Industry Outlook and Trend Analysis
The Blockchain Technology Market was worth USD 0.31 billion in 2014 and is expected to reach approximately USD 19.72 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 58.70% during the forecast period. Blockchain technology is a standout amongst the most encouraging improvements in the information innovation (IT) domain. It empowers a record that can be accessed by all parties engaged with the transaction and can go about as the general obvious storehouse of all exchanges between included parties. The various advantages associated with creating such a stage have just pulled in enormous traction as well as investments, from the financial segment and additionally numerous technological giants. The technology holds the capacity to change the way the financial division works and would bring about positively affecting numerous different enterprises including consumer goods, technology, and telecom and media.
Type Outlook and Trend Analysis
Public networks developed as the prevailing section in the blockchain technology market attributable to rising propensity of governments and foundations to teach open and productive transactions. For instance, the Australian Securities Exchange (ASX) declared that the trade had aims to move Australia's settlement and clearing systems on the blockchain stage. The private network section enables organizations to change guidelines and reverse transactions at relatively less expensive transaction rates.
Application Outlook and Trend Analysis
Blockchain technology tremendously benefits budgetary transactions that occur in organizations around the globe. This is completed by giving openness, anonymity, and efficiency by utilizing the capacities of the Internet era. The financial division stands to profit the most from this innovation and has been a proactive accomplice and financial specialist in its improvement from the underlying stages.
Regional Outlook and Trend Analysis
North America commanded the general market and represented 40.9% of the worldwide income. This can be ascribed to speedier reception of innovative technologies in developed nations, for example, U.S. also, Canada. Profoundly competitive condition in U.S., due to the existence of technology suppliers, for example, Microsoft and Deloitte, is exceptionally adding to the infusion of different blockchain solutions. A developing money related division in rising nations, for example, China and India is anticipated to invigorate the development of the Asia Pacific market.
The leading players in the market are Microsoft Corporation, Deloitte Touche Tohmatsu, Linux Foundation, BTL Group, IBM, Ripple, Eric Industries, Chain Inc and Global Arena Holding Inc. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Blockchain Technology Market is segmented as follows-
By End User:
Consumer or Industrial Products
Technology, Media, and Telecom
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?