Increasing consumers understanding on varied advantages of using blockchain technology has resulted into rise in the adoption of this technology, which in turn, is boosting the sales growth in the global blockchain technology market. Private blockchain, consortium blockchain, and public blockchain are some of the blockchain types available in the market.
The global blockchain technology market is expected to expand at a CAGR of 58.90% during the forecast period from 2016 to 2024, notes a study by Transparency Market Research (TMR). Hence the market is prognosticated to gain the valuation of US$20 Bn by 2024.
The report by TMR offers in-depth study of major facets influencing the growth of the global blockchain technology market. Hence, readers gain access to study of growth drivers, restraints, expansion opportunities, challenges, and competition landscape of the market.
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Blockchain technology, or distributed ledger technology (DLT), refers to a list of records named blocks that are connected to cryptography. Each block holds a cryptographic hash of the previous block, which is a process data and timestamp.
Blockchain technology is gaining traction across different industrial verticals owing to its several advantages including safety features, fast processing, and inexpensive nature. Hence, the technology is being increasingly utilized for the initiation of online transactions in a wide range of industries. As the bockchain technology is decentralized, it doesn’t need intermediaries to verify online transactions. On the back of these factors, the global blockchain technology market is anticipated to gain ample opportunities in the upcoming years.
Low Costs Needed for Blockchain Technology Adoption Boost Market Expansion
Blockchain technologies find application across financial services and non-financial sectors. This technology is gaining traction owing to its ability to simplify various business processes. Moreover, it helps in achieving in transparency in these processes. These advantages are resulting into increase in its adoption, which in turn, is fueling the sales prospects in the global blockchain technology market. In addition, the market is prognosticated to be driven on the back of low cost of adoption of the blockchain technology.
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Blockchain technology is being utilized for a wide range of purposes including payments, digital identities, and smart contracts. Besides, it is also used in ramifications on a wide range of industries including consumer goods and media and telecom. Hence, rise in the use of this technology for different applications is prognosticated to fuel the business prospects in the blockchain technology market in the years to come.
Players Focus on New Product Launches to Strengthen Market Position
Some of the key players operating in the global blockchain technology market include Deloitte Touche Tohmatsu Limited, Microsoft Corporation, Chain Inc., IBM Corporation, R3, Ripple, Digital Asset Holdings LLC, Credits, and Consensus Systems (ConsenSys).
The presence of many well-entrenched companies shows that the competition levels in the market are highly intense. Hence, players are utilizing different strategies in order to stay ahead of the competition. For instance, many companies are partnering with various financial organizations. Such efforts are anticipated to help in the expansion of the blockchain technology market in the near future.
Enterprises in the blockchain technology market are growing efforts to expand their regional presence. They are also pouring efforts to advance the quality of services they provide. Hence, they are seen increasing investments in R&D projects. These activities are also helping companies in the launch of innovative products and services.
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Rising Adoption of Advanced Technologies Creates Promising Sales Prospects in North America Market
Europe, North America, Middle East and Africa, Asia Pacific, and South America are some of the key regions in which the blockchain technology market shows existence. Among all regions, North America is one of the dominant regions for companies operating in the market.
The North America blockchain technology market is estimated to gain promising expansion opportunities in the upcoming years owing to increase in investments from different industrial sectors for the development of this technology. Furthermore, the market is expected to be driven on the back of rise in the adoption of next-gen technologies in the region.
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