Blockchain Technology Market to reach US$20 billion by 2024

By:Supriti Chatterjee 2018-12-24

The fast-growing attention amongst numerous colossal companies in influencing the unsettling perspective of blockchain is what has started out important competitive forces symbolizing the worldwide blockchain technology market.

Transparency Market Research (TMR) takes note of that this accounts for progressively competitive seller background in the blockchain technology market. In addition, the constant access to new troupes investing in the use of the process for real-world business applications will strengthen the level of rivalry in the blockchain technology market over the impending years.

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Many players are influencing the synergistic prospective of merger and acquisitions to achieve a superior position in the blockchain technology market, finds TMR. A rising number of corporations are intensively paying attention to boosting their product portfolio, growing the structure for block applications, and choosing geographic alliances, as some of the major considered actions to increase competitive edge over the market.

Well-known names in the blockchain technology market comprise Digital Asset Holdings LLC, Chain Inc., Deloitte, Credits, IBM Corporation, and Microsoft Corporation.

The changes in the international blockchain technology market is likely to enhance from US$315.9 million in 2015 to US$20 billion by the end of 2024. If these statistics hold true, the worldwide market is estimated to increase at an amazing CAGR of 58.9% from 2016 to 2024.

Amongst the comprehensive types of applications of blockchain technology, the financial services segment has appeared out as the most encouraging sector recently. The share of the division in the complete blockchain technology market is accredited to the thriving use of technology in the banking industry, reinforced by enormous investments.

On the local facade, North America is likely to grow at considerable hop over the coming few years in the blockchain technology market. Huge growth investments are done by various businesses all over segments on rising applications of the blockchain technology in the area.

Growth in Use Cases of Blockchain Technology across All Industries bolsters Market’s Development

The fame that blockchain has been achieving over the coming years is determined by the disrupting potential of the technology in reshuffling business process across industries worldwide. The surge in popularity of cryptocurrency, remarkably the digital currency bitcoin, is a vital issue behind the fast development of the blockchain technology market. The development in the blockchain technology market is expected to be pushed by mushrooming investments by setup and new players the same.

The growing number of partnerships by blockchain technology service providers with fiscal organizations. In the monetary segment, blockchain has made a scratch as dispersed record technology and in the coming year’s innovative enterprises getting attention in rapidly implementing them.

Massive Paces by Banking and Financial Services Sector fuel Rapid Expansion

A rising number of innovative enterprises are fixated on emerging real-world use of the blockchain technology, specified its exceptional benefit of best security of associates and amazing maximum clearness in business procedures. The developing acceptance of cryptocurrency-based dealings, attached with the massive paces that the banking segment is creating in several parts of the world, is a major aspect powering the speedy development of the blockchain technology market. The encouraging prospective of the blockchain technology in strengthening internet of things connectivity in tools is also likely to enhance its great demand.

Lack of Proper Regulatory Framework and High Development Cost account for Limited Mainstreaming

On the other hand, with cryptocurrency market being more and more unstable for often now, mainly in Bitcoin’s value, the blockchain technology market has been affected with open challenges. Furthermore, industry players are yet to cultivate a massive number of real-life applications of the blockchain technology directing to a very low level on popularity in end-user businesses. A part of this might be accredited to the maximum price of blockchain technology, the absence of an opposite supervisory frame, and less number of use cases in infantile markets.

That told the blockchain technology market will continue budding from persistent determinations to develop real-world applications and the developing public approval, at least in industrialized markets. The remarkable perspective of the technology to convert business procedures is expected to continue the market worthwhile.

The global blockchain technology market is segmented based on:

Type

•    Public blockchain

•    Private blockchain

•    Consortium blockchain

Application

•    Financial services

•    Non-financial sector

Geography

•    North America

  • The U.S.
  • Canada

•    Europe

  • The U.K.
  • Germany
  • France

•    Asia Pacific

  • India
  • China
  • Japan
  • Australia

•    The Middle East and Africa

  • GCC
  • South Africa
  • South America
  • Brazil
  • Argentina               

 

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