Blockchain Market

Partnerships and new product launches have been the most adopted strategy by major players from 2016 to 2018 in Blockchain Market

The global blockchain market size is expected to grow from USD 1.2 billion in 2018 to USD 23.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 80.2% during 2018–2023. Major driving factors for the market include increasing venture capital funding and investments in the blockchain technology, a growing focus on reducing operational cost, and increasing popularity of blockchain technology in retail and supply chain management.

Major blockchain technology vendors include IBM (US), AWS (US), Microsoft (US), SAP (Germany), Intel (US), Oracle (US), Bitfury (US), Cegeka (Netherlands), Earthport (UK), Guardtime (Estonia), Digital Asset Holdings (US), Chain (US), Huawei (China), BlockCypher (US), Symbiont (US), BigchainDB ( Germany), Applied Blockchain (UK), RecordsKeeper (Gibraltar), Blockpoint (US), Auxesis Group (India), BTL Group (Canada), Blockchain Foundry (Singapore), AlphaPoint (US), and Factom (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global blockchain market. Partnerships and new product launches have been the most adopted strategy by major players from 2016 to 2018, which helped them to innovate on their offerings and broaden their customer base.

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AWS is one of the prominent players in the blockchain marketspace. The company provides flexible and cost-effective blockchain technology that establishes peer-to-peer networks and ensures verified and secured transactions. The company has a strong foothold in the Americas, EMEA, and APAC, and has been focusing on expanding its foothold in the emerging markets by making its products available through regional distributors, channel partners, resellers, service partners, and technology partners. AWS offers strong support services through its expansive network of technology partners located across the globe. The company enhances its products to stay competitive in the market and serve the dynamic needs of its customers. The company also develops new products to gain a competitive edge over other major market players. For instance, in April 2018, AWS launched Blockchain Template Frameworks, a BaaS offering for Ethereum and Hyperledger Fabric. The blockchain templates provide a fast and easy way to create and deploy secure blockchain networks using popular open source frameworks. These templates also enable customers to focus on building blockchain applications, instead of spending time and energy on the manual set-up of the blockchain network.

Microsoft has progressed significantly in the blockchain market. Over the years, Microsoft has formed strategic partnerships with leading market players, including Hyperledger, R3CEV, Lisk, BitShares, Syscoin, BitPay, Eris Industries, Factom, ConsenSys, Emercoin, and MultiChain. These partnerships have helped Microsoft deliver simplified development and deployment processes for building real-world blockchain solutions, applications, and pilot projects. Additionally, Microsoft and Tech Mahindra collaborated to build blockchain-enabled solution that would help the telecom industry in mitigating the issue of unsolicited commercial communication (spam calls) to comply with the Telecom Regulatory Authority of India (TRAI) regulations. Microsoft has adopted various organic growth strategies to help enterprises with evolving market trends and new technologies. For instance, the company launched Azure Blockchain Workbench and Enterprise Smart Contracts that help users build blockchain-based application platforms for running shared business logic. These platforms can also be used as cryptographic proof systems that integrate multiple blockchains. The company has its operations in Ireland; Singapore; Fargo, North Dakota (US); Fort Lauderdale, Florida (US); Puerto Rico; Redmond, Washington (US); and Reno, Nevada (US) to support its customers in North America, APAC, Latin America, MEA, and Europe.

Related Reports:

Blockchain Market by Provider, Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Supply Chain Management, and GRC Management), Organization Size, Industry Vertical, and Region - Global Forecast to 2023

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Report Code
TC 4638
Published ON
Dec, 2018
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