Global BlockChain Market value is expected to grow at CAGR of 48.37% to reach value of $6076.6 million by 2023

In 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 (2018 - 2023)” published by IndustryARC, the blockchain market will experience high adoption rate in different baking system of both developed and developing countries. Central bank, commercial banks, stock exchange are expected drive the blockchain market growth for a long period of time.

The North American region accounts for a major share of 41.89% of the overall blockchain market. The U.S. and Canadian government have already implemented the blockchain technology in many banking and financial institutions. The Asia-Pacific region is estimated to grow at a CAGR of 54.65% during the forecast period.  Asia-Pacific Blockchain market was valued $569.6 million in 2017, and is expected to reach $1614.6 million by 2023. In APAC, Blockchain technology has a great potential to transform the payments prospect by offering economy cost and instant transfers of capital over mobile and the internet. A digital currency is flexible and innovative for emerging markets where payments and banking infrastructure is less developed.

The Blockchain and distributed infrastructure technology are exhilarating developments that show a better functionality for financial service industry. The financial institutions are among the first to leverage the decentralized Blockchain platform to implement in the future. In product and services segment, financial service is the leading segment expected to grow at a CAGR of 52.29% during the forecast period from 2018 to 2023. The financial service market is expected to reach $2,207.1 million by 2023. 

The Exchange, Trade and Investment segment is the second leading service. The market for exchange, trade and investment segment is estimated to reach $1,176.9 million by 2023, and is expected to grow at a CAGR of 50.50% from 2018 to 2023. In the exchange, trade and investment segment, the blockchain technology is taking the role of intermediaries, as a result the Blockchain market is making the process lot easier and cost efficient.

Banking, financial services and insurance is the leading segment and will continue its dominance for the period of 2018-2023. Banking, financial services and insurance segment were valued at $240.3 million in 2017, and is expected to reach $2968.2 million by 2023, growing at a CAGR of 52.01%, from 2018-2023. Financial institutions are among the first leverage to implement the decentralized Blockchain platform to offer better services in the future. 

In order to make stand-alone investments, a number of banks have joined hands to make a Blockchain consortium, focusing on identifying and prototyping new hypothesis and developing Block and chain technology standards, expected to drive the growth of this industry vertical further. 

• Microsoft Corporation Blockchain developers in Consensus 2017 summit met in New York and also announced about additional Blockchain protocol support in Azure which consists of complex Blockchain and distributed ledger network deployments including Hyper Ledger Fabric, R3 Corda, Quorum, Chain Core and BlockApps. This blockchain will provide opportunities in different segments in the market.

• People are now collaborating across blockchain platforms and looking to develop viable ideas based on the feedback of its intended users, availing the concept of a minimum viable product. Blockchain technology is complex as these concepts are unfamiliar to most of the users. So, different public and private bodies are creating awareness among the people to switch current bank institutions to blockchain technology, hence it will drive the rate of adoption of the market. 

• In advanced blockchain technology, all the transactions are carried out from peer-to-peer connection that can cut the costs and speed up the processes. In the current scenario, eliminating early use of third party intermediary is propelling the growth of the market across the globe.

• The key aspects of technology are technical infrastructure, data security, and the scalability of the technology. Implementation of a decentralized energy transaction will require technical infrastructure. Thus, the development of technical infrastructure is a major challenge and will create huge opportunities for the Blockchain market growth.

Companies operating in the Blockchain market are International Business Machine (U.S), Microsoft Corporation (U.S), Deloitte (Rubix), Ripple (U.S), and among others. Other companies challenging their position in the Blockchain market include BTL group (Canada), Digital Ltd (Australia), and Earthport (U.K) that are giving tough competition to the top players with their innovative service and solution offering. The companies are mostly investing in blockchain developments and research due to the rapidly changing technology market that is an additional threat to the new entrances. Some of the major services and solution from leading companies are Azure Blockchain Service, STARTO Blockchain LTS, Chain Core Developer Edition by Microsoft. Bluemix by IBM, Corporate Disbursements and Retail Remittances by Ripple, Airpocket by Digitalx limited etc. Most of the companies went into a partnership, collaboration and expansion to increase the productivity of the services.