Blockchain
Technology Market Insights
The global blockchain
technology market is anticipated to register a CAGR of more than 53.2% over the
forecast period. This market is expected to be influenced by rising demand for
innovative blockchain technology from the industries such as BFSI.Factors such
as transparency and immutability in transactions are likely to drive the global
market over the coming years. The growing use of the technology based
applications such as documentation, payments, exchanges, and digital identities
are also expected to propel the demand and foster the market growth.The
blockchain technology incorporates cryptocurrencies, such as Ripple, Litecoin,
and Mintchip. The financial institutions and banks are growing a keen interest
towards this technology, due to its unique and innovative framework with
regulatory bodies, such as IMF and Bank of England.
However, the increase
in the size of blockchain and database might lead to the problem of data
storage and synchronization. This is in turn likely to limit the growth of the
global blockchain technology market over the coming years. Moreover, the lack
of knowledge about the benefits of the blockchain technology over the
traditional technologies is also likely to hamper the growth of the global
blockchain technology market over the forecast period.
Request a free sample
copy of this report @: https://www.globalmarketestimates.com/blockchain-technology-market
Blockchain
Technology Market: Type Insights
The global blockchain
technology market is segmented into Hybrid, Public, and Private. Public network
type accounted for the dominant share of the global market in 2016. This growth
is attributed to the growing practice of the government and institutions to
inculcate open and efficient transactions.
The private network
type segment is expected to register a considerable increase in adoption in the
coming years.
Blockchain
Technology Market: Organization-Size Insights
On the basis of
organization size, the blockchain technology market is divided into Small and
Medium Enterprises and Large Enterprises. Large Enterprises and
Small&Medium Enterprises are rapidly adopting the Blockchain solutions. The
demand for Blockchain solutions is projected to increase over the coming years
due to its cost-effective and time-efficient features. The growth of blockchain
technology is particularly high in SMEs, where low-cost solutions are much
required.
Blockchain
Technology Market: Application Insights
Payments application
accounted for the largest share of the Blockchain market in 2016. The shift in
preference from traditional payment systems to Blockchain-based payment
solutions in banking and financial industries is predicted to boost the overall
industry growth.
The digital identity
market is also likely to grow at a significant rate as the Blockchain would
make digital identities more secure and efficient.
Blockchain
Technology Market: Vertical Insights
The Banking,
Financial Services, and Insurance segment are projected to hold the largest
market share over the forecast period. The media and entertainment vertical is
anticipated to grow at the highest CAGR by 2025 due to the growing adoption of
Blockchain across smart contracts, document management, and digital identities
in the media industry.
Blockchain
Technology Market: Regional Insights
North American
dominated accounted for the largest revenue share in 2016. This growth is
ascribed to rapid adoption of innovative technologies in countries such as the
U.S., and Canada.
Asia Pacific is
predicted to grow at a CAGR of around 40% over the coming years. The expansion
of financial sector in emerging countries such as China and India is projected
to aid the Asia Pacific regional growth.
Blockchain
Technology Market: End-Use Landscape
The end-use landscape
includes a list of current and prospective consumers prevailing across the
regions. This section provides company addresses, contact details, products,
and regional presence of companies who are purchasing or are likely to purchase
products from the global blockchain market. The major consumers of the product
are HSBC Holdings and Wal-Mart Stores, Inc. amongst others.
Blockchain
Technology Market: Competitive Landscape
Some of the key
players of the global blockchain market include Microsoft Corporation , IBM
Corporation, Deloitte, Ripple, Chain, Inc., Abra, Inc., BitFury, Coinbase,
Circle Internet Financial Limited, Digital Asset Holdings, Blockchain Tech Ltd,
Global Arena Holding, Inc., Digital CC Ltd, 21 Inc., and Earthport.
In April 2016,
Microsoft Corporation partnered with R3 consortium to gain a competitive
advantage over Amazon Inc. and Alphabet’s Google Inc.
Browse
this report @: https://www.globalmarketestimates.com/blockchain-technology-market
No comments:
Post a Comment