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The increasing proliferation of Blockchain technology in various industries ranging from banking, financial services and insurance (BFSI) to retail is pushing the government and companies worldwide to focus and invest in Blockchain technology.
Presently, Blockchain technology has a variety of use cases in the BFSI sector, and over the past few years, the applications of Blockchain in payments, smart contracts, document management, and others have been growing at an exponential rate.
The successful implementation of Blockchain in BFSI sector attracted interest from other industries such as retail, logistics, government towards the benefits offered by Blockchain such as increased operational efficiency and reduced costs in various business functions.
Blockchain technology is developing at an exponential pace with more and more companies and startups expanding their innovative blockchain solutions portfolio.
As use cases associated with Blockchain and areas of demand have risen, startups have adopted blockchain technology to meet growing consumer demands.
Blockchain technology helps in reducing documentation and compliance costs.
North America holds the majority revenue share in the global blockchain market.
The fast growth and adoption in North America is primarily driven by the growing demand of blockchain solutions from various industries such as BFSI, Retail, Government, Transportation and Logistics, Healthcare, Automotive, and Media & Entertainment.
With big market players such as IBM, Microsoft, and Accenture, a large number of start-ups are also entering the blockchain marketplace to develop innovative Blockchain based solutions and services.These start-ups, further, receiving a considerable amount of funding from the investors.
Growing regions such as Asia Pacific, Middle East, Africa, and South America are also anticipated to offer significant growth opportunities for the global blockchain market in the forecast period from 2019 to 2027 owing to the supportive government initiatives.
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