Blockchain Market is Expected to Reach $6,076.6M by 2023 Owing to Growth in Adoption of this Distributed Ledger Technology across Various Applications such as Payments, Smart Contracts, Digital Identities, and Documentation

According to the Report “Blockchain Market: By Product & Services (Exchanging, Trading and Investment, Financial Services); By Provider Type (Solution and Application, Infrastructure and Protocol Provider); By Industry Vertical (BFSI, Government & Public Sector, Healthcare) & Geography – Forecast (2017 - 2023)”, published by IndustryARC, claims that the market will reach $6,076.6M by 2023

A Blockchain is a decentralized distributed database for a specific use where everybody anybody can participate associated with that a particular Blockchain can participate. Blockchain allows end-user vertical consumer and supplier to connect directly removing the middle man intermediary or third party. According to a recent study from IndustryARC, the Blockchain market is forecast to reach $6,076.6M by 2023 and is estimated to grow at a CAGR of 48.37% during the forecast period. The growth in the Blockchain market can be attributed to the commencement of advanced applications in banking, financial, government and public sectors.

With the modernization in every sector especially by digitalization, Blockchain technology have penetrated deeply into all the industries verticals that includes banking financial services & insurance (BFSI), information and communication, government & public sector, healthcare, logistics, supply chain & transportation, e-commerce and retail and others. Banking, financial services & insurance (BFSI) accounted a major market share of 41.1% in 2016, and was valued at $163.85M for the same year. Banking, financial services & insurance markets are implementing the decentralized Blockchain platform to offer better services for their customers. 

North America region is estimated to reach at $2,660.9 million by 2023, and it is expected to grow at a CAGR of 49.31 % during the forecast period from 2017 to 2023. North America region has well-established infrastructure owing to increasingly in employing Blockchain technology for payments, digital identities, smart contracts and documentation has a huge impact on the market. European region accounted as second largest market share in terms value from overall Blockchain market in 2016 and estimated to grow at a CAGR of 43.98% during the forecast period. Europe is considered as one of the emerging market of Blockchain technology with their increasingly digital innovation and the presence of huge number of multinational enterprises have been showing a positive impact on the market growth.

Blockchain technology operators in addition to mergers and acquisitions have utilized service and solution offerings to augment entry into related markets and enhance core competencies. It is through additions to product portfolio as well as leveraging capabilities of acquired companies to gain a foothold in the emerging markets.

The overall market is also presented from the perspective of different geographic regions and the key countries for this industry.  Competitive landscape for each of the product types is highlighted and market players are profiled.

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