NEW YORK, Nov. 11, 2021 /PRNewswire/ -- According to the research report "Blockchain Technology Market - Forecast and Analysis Report 2021-2025", the market is expected to have a YOY growth rate of 19.00% in 2021 and is supposed to grow at a CAGR of over 32% between 2020 and 2025.
North America is the largest market for blockchain technology. The increasing adoption of blockchain technology by governments for voting and to enforce stricter regulations on the purchase and possession of weapons such as guns is creating significant growth opportunities for blockchain technology providers in North America.
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Vendor Insights
The global blockchain technology market is fragmented with the presence of several global and regional players. Accenture Plc, Amazon.com Inc., Huawei Investment & Holding Co. Ltd., Infosys Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., Oracle Corp., SAP SE, and Tata Consultancy Services Ltd. are some of the dominant vendors featured in the report.
Some of the leading players in the market are acquiring startups and partnering with FinTech companies and IT firms to develop blockchain solutions.
For instance, in April 2020, Accenture Plc completed its acquisition of Symantec Cyber Security Services from Broadcom Inc. Again, in May 2020, the company acquired Callisto Integration, a Canada-based provider of consulting and technology services.
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Geographical Market Analysis
North America will provide maximum growth opportunities in the blockchain technology market during the forecast period. According to our research report, the region currently holds 43% of the global market share and is expected to dominate the market through 2025.
The report also offers a detailed analysis of the growth of the market across Europe, APAC, South America, and MEA. In addition, countries such as the US, China, UK, Canada, and Germany are expected to emerge as prominent markets for blockchain technology during the forecast period.
Know more about this market's geographical distribution along with the detailed analysis of the top regions. www.technavio.com/report/blockchain-technology-market-industry-analysis
Key Market Trends & Challenges:
The report identifies the advent of AI as the major trend influencing the blockchain technology market. The integration of AI with blockchain is one of the most advanced IT developments taking place currently. The use of AI helps decentralize monetary systems and predict the value of bitcoins. This can help traders to efficiently manage bitcoin transactions. This trend is expected to further gain prominence with the growing focus on enhancing security and customer experience by FinTech firms worldwide.
Despite the integration of AI, network privacy and security concerns might inhibit the growth of the market. Service providers gather a lot of personal information from customers through cookies to create custom advertisements and target the right audience. This collected data could be misused and hacked, which can lead to financial losses for customers. This is discouraging users from adopting FinTech solutions, which is reducing the growth opportunities for vendors.
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Blockchain Technology Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of over 32% |
Market growth 2021-2025 |
USD 6.25 billion |
Market structure |
Fragmented |
YoY growth (%) |
19.00 |
Regional analysis |
North America, Europe, APAC, South America, and MEA |
Performing market contribution |
North America at 43% |
Key consumer countries |
US, China, UK, Canada, and Germany |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Accenture Plc, Amazon.com Inc., Huawei Investment & Holding Co. Ltd., Infosys Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., Oracle Corp., SAP SE, and Tata Consultancy Services Ltd. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us:
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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