The blockchain technology market size is predicted to grow at a healthy 66.41% CAGR during the forecast period (2020- 2027), states the latest Market Research Future’s (MRFR) blockchain technology market forecast report.
Increasing Acceptance of Cryptocurrency to Boost Market Growth
The increasing acceptance of crypytocurrency worldwide is predicted to boost market growth over the forecast period. Central and commercial banks across the globe are now utilizing blockchain technology for payment processing and issuing of their digital currencies. This technology allows cross-border payments which are less expensive and faster as compared to traditional systems.
Rising Security about Payment and Transaction to Offer Robust Opportunities
Rising security concern for transactions and payment by companies is predicted to offer robust opportunities for the market in the forecast period. Blockchain technology offers secure and faster payment services through cryptography technology that keeps the data encoded until it will reach to receiver.
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Eminent players profiled in the global blockchain technology report include Deloitte Touche Tohmatsu Limited, IBM Corporation, Hewlett Packard, Enterprise Company, Accenture PLC, Infosys Limited, Cyber Infrastructure Pvt. Ltd, Solulab Inc., Empirica S.A, Microsoft Corporation, Oracle Corporation, and Amazon Web Services, Inc.
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By service provider, the blockchain technology market is segmented into infrastructure and protocol provider, middleware provider, application and solution provider, and others.
By organization size, the large enterprise segment will lead the market over the forecast period. Large enterprises operating in sectors like supply chain, healthcare, financial services, and insurance are using blockchain technology for improving their efficiency in operations.
By application, the payments will dominate the market over the forecast period.
By end users, the BFSI segment will spearhead the market over the forecast period. Financial services use blockchain technology to manage financial transactions taking place in businesses.
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North America to Head Blockchain Technology Market
North America will head the market over the forecast period. Faster adoption of highly innovative technologies in the developed nations like Canada and the US, the growing adoption of blockchain technology among verticals such as retail, government, BFSI, among others for smart contacts, digital identity detection, payment and wallet solutions, the increasing adoption of blockchain technology by organizations in the region, the presence of a large number of players, early adoption of blockchain technologies by the organizations, the emergence of several blockchain technology providers, and adoption of technology to develop business applications are adding to the global blockchain technology market growth in the region.