The global blockchain in energy market is expected to grow from an estimated USD 394.3 million in 2018 to USD 7,110.1 million by 2023, at a CAGR of 78.32%. In 2018, the market in Europe is estimated to be the largest, followed the Asia Pacific. Factors such as increasing popularity of the blockchain technology in the energy sector, rising security concerns across the globe, and the need to manage infrastructure and other business functions through high transaction speeds and immutability are driving the blockchain in energy market.
The blockchain in energy market is dominated by a few major players that have a wide regional presence. The leading players in the blockchain in energy market include Microsoft (US), Accenture (Ireland), IBM (US), Infosys (India), and SAP (Germany).
The major strategies adopted by the players include new product developments, contracts & agreements, investments & expansions, and mergers & acquisitions. New product developments were the most commonly adopted strategy from January 2015 to May 2018. The industry players also adopted investments & expansions, which was the second most widely followed strategy during the same period.
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Microsoft is a technology company and a renowned player that offers its platforms for enterprise solutions such as mobile and cloud-based environments. The company operates through 3 divisions, namely, productivity and business processes, intelligent cloud, and personal computing. The company provides products including operating systems (OS), servers, desktop management tools, phones, and intelligent devices to various industries such as banking, financial services & insurance (BFSI), travel, consumer goods, manufacturing, and professional services. The company has its presence in over 190 countries and caters to a diverse clientele in the regions of North America, APAC, Latin America, and EMEA. In May 2018, Microsoft launched Azure Blockchain Workbench, a platform that enables developers to build blockchain applications in a more simplified manner.
Accenture is one of the leading providers of professional services and solutions in the fields of technology, operations, consulting, strategy, and digital. The company operates its business through 5 segments, namely, products; financial services; communication, media, and technology; health and public services; and resources. The company has formed partnerships with leading players in the energy sector to develop the blockchain technology and stay ahead in the blockchain in energy market. For instance, in 2017, Accenture partnered with Microsoft and Thales e-Security to develop and provide blockchain technology solutions to various industries. The company offers its services and solutions to more than 40 industries worldwide including energy, automotive and industrial, banking, capital markets, chemicals, communications, media and technology, and utilities. The company has its presence in over 120 countries in the regions of North America, Europe, and the growing markets (APAC, Latin America, Africa, Middle East, Russia, and Turkey).
Blockchain in Energy Market by Type (Private, Public), Component (Platform, Services), End-user (Power, Oil & Gas), Application (Energy Trading, Grid Management, Payment Schemes, Supply Chain Management), and Region - Global Forecast to 2023
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