The blockchain technology market is estimated to create revenue of nearly $45 billion by the year 2027, according to a new report from Research and Markets.

The “Global Blockchain Technology Market 2017-2027” report covers the blockchain technology market by type, solution provider, application, end-use industry, and region.

The banking, financial services, and insurance (BFSI) sector is expected to dominate the market during the forecast period, whereas the media and entertainment vertical is estimated to grow at the highest rate, followed by the healthcare and life sciences vertical.

The need for banking and financial transactions that are seamlessly integrated into a new and always connected lifestyle will result in the payments market accounting for the largest share during the forecast period.

The digital identity market is expected to grow at the highest rate, as blockchain technology will make digital identities more secure and efficient, resulting in seamless sign-on, and also reduce identity frauds by enabling the user identity to be uniquely authenticated in an immutable and secure manner.

North America is expected to hold the largest share of the blockchain technology market during the forecast period, due to the early adoption of blockchain technology in the banking and financial services vertical.

APAC offers potential growth opportunities for the blockchain technology market as financial technology investments in distributed ledger technology are expected to grow in the next ten years.

Key innovators in the blockchain technology market include IBM, Microsoft, Deloitte, Ripple, Chain, Abra, BitFury, Coinbase, Circle, Digital Asset, Blockchain, Global Arena Holding, Digital CC, 21, and Earthport.

These players adopted various strategies such as venture capital funding, new product developments, mergers, partnerships, collaborations, and business expansions to cater to the needs of the global blockchain technology market.

For example, IBM Corporation recently launched cloud services for blockchain on Linux-only secure server; and Deloitte, entered into a partnership with Terepac Corporation, a company dealing with IoT devices and data, to create a distributed ledger to allow manufacturers to follow the entire life-cycle of their products, as part of Internet of Things (IoT).

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