The blockchain market is growing at a faster pace owing to
the rising cryptocurrency market cap and ICO, transparency and immutability
created by the technology integration, reduced total cost of ownership,
increasing adoption of Blockchain-as-a-Service, and faster transactions. The
global blockchain market size is expected to grow from USD 411.5 million in
2017 to USD 7,683.7 million by 2022, at a Compound Annual Growth Rate (CAGR) of
79.6%.
The major vendors present in the blockchain market are Abra
(US), AlphaPoint (US), Amazon Web Services, Inc. (US), Bitfury Group Limited
(US), BTL Group Ltd. (Canada), Chain,
Inc. (US), Coinbase (US), Digital Asset Holdings LLC. (US), Earthport PLC (UK),
Factom (US), International Business Machines Corporation (US), Microsoft
Corporation (US), and Ripple (US). These players have adopted multiple business
strategies to extend their global presence and expand their market shares.
Partnerships, agreements, and collaborations have been the key strategies
adopted by these industry players to accomplish development and sustain in the
competitive market. Apart from these, new product launches and product
upgradations, business expansions, and venture funding are some of the other
significant strategies embraced by these market players to grow in the
blockchain market.
IBM has undertaken partnership as its
major development strategy to create a leading market edge. As a part of its
inorganic growth strategy, in October 2017, IBM partnered with blockchain
startup Stellar and payment company KlickEx Group to launch cross-border
payment systems using blockchain that lowers the cost of completing global
payments for business and consumers. This partnership agreement would assist
IBM to further enhance its client portfolio in the BFSI sector, and penetrate
its presence in the growing blockchain market.
Microsoft operates in many countries,
and primarily serves the regions of the Americas, Europe, Middle East, and
Africa (EMEA), and Asia Pacific (APAC). Microsoft has adopted organic growth as
a long-term strategy, and has introduced multiple solutions and consistently
upgraded its product portfolio. In July 2017, Microsoft launched its Enterprise
Smart Contracts for making BaaS more usable for businesses in real-time
scenarios with the new framework. Enterprise smart contracts and Microsoft
Azure is a framework that allows the users to build blockchain-based
applications platform for running shared business logic, with a cryptographic
proof system that integrates with multiple block chains.
Know More@ https://www.marketsandmarkets.com/Market-Reports/blockchain-technology-market-90100890.html
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