According to the research report titled ‘Blockchain Technology Market Size By Providers (Infrastructure Provider, Application Provider, Operators), By Application (Smart Contract, Payment & Wallet, Digital Identity, Exchange, Compliance & Risk Management), By End-use (BFSI, Government, Healthcare, IT Service, Media & Entertainment, Transportation & Logistics) Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, the global blockchain technology market is expected to surpass USD 25 billion by the year 2025.
 

Surging need for automated and digitized processes is leading to rising adoption of blockchain technology by various enterprises which in turn is the major factor driving the market growth. The technology provides benefits such as validation of transactions, elimination of reconciliation, and minimizes duplicative recordkeeping. It further improves business transparency and efficiency. This factor, in tandem with escalating investments by enterprises and favorable federal reforms are stimulating the blockchain technology industry outlook.
 

Blockchain technology improves business security, reduces risks, and aids in faster transactions. In addition to this, it is applied across stock market for direct transfer of shared ownership among various participants instead of utilizing a centralized hub for transactions thus aiding the expansion of market.
 

Elaborating on application spectrum, blockchain technology market is segmented as risk & compliance management, payment & wallet, digital identity, exchange, and smart contract. The technology helps to automate complex processes by decentralization and speed up operations, hence, reducing cost of data storage and improving overall efficiency.
 

Considering geographical landscape, North America is expected to hold the largest share of blockchain technology market over the forecast period. The regional growth is attributed to prompt adoption of the technology across several verticals like documentation applications, digital identity detection, and wallet & payment solutions. The report cites that the United States witnessed 56% of global investment in blockchain technology between 2012 and 2017.
 

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Adding to this, various China-based cryptocurrency mining companies are focusing on investing in Canada for their respective operations due to reliable and cheap resources. The country is known to have cold climate conditions which will further prevent the blockchain servers from overheating.
 

On the other hand, various Israeli startups are primarily focusing on using blockchain technology for DNA data storage, international shipping, cryptocurrencies, cybersecurity and diamond registration.
 

The prominent companies operating in blockchain technology market are SAP SE, R3, Microsoft Corp., IBM Corp., Coinbase, Inc., Chain, Inc., Blocko, Inc., Bacoor, Inc., Asta Solutions Pty Ltd., Amazon Web Services, Inc., and Alphapoint among others.