Europe Blockchain Technology Market to Reach $4.3 Billion by 2023
According to “Europe Blockchain Technology Market (2018-2023)” report, Europe holds the second most significant share in the Blockchain technology market. Europe is expected to grow at a CAGR of 35.8% (2018-2023) and generate a global revenue of USD 4.3 billion by 2023.
A European Blockchain observatory and forum hub has begun monitoring existing Blockchain initiatives, trends and potential risk. The forum will create more awareness that should drive the adoption of the technology in this region.
Europe dominates the global insurance market. Five major European insurance companies – Allianz, Aegon, Munich Re, Swiss Re and Zurich – have taken up the Blockchain initiative to provide faster and secured services to its clients. European banking is attempting to shift trade finance to Blockchain platforms.
EU5, which includes France, Germany, Italy, Spain, and the United Kingdom, dominates the market because of digitalization and early adoption of Blockchain technology.
Key Growth Factors
- Retail customers are now preferring digital platforms for making purchase/payments. In order to provide continuous support, retailers are looking to adopt Blockchain technology for securing and streamlining processes. This would further accelerate the adoption of Blockchain by retailers.
- GDPR (General Data Protection Regulation) is expected to promote Blockchain technology to overcome barriers and ease cross-border payment.
Threats and Key Players
- The decentralized characteristic of Blockchain technology clashes with European regulations on personal data protection. This hinders the adoption of the technology.
- The key players in this region are Microsoft, IBM, Accenture, Deloitte, and Capgemini.
- Microsoft Corporation
- Tata Communication Services
- Virtusa Polaris
Key Topics Covered
Chapter 1: Executive Summary
Chapter 2: Introduction
Chapter 3: Europe Blockchain Technology Market Overview
Chapter 4: Europe Blockchain Technology Market by Country
Chapter 5: Europe Blockchain Technology Market by Industries
Chapter 6: Company Profiles
Chapter 7: Start-up Company Overview
Chapter 8: Conclusion