Press release
Blockchain Technology Market: Need for Real Time Tracking of Transactions to Drive Adoption
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.
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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.
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