Global Blockchain Technology Market was valued US$ XXMn in 2017 and is expected to reach US$ XX Mn by 2026, at a CAGR of XX% during a forecast period.
The adoption of blockchain technology helps in creating a transparency and simplified the business processes, due to which, the market is projected to observe a high growth in the forecast period. In addition to this, the rising popularity of blockchain as a service and the low cost of ownership, increasing adoption of the blockchain technology for smart contracts, payments, and digital identities are estimated to encourage the growth of the global blockchain technology market in the forecast period. On the other hand, the changing regulatory status and the non-availability of a common set of standard, lack of awareness about the advantages of the blockchain technology over the traditional technologies are likely to hamper the growth of the overall blockchain technology market in the few years. Additionally, the ever growing size of the block chain and database might become leads to the problem of data storage and synchronization, which may also hamper the growth of the global block chain technology market.
Blockchain Technology market is segmented by Service provider type, Infrastructure provider segment will lead Blockchain Technology market due to the infrastructure provider develop basic and essential software building blocks, which are needed for the network. The rising demand for the blockchain protocol and standard is a major factor that supports the market. Furthermore, protocol help in blockchain network and application developers in building customized distributed register network for their customers will boost the infrastructure & protocol provider market in the forecast period. The application provider is expected to the fastest growing segment due to the application developers develop applications that run on top of the existing blockchain networks. Moreover, the application market is driven by the ability of the providers to deliver important value to the enterprises by minimizing the transcription data duplication and offering timely authentication. Middleware provider market will impact by providing different blockchain implementations within a unified interface, creating a single ecosystem that is easy to use and highly scalable.
The global market for Blockchain technology has witnessed a significant increase in the last few years, due to which the market is projected to observe a healthy competition in the coming few years. The presence of well-known players operating in the market and the rising focus on the introduction of the