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According to MRFR analysis, the Blockchain Technology Market is accounted to register a CAGR of 67.54% during the forecast period and is estimated to reach USD 137.8 Billion by 2030. Blockchain technology has gained significant attention in the insurance industry due to its potential to transform various aspects of the industry, including underwriting, claims processing, fraud prevention, and customer experience.
Blockchain Market Scope:
Blockchain refers to an immutable, shared ledger that enables tracking assets and recording transactions in a business network. The growing focus on the decentralization of data ledgers and information has caused a rise in the growth of the blockchain technology market. The market simplifies the susceptibilities of the database functions by making transparent interactions.
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Dominant Key Players in Blockchain Technology Market Covered Are:
The global market for blockchain technology has prominent leaders such as:
Blockchain Technology Market Segmentation:
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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Market Drivers
The global market for blockchain technology has registered a massive surge in the growth rate in the last few years. The market’s growth is primarily attributed to the rising demand for digital identity across the globe. Furthermore, the growing adoption of blockchain technology-based identification platforms across several countries worldwide is another crucial parameter projected to boost the market’s growth over the forecasted timeframe. In addition, the increasing capitalization of market-related cryptocurrencies is anticipated to catalyze the market’s growth over the coming years.
Blockchain Market Restraints
On the other hand, the sophisticated integration procedure associated with blockchain technology may impede the market’s growth. Furthermore, the lack of technical teams across several regions worldwide is likely to restrain the market’s growth.
Regional Analysis:
The global blockchain technology market is analyzed across five major regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
As per the MRFR research report, the North American region secured the top position in the global blockchain technology market in 2018. The regional market was valued at over USD 612.3 million in 2018. The regional market’s growth is mainly credited to the rapid adoption of these innovative blockchain technologies in most developed countries, such as the United States and Canada. Furthermore, the increasing adoption of this technology among several verticals such as government, BFSI, and retail for detection of digital identity, smart contracts, wallet & payment solutions are also likely to positively impact the regional market’s growth over the assessment timeframe.
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