Global Blockchain Technology Market Overview:
Blockchain technology is utilized in the Banking Financial Services and Insurance (BFSI) segment for financial transactions and foreign transactions. It is used to secure payments, maintain customer identities, and settle overseas payments and others in banking and financial activities. This technology is also used in informatics, media, energy, supply chain management, and healthcare sector. It is estimated to witness extensive growth with highest CAGR in near future.
In the year 2016, Global Blockchain Technology Market was valued at USD 0.63 billion, by the year 2024, it is estimated to reach USD 7.97 billion at an astonishing CAGR of 61.5%.
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Drivers and Restraints:
Global Blockchain Technology Market is estimated to grow in forecasted period owing to supporting factors such as growing interest of financial technology companies to invest on innovative technologies such as blockchain technology, rapid growth of the market, positive trends of the market with highly positive feedbacks, consumer’s demand for secured and encrypted transactions in banking as well as other financial transactions.
Based on geography, the Global Blockchain Technology Market primarily segmented into Europe, North America, Latin America, Middle East & Africa and North America. North America region is dominating the Global Blockchain Technology Market due to demand from the evolving financial industries. In addition, United States holds the important and major patent rights of blockchain and related technology. Also, Asia Pacific and Europe region are estimated to show enormous growth in forecasted years due to factors such as increased need for information technology in banking and financial industries of the region.
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Key Players in Global Blockchain Technology Market:
The major industries in the global market include Microsoft Corporation (US), Ripple (US), International Business Machines Corporation (US), Factom (US), Earthport PLC (UK), Digital Asset Holdings LLC. (US), Coinbase (US), Chain, Inc. (US), BTL Group Ltd. (Canada), Bitfury Group Limited (US), Amazon Web Services, Inc. (US), AlphaPoint (US), and Abra (US).
Scope of the report:
The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.
The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.
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