The Global Blockchain Technology Market is forecast to rise exponentially in the coming years. The market is expected to witness high demand from diverse industries, especially the banking, financial services, and insurance (BFSI) industry, finds Fortune Business Insights in their latest report. As per the report, the overall blockchain market size is expected to grow from USD 1640.7 Million in 2017 to USD 21,070.2 Million by 2025 at a CAGR of 38.4% during the forecast period.

In terms of industry vertical, the banking, financial services, and insurance segment held the leading share of 41% in the global blockchain technology market in 2017. The segment will gain further impetus following the introduction of bitcoin. “Rampantly increasing cyber-attacks and frauds in the BFSI industry accounts for millions of dollars. This has become a global concern. To make the technology used in the industry safer and more secure, Deloitte and Microsoft Azure and other tech giants are offering blockchain services,” said a lead analyst.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

To get the short-term and long-term impact of COVID-19 on this Market, please visit - https://www.fortunebusinessinsights.com/industry-reports/blockchain...

List of Top Key Players Mentioned:

Microsoft
IBM
Oracle
Deloitte
The Linux Foundation
Altoros
Consensus
VironIT
Bits, Inc (Tendermint, Inc.)
Schvey, Inc. (Axoni)
Fintech & Blockchain Software House.
In 2017, IBM was the leading organization in the global Blockchain technology market. Other companies operating in the global market are Oracle Corporation, Deloitte, Microsoft Corporation, IBM Corporation, The Linux Foundation, Chain Inc., Consensus Systems, Bits, Inc (Tendermint, Inc.), Schvey, Inc. (Axoni), VironIT, Altoros, and Fintech & Blockchain Software House.

In terms of deployment, the proof of concept segment is gaining traction and is expected to witness impressive growth during the forecast period 2018-2025. Growth witnessed in this segment is backed by the high need for transparent transactions across industries such as healthcare, retail and BFSI.

“Increasing Demand for Secure Blockchain Technology to Guarantee Growth at Promising Rate”

“Government initiated awareness programs regarding benefits of blockchain technology among undeveloped nations is anticipated to fuel the demand in the global blockchain technology market, said a lead analyst at Fortune Business Insights.

Increasing adoption of e-financial services and rapid adoption of the blockchain technology in developed nations are expected to drive the global blockchain technology market during the forecast period.

Increasing number of new blockchain products and their approval grants is also anticipated to act as a driving factor for the global Blockchain technology market.

“Partnerships Among Key Market Players and Blockchain Developers Driving the Market in North America”

North America emerged dominant in the global blockchain technology market in 2017. The North America market was worth USD 820 Mn in 2017. The region will continue leading the market at a global level through the forecast period. Growth witnessed in the market is also attributable to recent collaborations between market players in the U.S. and blockchain service provides. Europe is also anticipated to witness impressive growth during the forecast period owing to the high presence of blockchain technology developers.

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