Global Blockchain
Technology Market: Snapshot
Blockchain
technology refers to a distributed database for all the digital
transactions, which eliminates the need for the third party to
authenticate the transactions. In recent years several consumers,
institutions, and organizations are adopting blockchain technology as
it not only reduces the transaction cost as it removes a point of
verification but also speeds up the actual transaction process. Owing
to this very reason the global market is expected to witness a
remarkable progress rate in the coming few years. According to the
research report, the global blockchain technology market was valued
at US$315.9 mn in 2015 and is expected to reach US$20 bn by the end
of 2024. During the forecast years of 2016 and 2024, the global
market is expected to rise at a CAGR of 58.7%.
Browse The Report:
http://www.transparencymarketresearch.com/blockchain-technology-market.html
Penetration of
IoT Opens Up Lucrative Business Opportunities
Analysts anticipate
that the global blockchain technology market will witness a spike in
demand as it is known to reduce the risks related to frauds and
identity thefts. Citing this reason, financial institutions are
exploring options of collaborating with blockchain startups as well
as investing in their research and development projects. The
proliferation of Internet of Things (IoT) across various industries
is also expected to play a crucial part in the uptake of these
technologies. For instance, the banking sector is continuously
working on the digitization of its services and facilities, which is
likely to encourage swift uptake of blockchain technology in the
coming years. Some of the potential areas for growth for the
blockchain technology market are the smart contract, smart property,
non-financial sector, healthcare, and music industries.
Early Adoption of
Technology Keeps North America Blockchain Technology Market Ahead of
Other Regions
In terms of
geography, the global blockchain technology market is segmented into
North America, Europe, Asia Pacific, the Middle East and Africa, and
South America. Of these North America held the largest share in the
global market in 2015. The dominance of this region was attributable
to the presence of several leading players and increasing investments
in the development of their technology. The report suggests that the
U.S. is expected to be the key contributor to the rising revenue of
North America blockchain technology market in the coming years. The
overall acceptance of technology in the region is also likely to
boost the regional market in the coming years.
Additionally, Asia
Pacific is also expected to show a significant growth rate in the
global blockchain technology market. This regional market is expected
to expand at a CAGR of 61.3% in the coming years. The booming
economies of China, Japan, and India and their strengthening resolve
to digitize their economies is expected to play an important role in
shaping the trajectory of the Asia Pacific blockchain technology
market in the coming years. In the meanwhile, rising investments in
blockchain technology in developing regions of the Middle East and
South America are also expected to help the market gain momentum,
especially in the financial sector in the coming years.
The key players
operating in the global blockchain technology market are Microsoft
Corporation, Deloitte Touche Tohmatsu Limited, IBM Corporation, R3,
Chain Inc., Consensus Systems (ConsenSys), Ripple, Digital Asset
Holdings LLC, and Credits. The competition is high in the market due
to the strong presence of several players. Most of these companies
are expected to focus on mergers and acquisitions to improve their
consumer base and enhance their product offerings.
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