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, global blockchain technology market is projected to cross USD 25 billion by the end of the forecast period 2019-2025.
 

As per the report findings, rising adoption of distributed ledger among banking and financial institutions, increasing market capitalization of cryptocurrencies, and inflowing venture capital investments in blockchain and ICOs are majorly contributing to global blockchain technology market growth.
 

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For the record, blockchain is driving digital transformation of enterprises with digitization and automation of various processes, tokenization of physical resources and activities, and codification of intricate contracts.
 

Blockchain as a service has found multiple applications across supply chain management, payments, identity management, and risk & compliance management. The factors attributable for the adoption in these areas are cost reduction and increased efficiency through decentralization of data.
 

On the geographical front, North America blockchain technology market is touted to grow tremendously over the forecast duration. This can be ascribed to early adoption of the technology across various verticals for integration of payment & wallet solutions, smart contracts & digital identity detection, and documentation applications.
 

Surging venture capital investments in the blockchain sector is further enhancing the regional industry expansion. In fact, the U.S. represented about 56% of worldwide blockchain investments during 2012-2017. Speaking of the industry in Canada, several Chinese cryptocurrency mining companies are eyeing the country as a lucrative destination due to availability of cheap & reliable energy resources. Moreover, its cold climate address overheating concerns of servers to certain extent.
 

Speaking of the competitive landscape, global blockchain technology industry sphere is highly fragmented due to the presence of numerous start-ups in this field. Industry players are focusing on strategies like partnerships and collaborations to improve their stance.
 

Major industry players are Microsoft Corp., IBM Corp., Huobi, Hewlett Packard Enterprise Co., Exioms Technology Pvt. Ltd., Visa (Earthport), Digital Asset Holdings LLC, Digiledge, Coinbase Global Inc., Chain Inc., Blocko Inc., Bacoor Inc., Asta Solutions Pty Ltd., Amazon Web Services Inc., and Alphapoint among others.