Global Blockchain Technology Market expected to reach US$20 bn by the end of 2024

An insightful study, titled “Blockchain Technology Market” has been freshly broadcasted to the vast research repository of Market Research Reports Search Engine (MRRSE). This research study provides detailed comprehensions and forecasts future growth of the global market with an in-depth study of the factors impacting revenue growth throughout the mentioned forecast period. Further, a deep analysis on the major players from diverse regions is also present in the report.

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The global blockchain technology market is led by top three companies viz R3, Chain Inc., and IBM, which collectively accounted for 45.3% of the market in 2015. Players in the market are focusing on mergers and acquisitions so as to expand their consumer bases and make valuable additions to their existing technologies, states MRRSE in its report. The competition is high in the blockchain market on account of the powerful presence of many players. Enhancement of product portfolio remains the key focus of leading vendors in this market.

As per the report, the global blockchain market is expected to rise from US$315.9 mn in 2015 to be worth US$20 bn by the end of 2024, exhibiting a whopping CAGR of 58.7% between 2016 and 2024, which is tremendously high. On the basis of type, the global blockchain market is expected to be led by the consortium blockchain technology, which is predicted to expand at a remarkable CAGR of 58.9% between 2016 and 2024. Consortium technology offers greater flexibility and large scale deployment, thus driving increased adoption.

Demonetization Benefitting Blockchain Market in India, Driving Demand in Asia Pacific

By geography, North America accounted for the largest share of the market in 2015 on account of the presence of leading players and growing investments for the development of this technology. Asia Pacific will witness a stupendous growth in the blockchain technology market, expanding at a 61.3% CAGR between 2016 and 2024 on account of the growing trend of online payment in countries such as India, China, and Japan. In addition to this, the recent demonetization that took place in India, shall drive the growth prospects of the blockchain technology market.

Demand for Secure Online Payments to Drive Blockchain Technology Market

The global blockchain technology market is driven by the demand for decentralized data and eliminating intermediaries so as to secure online payment. The automation of transactions have eliminated the need for documentation and this is making blockchain technology secure. The real time tracking of transactions, averting frauds and errors when making online payments will also fuel the adoption of blockchain technology. These economic benefits of blockchain technology will boost the growth of the market in the forecast period. Since transactions can be speedy with the help of blockchain technology, it is in demand from both financial and non financial services.

The introduction of artificial intelligence is driving the growth prospects of this market. The adoption of blockchain technology based applications such as exchanges, payments, documentation, and digital identities is increasing, and this will drive the growth of the market worldwide.

Complete Report details with List of Tables and Figures @ https://www.mrrse.com/blockchain-technology-market

The report also provides technology evolution and Porter’s Five Forces Analysis for the global blockchain technology market. The report includes analysis of the factors that drive and restrain the growth of the blockchain technology market. It discusses the prevailing market trends and prospective growth opportunities in the global blockchain technology market. It provides market estimates and forecasts for all the segments in terms of revenue. Also provided in the report is a competitive landscape and market share analysis of the major players in the blockchain technology market.

Global Blockchain Technology Market: Regional Outlook

Based on geographical regions, the report segments the global blockchain technology market into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America, which are analyzed in terms of revenue generation. The report provides country level revenue for blockchain technology. The U.S., Canada, the U.K., Germany, France, India, Chain, Japan, Australia, GCC, South Africa, Brazil, and Argentina are the countries covered in the report.

Key Players Mentioned in this Report are:

Major business strategies adopted by key players, their SWOT analysis, and competition matrix has also been identified in the research report. The key market players profiled in this study include Microsoft Corporation, Deloitte Touche Tohmatsu Limited, IBM Corporation, R3, Chain Inc., Consensus Systems (ConsenSys), Ripple, Digital Asset Holdings LLC, and Credits. The report has also profiled two major contributors such as Hyperledger project and Ethereum Foundation in the report.

Global Blockchain Technology Market

By Type

Public blockchain
Private blockchain
Consortium blockchain

By Application

Financial services
Non-financial sector

By Geography

North America
The U.S.
Canada
Europe
The U.K.
Germany
France

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