Blockchain Technology Drives Market Growth with Increasing Government Initiatives
As the global blockchain market continues to expand, a driving force behind its growth is the increasing number of government initiatives utilizing this technology. Blockchain offers a secure and decentralized ledger, making it an ideal solution for a variety of industries, including finance, healthcare, and logistics.
Development and Integration Services Account for Highest Market Share
Within the blockchain market, development and integration service providers are expected to account for the highest market share during the forecast period. These providers offer tailored blockchain development services and enterprise-class integration services for blockchain platforms and protocols, delivering cross-industry blockchain development services to streamline enterprise business operations with improved interoperability, enhanced security, and transparency.
By using distributed ledger technologies and popular blockchain frameworks such as Ethereum, Hyperledger, Stellar, IOTA, Steem, Ripple, and Multichain, blockchain development services fast-track peer-to-peer transactions. Companies such as AWS, Oracle, IBM, Intel, Huawei, Accenture, Wipro, and Infosys are some of the vendors operating in the global blockchain market.
Application Providers to Grow at Highest CAGR During Forecast Period
Another key provider within the blockchain market is application providers, expected to grow at the highest compound annual growth rate (CAGR) during the forecast period. These third-party entities distribute and manage blockchain solutions for customers across applications. Blockchain platforms enable end users to build applications on a distributed network.
Examples of Successful Blockchain Solutions
IBM’s blockchain platform is one successful example that helps speed up the process of universal cross-border payments. The blockchain solution provides businesses and consumers with an enhanced payment system that reduces the settlement time and lowers the cost of completing global payments.
Huawei Cloud’s Blockchain Service (BCS) is another successful secure blockchain platform enabling enterprises and developers to conveniently create, deploy, and manage applications with Huawei Cloud. Managed platforms with professional assistance can aid small organizations in quickly deploying blockchain solutions. SAP Cloud Platform Blockchain Service, for example, is a blockchain-as-a-service (BaaS) offering which provides an easy and low-risk approach to creating blockchain-based applications in the cloud.
Breakdown of Primary Participants
The primary participants in the blockchain market are categorized into three tiers: Tier 1 (35%), Tier 2 (45%), and Tier 3 (20%). C-level executives make up 40% of the participants, while managerial and other levels comprise the remaining 60%. The North American market accounts for 38% of the participants, followed by the Asia Pacific region (26%), Europe (21%), Middle East & Africa (10%), and Latin America (5%).
Major Vendors in the Global Blockchain Market
Major vendors in the global blockchain market include IBM (US), AWS (US), Oracle (US), Huawei (China), Accenture (Ireland), Wipro (India), Infosys (India), TCS (India), SAP (Germany), Intel (US), ConsenSys (US), NTT DATA (Japan), Bitfury (Netherlands), Guardtime (Estonia), Chain (Saint Kitts and Nevis), VMware (US), SpinSys (US), LeewayHertz (US), R3 (US), Cegeka (Netherlands), Symbiont (US), BigchainDB (Germany), Applied Blockchain (UK), RecordsKeeper (US), Blockpoint (US), Auxesis Group (India), Blockchain Foundry (Canada), Factom (US), Stratis (UK), and Dragonchain (US).
Source: Reportlinker
