The blockchain distributed ledger technology market size was around USD 550.40 million in 2017. Some of the major factors behind these projections include the increased acceptance of the block chain technology in order to facilitate quick transaction. Block chain Distributed ledger technology was first used in banking sector and remains one of the major sectors using this technology. Block chain facilitates the data transfer in a safe, secure and transparent manner.
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The major factor driving the block chain distributed ledger technology market is the rising implementation of this technology in the banking sector. In addition, the adoption of block chain distributed ledger technology across the public & government also supports the growth of the market. Also, the advantages offered by the block chain distributed ledger technology such as low cost of transaction, reduction in the chances of thefts, and an increased secrecy compared to other electronic payments methods drives the market globally. However, the market growth for block chain distributed ledger technology is likely to be hampered due to the lack of awareness regarding the advantages of cryptocurrency in emerging economies such as Asia Pacific and Latin America.
Block chain distributed ledger technology market has been segmented based on type, industry, and application. Based on type the market is segmented into public, private, and consortium. Private block chain accounted for the major share of the market as a private block chain offers several control layer in order to have a secured transaction. Private block chain also offers control over the participating members in the process of the blockchain. Based on industries, the market is bifurcated into BFSI, government, healthcare, energy & utilities, manufacturing & industrial products, retail & E-commerce, and others. BFSI dominated the market owing to matured banking sector throughout the global. Financial transactions, smart property, smart contract, block chain identity, supply chain management, digital voting, and others are the various applications of block chain distributed ledger technology.
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Asia Pacific to be the most attractive market for Block chain Distributed Ledger Technology during the forecast period
The report focuses on the regional markets including North America, Europe, Asia-Pacific, and Rest of the World. Among these markets, North America was the largest market for block chain distributed ledger technology owing to the increased adoption of the technology in various sectors. Also, the rise in awareness regarding the usefulness of this technology also supported the growth of block chain distributed ledger technology market in North America. Europe was the second largest revenue generator for the block chain distributed ledger technology market owing to the huge investment regarding the adoption of this technology in various sectors.
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Asia Pacific is anticipated to be the most lucrative market for block chain distributed ledger technology owing to the presence of huge opportunity from rising banking sector in the region. Also, the rapidly growing economy of India, Singapore, Malaysia and China further fuel for the growth of the market in Asia Pacific region. Moreover, the boom in the IT and automotive sector in countries such as India, China, Malaysia, and Singapore also propels the growth of block chain distributed ledger technology market in the region.
Some of the key players profiled in the report include Deloitte, IBM Corporation, Accenture, Microsoft, Capgemini, Touche Tohmatsu Limited, Global Arena Holding, Inc., Block chain Tech Ltd, Digital Asset Holdings, Ethereum, BitFuryUsa Inc., Chain, Inc., Coinbase Inc., and Abra, Inc. Most of the key players are investing heavily on research & development in order to enhance the features of the block chain distributed ledger technology so as to make it user friendly.
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