Blockchain and Smart Contract Technology to Grow 61.5% By 2021
Since smartphone ownership has grown over the past few years, internet use has also grown exponentially. However, the internet as the mainstream world currently knows it- is on the verge of major change.
The blockchain and smart contract technologies are drastically changing the following sectors: Banking, financial services, insurance, government, healthcare and life sciences, retail and e-commerce, automotive, media and entertainment, and more. The following report conducted by Market Reports Hub indicates that these technologies will grow even more from $210.2 million (USD) in 2016 to $2.3 billion (USD) by 2021.
Here is their full report:
Blockchain Technology Market Growing at 61.5% CAGR to 2021
PUNE, India, October 14, 2016 /PRNewswire/ --
The global blockchain technology market is projected to grow from USD 210.2 million in 2016 to USD 2,312.5 million by 2021, led by infrastructure and protocols provider segment while media and entertainment vertical to have the highest growth rate during the forecast period.
Complete report on global blockchain technology market spread across 153 pages, profiling 18 companies and supported with 67 tables and 45 figures is now available at http://www.marketreportshub.com/blockchain-technology-industry-research-marketsandmarkets.html .
The blockchain technology market is growing rapidly as the organizations are more focused on transparency & immutability, and scalability. However, factors such as lack of awareness about the blockchain technology and uncertain regulatory status are the major restraints in the overall growth of the market.
Infrastructure and protocols provider segment is estimated to have the largest market size in 2016 due to increasing need for services such as mining, public, and special protocols. Furthermore, the application and solution provider segment will grow at the highest CAGR during the forecast period, due to demand for efficient business processing applications.
The blockchain technology solutions have been deployed across various industry verticals, including Banking, Financial Services, and Insurance (BFSI), government & public sector, healthcare & life sciences, retail & ecommerce, automotive, media & entertainment, and others. The media and entertainment vertical is expected to witness the highest CAGR during the forecast period as the industry has been transformed with digital technology to solve various problems such as problem of copyrights by assigning rights, usage tracking, and distribution of all the content creators and owners using blockchain technology.
APAC includes emerging economies, such as India, China, Australia, and Singapore which are showing particular growth in cryptocurrency and blockchain technology start-ups. This is mainly due to the digitization of businesses by small, medium, and large enterprises in the region. Thus, the region is expected to witness the highest growth rate in the blockchain technology market.
The report includes the study of key players offering blockchain technology solutions; Microsoft Corporation (U.S.), IBM Corporation (U.S.), Deloitte (U.S.), Ripple (U.S.), Chain, Inc. (U.S.), Abra, Inc. (U.S.), BitFury (U.S.), Coinbase (U.S.), Circle Internet Financial Limited (U.S.), Digital Asset Holdings (U.S.), Blockchain Tech Ltd (Canada), Global Arena Holding, Inc. (U.S.), Digital CC Ltd (Australia), 21 Inc. (U.S.), and Earthport (U.K.) are some of the companies profiled in the report. Order a copy of Blockchain Technology Market by Provider, Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Clearing and Settlement), Organization Size, Vertical, and Region - Global Forecast to 2021 research report at http://www.marketreportshub.com/purchase?rpid=4304 .
In-depth interviews were conducted with CEOs, marketing directors, other innovation & technology directors, and executives from various key organizations operating in the blockchain technology market place. In the process of determining and verifying, the global blockchain technology market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (55%), Tier 2 (20%) and Tier 3 (25%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-level (60%), Director Level (25%) and others (15%) from various key organizations operating in the global blockchain technology market. The primary interviews were conducted worldwide covering regions such as North America (10%), Europe (20%), Asia-Pacific (40%) and Rest of the World (ROW) (30%).
On a related note, another research on Internet of Things Technology Market Forecast to 2022 says, applications in automotive and transportation expected to drive the Internet of Things technology market in the near future. The automotive and transportation application is expected to hold the largest share of the Internet of Things technology market by 2022. The overall market size, in terms of value is expected to grow from USD 130.33 billion in 2015 to USD 883.55 billion by 2022, at a CAGR of 32.4% between 2016 and 2022. Companies like Intel Corporation, International Business Machines Corp., Cisco Systems, NXP Semiconductors N.V., General Electric Co., PTC, Inc., SAP SE, Oracle Corporation, ARM Holdings Plc., Qualcomm Incorporated, Texas Instruments Incorporated, Atmel Corporation, STMicroelectronics N.V., Microsoft Corporation and AT&T, Inc. have been profiled in this 242 pages research report available at http://www.marketreportshub.com/internet-of-things-technology-industry-research-marketsandmarkets.html .
Explore more reports on Automotive & Transportation market at http://www.marketreportshub.com/categories/automotive-transportation .
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