As per the newest industry research study by Technavio, the global blockchain technology market is likely to grow at a CAGR of close to 56% during the forecast period 2017 to 2021.
This research study by Technavio provides an exhaustive evaluation of the global blockchain technology market regarding returns and emerging market trends. The analysis also comprises of recent studies and forecasts for innumerable market sections and all geographical regions.
Technavio research analysts categorize the market based on the end user
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The top three revenue impacting end-user segments are discussed below:
Blockchain technology in BFSI sector: The increasing implementation of blockchain technology to
the manage digital transactions in financial services firms will boost the revenues in this market segment. Various vendors in the market are offering end-to-end blockchain solutions for BFSI sector, with compliance and IT security features to sustain the competition and attract more consumers. Leading vendors like Capgemini is offering blockchain solutions specific for BFSI functions that meet the consumer requirements.
“Insurance companies are the largest users of blockchain technologies, and it helps these enterprises to manage insurance policies and claim management. The introduction of insurance contracts in the form of smart insurance contracts enhance the claim and settlement management process and increases the operational capacities in an organization. Furthermore, the market will also be driven by the advent of trading of cryptocurrencies in the financial services industry,” says Amit Sharma, a lead analyst at Technavio for research on an enterprise application.
Blockchain technology in supply chain management sector: The increasing adoption of smart contracts will drive the growth of blockchains in the supply chain management sector. Blockchain contracts are system generated programs that are used to process related trade agreements. These solutions help smoothen the complex procedures involved in international trading. BT helps supply chain firms to bring transparency in the logistics and distribution of products and enables stakeholders to track the shipment and transactions of the product on a real-time basis.
Blockchain technology in the healthcare sector: The successful implementation of BT in various healthcare institutions will improve the operational workflow in this sector. These solutions help streamline the flow of health-related information and transactions in healthcare firms and increases the productivity of the administration staff. Recently, key vendors Tierion partnered with Philips Blockchain Lab to successfully implement the healthcare project based on BT.
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The top vendors functioning in the global blockchain technology market are:
- Accenture
- IBM
- Microsoft
The other prominent vendors in the market include Axoni, Abra, BTL Group, BlockCypher, BitFury Group, Chain, ConsenSys, Deloitte, Ethereum, Ezyremit, Global Arena Holding, Provenance, R3, Ripple, Scorechain, Slock.it, and TATA Consultancy Services.
A comprehensive analysis is presented in the Technavio report titled, ‘Global Blockchain Technology Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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