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 blockchains.