Infinium Global Research has added a new report on Global Blockchain Technology Market. The report covers the analysis of global as well as regional markets of blockchain technology. Moreover, the report gives insights into the factors that affect the global as well as regional performance of the market in the short run and in the long run. According to the report, the global blockchain technology market is projected to grow at a CAGR of 37.6% over the forecast period of 2018-2024.
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What is the Market Size of the Global Blockchain Technology Market?
Blockchain technology is basically the record keeping technology that contains the information within the chain of blocks. Blockchain was invented for Bitcoins in 2008 by Satoshi Nakamoto. In this blockchain, the list or record are linked together by using cryptography. Cryptography is a technique to secure the communication from the third-party. The block is the spreadsheet that contains every information about transactions. Each transaction generates a hash, a string of numbers and letters. Each block in the blockchain contains the cryptographic hash of the previous block. Even a small change in a transaction creates a completely new hash. Therefore, each block contains information about the previous block that will further together make the blockchain. The blockchain is one of the types of the distributed ledger that use to record, share and synchronize transactions in a decentralized manner.
What are the Major Drivers, Restraints, Opportunities, Challenges, and Industry Trends and their Impact on the Blockchain Technology Market Forecasts?
The blockchain is a trending technology nowadays, and various companies are trying to implement it in its business owing to its superior ability to maintain records, cost-effectiveness and other advantages. In order to offer the benefits of blockchain to the broader business community, the companies such as IBM, Amazon, and others are decided to deliver the blockchain technology through the cloud As Service business model that is known as blockchain as a Service (BaaS). The growing adoption of BaaS business model from the Individuals and businesses is driving the growth of the blockchain technology market. In addition, BaaS service offers consumers to use cloud-based solutions to build and host their own black-chain through the apps. The blockchain helps them to manage all the necessary tasks and activities including bandwidth management, hosting requirements, allocation of resources, provides security features and many others.
Furthermore, the rapidly growing use of blockchain in the banks, government and public database are anticipated to escalate the growth of blockchain market. The various banks across the world are introducing the blockchain technology in their fund transferring systems. Lower transaction fees, high transparency and minimize the hacker’s attacks with improved securities are the key functions offered by the blockchain in the banking and other financial sectors. The blockchain is programmed to record not just financial transactions but virtually everything of value so they are very beneficial for IT and Telecom, power generation, Educations systems, and other industry verticals. In addition, the blockchain technology is vastly used by the government and Public Database to keep records. The blockchain is capable of providing fast, secure, and low-cost international payment processing services so they are vastly adopted in the payment transferring services that are expected to contribute to the growth of the blockchain technologies market. However, the blockchain is in the skeptical stage that is hampering the growth of blockchain market.
Moreover, the various utilities are evolving into a distributed and smart power grid. The various organization and the companies are investing in distributed power generation. In utilities, blockchain- technology can be applied to several processes, such as energy credit management, the promotion of green energy, asset optimization, payments within microgrids, prepaid smart meters and payments to distributed generation asset owners. The growing use of blockchain in the power generation industries is projected to create several opportunities in the upcoming years. Additionally, continuous blockchain developments and use of blockchain technology among the various industry verticals are expected to serve more growth opportunities for the companies working in the blockchain technology market.
Which Region will Share the Largest Market for the Blockchain Technology?
Among the geographies, North America holds the maximum market shares in the blockchain market. The increasing implementation of blockchain based smart contract in the North America region driving the Blockchain market in this region. The high adoption of advanced technology and the growing application of Blockchain in the BFSI and healthcare is expected to contribute to the growth of the blockchain technology market in the North America region. In addition, Asia Pacific is the fastest growing region in the Blockchain technology market owing to the growing adoption of the blockchain across various industries such as IT and Telecommunication, BFSI and others. The governments in Asia Pacific region are taking initiative to introduce the blockchain technology in the financial sector to modernize their internal operations and minimize costs that will further create various growth opportunities for the blockchain market in this region.
What are the Market Segments of Global Blockchain Technology Industry?
The report on global blockchain technology industry covers segments such as application and industry vertices. On the basis of application, the global blockchain technology market is categorized into payments, digital identity, smart contracts, documentation, and others. On the basis of industry vertices, the global blockchain technology market is categorized into BFSI, media and entertainment sector, healthcare and life sciences, retail and e-commerce sector, power generation, and others.
What are the Market Major Key Players and the Regions of the Blockchain Technology Industry?
The report provides profiles of the companies in the global blockchain technology market such as IBM Corporation, Microsoft Corporation, Amazon, Blockchain Tech Ltd, AWS, Earthport, BTL Group, Factom, Ripple, and Abra.
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