Posted On: 2018-07-02
Europe blockchain market registered a healthy growth during 2016-17 as a result of increased government and private companies spending on developing blockchain technology infrastructure. For instance, the European government has invested more than $93.6 million in projects supporting the use of blockchain technology. Moreover, blockchain eliminates the need for middlemen, which acts as an additional factor to surge the market for blockchain technology in Europe.
According to 6Wresearch, Europe Blockchain Technology Market is expected to grow at a CAGR of 52.4% during 2018-24. Growth would be aided during the forecast period due to increasing awareness regarding utilizing blockchain solutions in various cases and need to reduce duplicity and protection from cyber-attack and malicious attacks.
According to Shefali Goel, Senior Research Analyst, Research and Consulting, 6Wresearch, within technology type, public blockchain technology segment accounted for a major share of market revenues. Growing integration of public blockchain technology solutions in BFSI sector led to growth in demand for public blockchain network in Europe. Other technology type segment includes private or permissioned blockchain and hybrid blockchain network. The market for private blockchain network is expected to spur during the forecast period on account of increased adoption in real estate, healthcare, pharma, transportation, and logistics verticals.
Moreover, the financial application is expected to hold dominant share in Europe blockchain technology market during 2018-24, owing to the high utilization in banking and financial sector as well as government public services sector for clearing and settling payments through blockchain networks.
According to Gurbani Kaur, Research Associate, Research and Consulting, 6Wresearch, "Switzerland and Malta collectively accounted for majority of the market revenues in Europe blockchain technology market and is projected to maintain its dominance during the forecast period due to massive blockchain projects in both the countries as well as establishment of 'Crypto Valley', in Switzerland, a region where number of companies are especially developing blockchain technology solutions.
"Further, Germany and Netherland also contributed significantly in Europe blockchain technology market as Germany was home to 30 blockchain start-ups actively operating in the region in 2017. Moreover, the establishment of a research lab named' TU Delft' in Netherland boosted the blockchain technology market in the country," Gurbani concluded.
Some of the key players in Europe Blockchain Technology market include- IBM, R3, Intellect Soft, Microsoft, N-iX, Eleks, Digital Asset Holding, Bitfury, and Lime Chain.
"Europe Blockchain Technology Market (2018-2024)" provides an in-depth analysis with 109 figures and 8 tables covered in 151 pages. The report estimates and forecast the overall Europe blockchain technology market by revenues, technology types, applications, end users, and countries such as the United Kingdom, Switzerland, Germany, Malta, Netherland, and Nordic Countries. The report also offer insights on market ranking by companies, company profiles, market drivers, restraints, and recommendations.