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Blockchain Technology Market is projected to accelerate the market growth at a CAGR of 44.5% during 2018 to 2024

Press release   •   May 08, 2019 03:25 EDT

The Exhaustive Study for Global Blockchain Technology Market is added on Ameco Research. The report covers the market aspect and its growth forecasts across the coming years. It also includes a review of the key merchants moving in this market.

The Global Blockchain Technology Market is projected to witness a accelerate CAGR of 44.5% over the forecast period. The industry is likely to expand from USD 402.9 million in 2017 to USD 5,814 million by 2024.

The factors driving the market growth are increasing adoption of smart contracts in the insurance sector, increasing number of online transactions, and digitalization of currencies.

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Blockchain is a decentralized way of recording lists of transactions and a data management technology. This is majorly useful for digital currencies such as bitcoin. The technology is comprised of two different components that are transaction and the block. The transaction is the action triggered by the participant and a block, is a collection of data recording the transaction and other associated details. A blockchain can either be used as private or public, depending upon on its use. The main benefit of this technology is its implementation since this is a mechanism to bring everyone to the highest accountability. It helps to guarantee the validity of a transaction by recording it. The reasons for the boom in the technology are its central attributes that offer anonymity and data integrity without any interruption of third party.

Blockchain technology is majorly reshaping the payment process

Blockchain allows transactions to be done without any intermediary body and can be used in different financial services such as remittance, digital assets, and online payment. It is a decentralized technology, as transactions are distributed among the users throughout the network and do not have any single device that can store the data. Blockchain technology has many application areas such as healthcare, public sector which are expected to witness growth in coming years. Even though the market is facing regulatory concerns,it is expected to grow to a larger role in financial transactions across various other industries.

Blockchain Technology Market – Regional insight

North America dominated the global blockchain technology market in 2017. The growth in this region is attributed to the presence of various industries and wide implementation of documentation, smart contracts, cross-border payments, and asset management. However, Asia-Pacific is expected to be the fastest growing market during the forecast period. Adoption of the technology is owing to the growing demand for banking solutions and higher access to digital infrastructure in the region.

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Key findings from the report:

On the basis of type, public blockchain technology is expected to hold the major share over the forecast period.

Based on organization size, large enterprises held the major share of the market, owing to increasing investment in R&D activities. Whereas, SMEs is expected to be the fastest growing segment in coming years.

Based on application, payment is a leading application segment due to the transparency and improved efficiency in transactions. Whereas, digital identity segment exhibits the fastest growing segment in forecasted years.

On the basis of end-user, BFSI dominated the market in 2017. The growth is attributed to the shifting of technology from centralized infrastructure management to the distributed ecosystem.

Key players in the blockchain technology marketincludes IBM Corporation; The Linux Foundation; AlphaPoint; Coinbase; Microsoft Azure; Bitfury Group Limited; Monax; Factom; and Ripple.

The report segments the global blockchain technology market on the basis of type, organization size, application, end-user and region.

By Type

Public

Private

Consortium

By Organization Size

Small and Medium Enterprises (SMEs)

Large Enterprises

By Application

Payments

Digital Identity

Smart Contracts

Supply Chain Management

Exchanges

Others

By End-User

Retail and E-commerce

Transportation and Logistics

Healthcare and Life Sciences

Media and Entertainment

Telecommunication and IT

Banking, Financial Services and Insurance (BFSI)

By Region

North America

US

Canada

Mexico

Europe

UK

France

Germany

Rest of Europe

Asia-Pacific (APAC)

Japan

China

India

Australia

Rest of APAC

Rest of the World (RoW)

Middle East and Africa (MEA)

South America

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