The global blockchain technology market faces a high degree of
competition due to presence several players, states Transparency
Market Research. R3, Chain Inc., and IBM collectively hold a leading
share in the global market. As of 2015, their overall share amounted
to 45.3% in the overall market. These players are expected to focus
on acquisitions to widen their consumer base and make value additions
to their existing technologies.
According to the latest research report, the global blockchain
technology market is expected to be worth US$20 bn by the end of 2024
as compared to US$315.9 mn in 2015. The overall market is anticipated
to exhibit a CAGR of 58.7% between 2016 and 2024.
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Asia Pacific to Show Robust Growth Rate of 61.3% CAGR between 2016
and 2024
The types of blockchain technologies are public, private, and
consortium. Of these, the consortium blockchain technology is
expected to rise at a CAGR of 58.9% between 2016 and 2024. The
increasing investments in the consortium technology due its
advantages such as enhanced flexibility and large scale deployment
are expected to fuel the growth of the overall market.
Geographically, the global blockchain technology market is segmented
into North America, Europe, Asia Pacific, South America, and the
Middle East and Africa. In terms of regions, Asia Pacific blockchain
technology market is expected to rise at a CAGR of 61.3% between 2016
and 2024. This regional market is expected to be propelled by the
emergence of online payment trend in strengthening economies of
China, Japan, and India. The recent wave of demonetization across
India is expected to boost the market’s growth significantly in the
coming years.
Market Gains Momentum due to Economic Benefits of Blockchain
Technology
The global blockchain technology market has been flourishing as it
has been a successful solution in eliminating middlemen or third
parties to verify transactions while making online payments. Owing to
this, blockchain technology has efficiently brought down the cost of
third-party data authentication and verification. Thus, the economic
benefits of using blockchain technology has truly augmented its
demand in the past few years. The market is also expected to gain
momentum the technology is known to make transactions speedy for both
financial and non-financial services.
The various types of blockchain technologies are also in demand as
they decentralize data and remove intermediaries, which help in
securing online payment. The absolute automation of these
transactions that do not necessitate documentation have made these
technologies exceptionally secure. Furthermore, the real-time
tracking of transactions averts any chances of frauds or errors while
making the online payment. All of these factors are estimated to
propel the demand for blockchain technology in the coming years
amongst growing number of users.
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Stringent Government Norms Make Uptake of Technology Difficult
The only restraint in the global blockchain technology market are
stringent government regulations that play a crucial role in
deployment of large-scale technologies. For a sustainable development
and growth of these technologies in various market, players need to
undergo regulatory compliance. It is imperative that they adhere to
privacy laws, which vary with each country. Furthermore, the market
also faces challenges that are related to technological glitches,
upgrades, and replacements.
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material for business reports.
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