LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global blockchain technology (BT) market size is projected to grow to USD 1,693.7 million by 2021, at a CAGR of more than 55% over the forecast period.
This research report titled ‘Global Blockchain Technology Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
“Blockchain is the cryptographically managed distributed ledger system, which is implemented to manage online transactions. Increase in FinTech spending to include new and innovative front-end consumer products is one of the leading reasons behind the impressive growth of the market,” says Amit Sharma, a lead analyst at Technavio for enterprise application research.
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Based on end-user, the report categorizes the global blockchain technology market into the following segments:
- Banking, financial services, and insurance (BFSI)
- Supply chain
Banking, financial services, and insurance (BFSI)
“The banking, financial services, and insurance firms are implementing blockchain technology to manage digital transactions, manage insurance policies, and claim management. The advent of trading of cryptocurrencies in the financial services industry has further propelled the demand for blockchain technology,” says Amit.
Capgemini, one of the vendors in the market is providing end-to-end blockchain solutions for the BFSI sector, with compliance to IT security features. Also, several IT vendors in the market are offering blockchain solutions specific for BFSI, leading to the growth of the market segment.
The supply chain segment of the BT market is projected to be worth USD 337.24 million by 2021, with a gradual increase in adoption of the technology in the sector. Smart contracts or blockchain contracts are system generated programs used to process trade-related agreements. These contracts are being increasingly adopted to manage the supply chain of products. BT is streamlining the supply chain process and adding transparency in the logistics and distribution of products, thereby driving increased adoption.
The healthcare sector is one of the key end-users of the blockchain technology, where it streamlines the flow of health-related information and transactions in healthcare firms. The sector is projected to display impressive growth with a CAGR of close to 47% over the forecast period, driven by an increasing number of players providing BT solutions and services specific to this sector. Tierion, one of the important vendors, implemented the first BT project in the healthcare industry, paving the way for other vendors to enter the market space.
The top vendors highlighted by Technavio’s research analysts in this report are:
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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