Blockchain Technology Market COVID-19 Impact on Key Players, Industry Share and Growth Outlook

(The Express Wire via Comtex)

The Global Blockchain Technology Market is forecast to rise exponentially in the coming years. The market is expected to witness high demand from diverse industries, especially the banking, financial services, and insurance (BFSI) industry, finds Fortune Business Insights in their latest report. As per the report, the overallblockchain technologymarket is expected to grow from USD 1640.7 Million in 2017 to USD 21,070.2 Million by 2025 at a CAGR of 38.4% during the forecast period.

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In terms of industry vertical, the banking, financial services, and insurance segment held the leading share of 41% in the global blockchain technology market in 2017. The segment will gain further impetus following the introduction of bitcoin. “Rampantly increasing cyber-attacks and frauds in the BFSI industry accounts for millions of dollars. This has become a global concern. To make the technology used in the industry safer and more secure, Deloitte and Microsoft Azure and other tech giants are offering blockchain services,” said a lead analyst.

List of Top Key Players Mentioned:

  • Microsoft
  • IBM
  • Oracle
  • Deloitte
  • The Linux Foundation
  • Altoros
  • Consensus
  • VironIT
  • Bits, Inc (Tendermint, Inc.)
  • Schvey, Inc. (Axoni)
  • Fintech and Blockchain Software House

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

In 2017, IBM was the leading organization in the global Blockchain technology market. Other companies operating in the global market are Oracle Corporation, Deloitte, Microsoft Corporation, IBM Corporation, The Linux Foundation, Chain Inc., Consensus Systems, Bits, Inc (Tendermint, Inc.), Schvey, Inc. (Axoni), VironIT, Altoros, and Fintech and Blockchain Software House.

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In terms of deployment, the proof of concept segment is gaining traction and is expected to witness impressive growth during the forecast period 2018-2025. Growth witnessed in this segment is backed by the high need for transparent transactions across industries such as healthcare, retail and BFSI.

“Increasing Demand for Secure Blockchain Technology to Guarantee Growth at Promising Rate”

“Government initiated awareness programs regarding benefits of blockchain technology among undeveloped nations is anticipated to fuel the demand in the global blockchain technology market, said a lead analyst at Fortune Business Insights.

Increasing adoption of e-financial services and rapid adoption of the blockchain technology in developed nations are expected to drive the global blockchain technology market during the forecast period.

Increasing number of new blockchain products and their approval grants is also anticipated to act as a driving factor for the global Blockchain technology market.

“Partnerships Among Key Market Players and Blockchain Developers Driving the Market in North America”

North America emerged dominant in the global blockchain technology market in 2017. The North America market was worth USD 820 Mn in 2017. The region will continue leading the market at a global level through the forecast period. Growth witnessed in the market is also attributable to recent collaborations between market players in the U.S. and blockchain service provides. Europe is also anticipated to witness impressive growth during the forecast period owing to the high presence of blockchain technology developers.

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Major Table of Contents:

  1. Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology and Assumptions
  2. Executive Summary
  3. Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  4. Key Insights
    • Global Market Overview
    • Key Market Indicators
    • Macro and Micro Economic Factors
    • Emerging Market Trends
    • Industry SWOT Analysis
  5. Global Blockchain Technology Market Analysis, Insights and Forecast, 2014-2025
    • Definitions
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast By Product
      • Vertical Solutions
      • Blockchain-as-a-Service
    • Market Analysis, Insights and Forecast By Deployment
      • Proof of Concept
      • Pilot
      • Production
    • Market Analysis, Insights and Forecast By Industry Vertical
      • BFSI
      • Energyand Utilities
      • Government
      • Healthcare and Life Sciences
      • Manufacturing
      • Telecom, Media and Entertainment
      • Retailand Consumer Goods
      • Travel and Transportation
      • Others
    • Market Analysis, Insights and Forecast By Region
      • North America
      • Europe
      • Asia Pacific
      • Middle East and Africa
      • Latin America
  1. North America Blockchain Technology Market Analysis, Insights and Forecast, 2014-2025
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast By Product

TOC Continued…!

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Press Release Distributed by The Express Wire

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