Market Scenario:
The uplifting concentrations on the decentralization of information and data ledgers have resulted in the escalation of Blockchain technology. This Blockchain Technology Market facilitates the invariableness of the functions of the database by making transparent interactions.
The applications produced by Blockchain Technology Industry are gaining speedy mileage and covering a wide range of domains such as retail, healthcare, and BFSI. Also, there’s a huge market opportunity and potential for the Blockchain Technology Market. Therefore, Blockchain is assumed to gain huge popularity in the future years because of its innate nature.
According to the expectation of MRFR or Market Research Future, within the review period i.e. from 2018 to 2023, the Blockchain Technology Market will grow at a CAGR of Compound Annual Growth rate of 66.41%.
The rising demand for digital identity has resulted in the expansion of Blockchain Technology Market Forecast. The various identity platforms based on blockchain technology have numerous applications in both countries that have weak identification procedures and in unregulated countries.
At the national level, the adoption of Blockchain Technology Market Demand-based identification platforms has been performed by various governments to promote transparent and secure transactions across the public and private sectors.
Various governments have used blockchain technology at a national level with their e-citizen programs since 2018. Therefore, these countries have been able to develop their identity-related procedures and successfully minimized the bureaucracy. Also, this technology has helped them to digitalize all kinds of public transactions via safe digital identities.
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Competitive Outlook:
Eminent players profiled in the global blockchain technology report include Deloitte Touche Tohmatsu Limited, IBM Corporation, Hewlett Packard, Enterprise Company, Accenture PLC, Infosys Limited, Cyber Infrastructure Pvt. Ltd, Solulab Inc., Empirica S.A, Microsoft Corporation, Oracle Corporation, and Amazon Web Services, Inc.
Segmentation:
By service provider, the blockchain technology market is segmented into infrastructure and protocol provider, middleware provider, application and solution provider, and others.
By organization size, the large enterprise segment will lead the market over the forecast period. Large enterprises operating in sectors like supply chain, healthcare, financial services, and insurance are using blockchain technology for improving their efficiency in operations.
By application, the payments will dominate the market over the forecast period.
By end users, the BFSI segment will spearhead the market over the forecast period. Financial services use blockchain technology to manage financial transactions taking place in businesses.
Regional Analysis:
North America to Head Blockchain Technology Market
North America will head the market over the forecast period. Faster adoption of highly innovative technologies in the developed nations like Canada and the US, the growing adoption of blockchain technology among verticals such as retail, government, BFSI, among others for smart contacts, digital identity detection, payment and wallet solutions, the increasing adoption of blockchain technology by organizations in the region, the presence of a large number of players, early adoption of blockchain technologies by the organizations, the emergence of several blockchain technology providers, and adoption of technology to develop business applications are adding to the global blockchain technology market growth in the region.
Industry Analysis:
In 2017, the price of the cryptocurrency has jumped to 2.200% within only 11 months and as a result, the funds raised by the various Blockchain start-ups via IOS had surpassed the VC investment in the Blockchain sector.
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Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
Continued….
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