Blockchain Market Size, Share, Key Players, Demand and Opportunities by 2023

The blockchain market is gaining phenomenal growth, due to a shift towards digital economy. It is also known as distributed ledger.Growing interests in securing the online financial transactions continues to impel the market. This technology is useful for all sizes of enterprises. It has become the enabling technology for BFSI sector as banks and finance industry move into the modern age of real-time transaction processing.

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The technology promises vast openings for various sectors. It can create a cross-national system of varied participants including individuals, companies, NGOs and government bodies. Every entity has a verifiable record of all transactions and the record can only be changed with the consent of participants. No single entity would be able to take charge of it unlike a government or corporate database. These factors are the driving the blockchain market.

North America is expected to hold the largest share in the blockchain market, due to presence of large number of companies with large operation base and wide implementation of smart contracts, documentation and payment applications in industries. APAC is expected to hold the largest share in the market during the forecast period because of heavy investment in designing of such networks to minimize labor costs.

The key factors driving the growth of the blockchain market includes the government initiatives to promote blockchain, growing demand for distributed ledger technology, increasing demand for simplified business processes, increasing need for transparency and immutability, and need for faster transactions in real-time.

Some of the key players operating in the global blockchain market include International Business Machines (IBM) Corporation, Amazon Web Services, Inc., Microsoft Corporation, Ripple, Abra, Chain Inc., R3, Earthport PLC, Ethereum Foundation, BTL Group Ltd., BigchainDB Gmbh, Humaniq, Factom, Tierion, and BlockCypher Inc., AlphaPoint, Bitfury Group Limited and Coinbase.