Market Research Future (MRFR), in its recently published research report, asserts that the global blockchain technology market 2020 is expected to grow exponentially over the review period, recording a substantial market valuation and a healthy 66.41% CAGR in the forecast period.
Drivers and Restraints
The blockchain technology is one of the most exciting future technical developments in the world of information technology. It makes a ledger that can be accessed by the parties involved in the transaction and can serve as the irrefutable universal depository of all transactions between the parties involved.
The various benefits involved in creating such a platform have already drawn interest and, subsequently, investments from the financial sector as well as other technology giants. The technology not only has the potential to change the way the financial sector currently operates, but will also have consequences for many other sectors, including consumer products and media and telecommunications, among others.
The biggest growth driver on the blockchain technology market is the rising security issue for companies’ payment and transactions. Blockchain technology offers safer and faster payment systems using cryptography technology to hold the data encoded until it hits the receiver. Many prominent factors expected to fuel the market are the rise in the adoption of blockchain technology in the financial services, public sector, and healthcare segments.
Blockchain Technology Market Share is analyzed on the basis of services and applications.
The market, based on services, is segmented into payments & transactions, contracts, digital identity, and documentation. The payment and transactions segment is dominating the global market over the review period.
The market, based on applications, is segmented into banking & finance, healthcare, government, media& entertainment, retail, and others. The banking, financial services, and insurance business (BFSI) are projected to dominate the industry with the largest share of the market. BFSI sector invests in blockchain technology, owing to its potential to tackle numerous digital transaction-related problems such as double spending and currency reproduction. Double spending which is an assault where more than one transaction spends the given set of coins. It is also capable of raising online transaction costs while rising protection and authenticity simultaneously. These advantages are the primary reason why blockchain technology should be implemented within the banking sector.
The geographical overview of the global blockchain technology market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East, and Africa).
North America dominates the global blockchain technology market with the largest market share due to ongoing initiatives taken to build ledger technology for the blockchain industry, which is anticipated to expand with the highest market size by 2022 and is expected to rise over the review period over its previous growth records. Faster adoption of new technology in developed countries such as the U.S., Canada, Mexico and others is further growing the demand in the region. Blockchain Technology in the Asia Pacific market is expected to witness the fastest growing CAGR by 2022, due to the transparency, immutability & scalability service provided by blockcahin technology and the huge investment of digital currency across industry verticals in APAC countries, especially India, Australia, and China.
The major market players operating in the global market as identified by MRFR are IBM Corporation, Deloitte Touche Tohmatsu Limited, Hewlett Packard, Oracle Corporation, Enterprise Company, Infosys Limited, Accenture PLC, Cyber Infrastructure Pvt. Ltd, Solulab Inc., Microsoft Corporation, Empirica S.A, and Amazon Web Services, Inc.
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