According to a new report published by Allied Market Research, titled,"Blockchain Distributed Ledger Market by Type and End User: Global Opportunity Analysis and Industry Forecast, 2017 - 2023,"the global blockchain distributed ledger market accounted for $228 million in 2016, and is expected to reach $5,430 million by 2023, growing at a CAGR of 57.6% from 2017 to 2023. North America dominated the global market in terms of revenue in 2016, accounting for more than 40% share of the global market, followed by Europe.
Negligible fees for transaction in blockchain distributed ledger applications, elimination of third parties in business deals, and less chances of fraud & identity theft are the key drivers of the global blockchain distributed ledger market. Also, better security measurements, improved capital optimization, and transparency and independence are expected to drive the blockchain distributed ledger market. Moreover, increase in awareness toward blockchain distributed ledger applications among people is expected to provide lucrative opportunities to market players. Public blockchain is the leading segment in the global market, and is expected to maintain this trend throughout the forecast period. However, lack of awareness about cryptocurrency among people and limited access are expected to hinder the growth in the blockchain distributed ledger industry. On the other hand, private blockchain segment is expected to witness significant growth in the future. Private blockchain has a different level of security than public blockchain known as Bitcoin. Banks and financial institutions are increasingly investing in private blockchain technology.
The BFSI sector is projected to maintain its lead in the end-user segment. In the emerging economies, business and technology are connected to each other through digital economy, where blockchain creates a whole new paradigm. It provides tamper-evident recording of the linked transaction history in a distributed network, and has the potential to disrupt the financial business applications. Most of the blockchain distributed ledger technologies deployed in the financial industry are expected to be private. . Recently governments, central banks, private banks, and online banks of all types have shown a great deal of interest in distributed ledgers and block chain technology.
North America is expected to maintain its dominance throughout the forecast period, owing to the presence of key companies in the region Moreover, advancements in internet payments are expected to boost the growth, especially in Asian countries such as China, Japan, South Korea, and India.
Asia-Pacific is projected to grow at the highest CAGR during the forecast period, owing to increase in internet transitions, upsurge in the use of internet, and rise in adoption of advanced technologies. Furthermore, increase in pay management devices across China, Japan, India, and South Korea to cater to the end user needs, such as banking, real estate, stock market, and virtual currency, has supplemented the market growth.
Key Findings of the Blockchain Distributed Ledger Market:
- Based on type, public blockchain segment dominated the global blockchain distributed ledger market in terms of revenue in 2016 and is projected to grow at a CAGR of 53.7% during the forecast period.
- Based on end user, BFSI segment is projected to grow at a CAGR of 53.9% in the global blockchain distributed ledger market during the forecast period.
- Media & entertainment is expected to exhibit the highest CAGR in the blockchain distributed ledger market during the forecast period.
- Based on region, Europe occupied the second highest market share of 30% in the global blockchain distributed ledger market.
- UK and Germany collectively accounted for about 54.4% of the Europe blockchain distributed ledger market share in 2016.
- chain distributed ledger market size is analyzed based on various regions, namely, North America, Europe, Asia-Pacific, and LAMEA.The block
The major players such as Chain Inc., IBM Corporation, Accenture PLC, Eris Industries, Intel Corporation, Deloitte, Blockchain Tech Ltd., Microsoft Corporation, Digital Asset Holdings, and Earthport have adopted new technology launch as their key strategy to expand their market foothold.