockchain-based identity management solutions for financial transaction cases and personal use.
The region is anticipated to be the largest for the acceptance of blockchain solutions owing to the increased capitalization on the development of distributed ledger technologies and to offer customers faster transactions and transparency. Growing penetration rate in several industries comprising real estate, media and entertainment, retail and e-commerce, transportation and logistics, and IT and telecommunication verticals are anticipated to drive the market growth. Furthermore, financial institutions in the Asia-Pacific region are heavily capitalizing on designing a permission blockchain network to minimize costs and streamline their internal operations. The integration of the technology in these segments is changing the way businesses are conducted across various industry verticals.
Furthermore, global blockchain market is bifurcated on the basis of regions that comprises North America, Europe, Asia-Pacific, the Middle East and Africa (MEA), and Central and South America. North America is home for the bulk of industries with a large operation base and has observed a prominent implementation of documentation, smart contracts, and payment applications in most of its industries specifically healthcare and life sciences and BFSI.
Leading market players in Blockchain Industry:
• Amazon Web Services, Inc.,
• BTL Group Ltd.
• Chain, Inc.,
• Digital Asset Holding LLC
• Earthport PLC,
• International Business Machines Corporation
• Microsoft Corporation
• Bitfury Group Limited
These vendors have adopted various types of growth strategies, such as business expansions, new product launches, acquisitions, product innovation, partnerships & collaborations and venture funding to expand their offerings and improve the customer experience in the market.
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