Blockchain Technology Market: 19.00% Y-O-Y Growth Rate in 2021

The Blockchain Technology Market value is set to grow by USD 6.25 billion, progressing at a CAGR of 32.39% from 2020 to 2025, as per the latest report by Technavio. The market is segmented by end-user (BFSI, government, healthcare, and others) and geography (North America, Europe, APAC, South America, and MEA).

Moreover, the increase in fintech spending is notably driving the blockchain technology market growth. The blockchain technology market report also offers information on several market vendors, including Accenture Plc, Amazon.com Inc., Huawei Investment & Holding Co. Ltd., Infosys Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., Oracle Corp., SAP SE, and Tata Consultancy Services Ltd. among others.

Market Segmentation

• By End User- the market is classified into BFSI, government, healthcare, and others segments

The blockchain technology market share growth by the BFSI segment will be significant during the forecast period. In the BFSI sector, blockchain is being effectively used to reduce fraud, execute smart contracts, process payments, and in know-your-customer (KYC) due diligence.

• By Geography- the market is classified into North America, Europe, APAC, South America, and MEA regions

43% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for blockchain technology in North America. Market growth in this region will be faster than the growth of the market in regions. The BT market in North America is expected to grow due to the increasing adoption of this solution by governments. In North America, the governments of a few states are organizing trials to use BT in the elections for voting. This will facilitate the blockchain technology market growth in North America over the forecast period.

Market Dynamics: Driver

One of the key factors driving growth in the blockchain technology market is the increase in FinTech spending. FinTech is a service provided by companies and is based on software. Over the years, the purview of FinTech has extended to include new and innovative front-end consumer products. Many FinTech start-up companies provide solutions, which are operable through smartphones or tablets, directly to the customers through licensing or by means of white label services. The global investment in the FinTech sector has increased tremendously by about 200% in a year’s time. FinTech spending is directly correlated with BT spending as the FinTech companies are developing advanced payment solutions for financial firms. In the financial services sector, trading cryptocurrency will require BT to manage the distributed and decentralized ledgers. Accordingly, financial services firms have to build their ICT infrastructure to manage the high-volume transactions of cryptocurrencies such as bitcoin.

Company Profiles

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• Accenture Plc
• Amazon.com Inc.
• Huawei Investment & Holding Co. Ltd.
• Infosys Ltd.
• Intel Corp.
• International Business Machines Corp.
• Microsoft Corp.
• Oracle Corp.
• SAP SE
• Tata Consultancy Services Ltd.

The blockchain technology market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Source: Technavio