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Blockchain Technology Market - Penetration of IoT Opens Up Lucrative Business Opportunities
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Besides this, the leading vendors are expected to adopt mergers and acquisitions as a key strategy to retain their streak of growth. Despite the presence of a large number of market players, the supremacy of the leading vendors including IBM, viz R3, and Chain Inc. is unchallenged. These three market vendors collectively held 45.3% of the total market share in 2015, thus, pointing to their firm reigns in controlling the market. Deloitte Touche Tohmatsu Limited, Credits, Consensus Systems (ConsenSys), Digital Asset Holdings LLC, Ripple, and Microsoft Corporation are amongst other key players in the global market for blockchain technologies. These market vendors are expected to counter the entry of new players into the market by forming strategic alliances and following non-price competition.
Transparency Market Research (TMR), in one its market research reports, predicts the growth pattern of the global market for blockchain technology over the period between 2016 and 2024. The global market is expected to expand at a fructuous CAGR of 58.7% over the aforementioned forecast period. Furthermore, the market value is expected to grow from US$315.9 mn in 2015 to US$20 bn by 2024-end.
The use of cryptography to secure, link, and save ever-expanding sets of records or data in the form of blocks is the basis of blockchain technology. Hence, several businesses have started using this technology to facilitate swifter processes and reduce costs. In blockchain technology, digital transactions can be done without the need for third-party authentication which makes the process more secure and sound. Owing the aforementioned factors, the demand within the global market for blockchain technology is escalating at a swift pace.
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Furthermore, the emergence of cryptocurrencies such as Bitcoin and Ripple has also given an impetus to the growth of the global market. Besides this, the development of Internet of Things (IoT) and Artificial Intelligence (AI) is also expected to vindicate the relevance of blockchain technology in the contemporary times.The facility of cashless transactions offered by several mobile-enabled apps and servers has benefitted the market for blockchain technology across several regional pockets. However, the market in North America has superseded the growth rates of all the other regional markets due to the early adoption of the technology across the region. Demonetization in India led to the adoption of cashless mobile payment options across the country, and this has benefited the market for blockchain technology in Asia Pacific.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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