Latest market research conducted by Technavio reveals that the global blockchain technology (BT) is likely to grow beyond USD 1,693 million by 2021. T
Latest market research conducted by Technavio reveals that the global blockchain technology (BT) is likely to grow beyond USD 1,693 million by 2021. The ‘Global Blockchain Technology market‘ study report analyzes the blockchain technology market in different aspects, which include revenue and emerging market trends. The report features all the latest analysis as well as a forecast for different market segments in various geographical markets.
The blockchain is an innovative technology that offers distributed ledger systems, which are cryptographically managed. It offers a great way of managing online transactions. More investments have been put to improve FinTech and include more innovative front-end consumer products. The report suggests that these innovative consumer products are in high demands and is one of the reasons why the blockchain technology has gained a lot of popularity.
The report sample is now available for free and covers different aspects of the market in various sections such as market size, drivers, market forecast, trends, and challenges among other aspects of the market. The research report is designed to cover the various sections of the market and is categorized into the following sections:
- Supply chain.
- Banking, financial services, and insurance.
Banking, financial services, and insurance (BFSI)
Many financial service providers are now adopting blockchain technology to manage digital transactions as well as managed insurance policies. The introduction of the cryptocurrencies in the financial industry has even propelled the popularity of the blockchain technology in the financial market.
Some vendors such as Capgemini use the blockchain technology to provide end-to-end blockchain solutions for the BFSI sector, which is compliance with the IT security features. Many other IT vendors have also entered the market and adopt the blockchain technology to provide solutions that are specific for BFSI market.
The supply chain sector is gradually adopting the blockchain technology, and the segment of blockchain is projected to be worth USD 337.24 million by 2021. Among the most used tools available for the supply chain sector is the Smart contracts, which are system generated programs that are used to process related trade agreements. Many logistics companies have adopted the technology to manage their supply chain process.
The blockchain is also gaining a lot of popularity in the healthy sector. A number of innovative blockchain programs that help to streamline the flow of health-related information and transactions are now available in the market. According to the report, the healthcare segment of the blockchain is likely to attain a growth of over 47% by the year 2021. The main vendors in this sector include IBM, Microsoft, and Accenture.