Blockchain Technology Market
                     Market Highlights 
Market Research Future (MRFR), in its recently published research report, asserts that the global 
blockchain technology market 2020 is expected to grow exponentially over the review period, 
recording a substantial market valuation and a healthy 66.41% CAGR in the forecast period. 
Drivers and Restraints 
The blockchain technology is one of the most exciting future technical developments in the world of 
information technology. It makes a ledger that can be accessed by the parties involved in the 
transaction and can serve as the irrefutable universal depository of all transactions between the 
parties involved. 
The various benefits involved in creating such a platform have already drawn interest and, 
subsequently, investments from the financial sector as well as other technology giants. The 
technology not only has the potential to change the way the financial sector currently operates, but 
will also have consequences for many other sectors, including consumer products and media and 
telecommunications, among others. 
 The biggest growth driver on the blockchain technology market is the rising security issue for 
companies' payment and transactions. Blockchain technology offers safer and faster payment 
systems using cryptography technology to hold the data encoded until it hits the receiver. Many 
prominent factors expected to fuel the market are the rise in the adoption of blockchain technology 
in the financial services, public sector, and healthcare segments. 
Segmentation: 
The global blockchain technology market is analyzed on the basis of services and applications. 
The market, based on services, is segmented into payments & transactions, contracts, digital 
identity, and documentation. The payment and transactions segment is dominating the global 
market over the review period. 
The market, based on applications, is segmented into banking & finance, healthcare, government, 
media& entertainment, retail, and others. The banking, financial services, and insurance business 
(BFSI) are projected to dominate the industry with the largest share of the market. BFSI sector 
invests in blockchain technology, owing to its potential to tackle numerous digital transaction-
related problems such as double spending and currency reproduction. Double spending which is an 
assault where more than one transaction spends the given set of coins. It is also capable of raising 
online transaction costs while rising protection and authenticity simultaneously. These advantages 
are the primary reason why blockchain technology should be implemented within the banking 
sector. 
Regional Analysis 
The geographical overview of the global blockchain technology market has been conducted in four 
major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin 
America, the Middle East, and Africa).  
North America dominates the global blockchain technology market with the largest market share 
due to ongoing initiatives taken to build ledger technology for the blockchain industry, which is 
anticipated to expand with the highest market size by 2022 and is expected to rise over the review 
period over its previous growth records. Faster adoption of new technology in developed countries 
such as the U.S., Canada, Mexico and others is further growing the demand in the region. Blockchain 
Technology in the Asia Pacific market is expected to witness the fastest growing CAGR by 2022, due 
to the transparency, immutability & scalability service provided by blockcahin technology and the 
huge investment of digital currency across industry verticals in APAC countries, especially India, 
Australia, and China. 
Competitive Analysis 
The major market players operating in the global market as identified by MRFR are IBM 
Corporation, Deloitte Touche Tohmatsu Limited, Hewlett Packard, Oracle Corporation, Enterprise 
Company, Infosys Limited, Accenture PLC, Cyber Infrastructure Pvt. Ltd, Solulab Inc., Microsoft 
Corporation, Empirica S.A, and Amazon Web Services, Inc.