Blockchain Technology Market Opportunities, Market Share, Key Players And Competitive Landscape Prediction To 2027
Blockchain Technology Market Research Report: By Service Provider, By Organization Size, By Application, By End-Users - Global Forecast 2027
(firmenpresse) - Overview
The global blockchain technology market is growing continually. The market growth attributes to the growing emphasis on the decentralization of data ledgers. Besides, some advantages facilitated by technology, such as the immutability of database activities making interactions transparent led to blockchain technology proliferation. Moreover, the prominence of blockchain-based applications in several domains, including BFSI, healthcare, and retails, escalates the growth of the market ahead.
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According to Market Research Future (MRFR), the Blockchain Technology Market is projected to grow at 66.41% CAGR throughout the review period (2017-2023). There are tremendous market opportunities for blockchain technology. Blockchain is to gain prominence in the forthcoming years owing to its innate nature. Facilitating large-scale Blockchainization in a fast and cost-effective way enables enterprises to introduce and complete blockchain proofs-of-concept efficiently.
Additionally, COVID-19 has accelerated the need for enterprises to build more resilient and transparent supply chains to cope with the challenges from an ever-evolving marketplace. It is now more crucial than ever to have the proper framework for effective collaboration among all stakeholders in the supply chain. On the other hand, the blockchain technology road remains precarious, with scalability and security being two of the primary concerns.
Also, most of the existing applications lack blockchain integration capacity hampers market growth, delaying the adoption of blockchain technology. Nevertheless, advances in analytical capabilities in communications and expansion of existing 3G/4G and 5G technologies would support the market increase throughout the analyzed period. Furthermore, substantial R&D investments by the public and private organizations boost the growth of the market.
Regional Analysis
The geographical overview of the global blockchain technology market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East, and Africa).
North America dominates the global Blockchain Technology Industry with the largest market share due to ongoing initiatives taken to build ledger technology for the blockchain industry, which is anticipated to expand with the highest market size by 2022 and is expected to rise over the review period over its previous growth records. Faster adoption of new technology in developed countries such as the U.S., Canada, Mexico and others is further growing the demand in the region. Blockchain Technology in the Asia Pacific market is expected to witness the fastest growing CAGR by 2022, due to the transparency, immutability & scalability service provided by blockcahin technology and the huge investment of digital currency across industry verticals in APAC countries, especially India, Australia, and China.
Drivers and Restraints
The blockchain technology is one of the most exciting future technical developments in the world of information technology. It makes a ledger that can be accessed by the parties involved in the transaction and can serve as the irrefutable universal depository of all transactions between the parties involved.
The various benefits involved in creating such a platform have already drawn interest and, subsequently, investments from the financial sector as well as other technology giants. The technology not only has the potential to change the way the financial sector currently operates, but will also have consequences for many other sectors, including consumer products and media and telecommunications, among others.
The biggest growth driver on the blockchain technology market is the rising security issue for companies' payment and transactions. Blockchain technology offers safer and faster payment systems using cryptography technology to hold the data encoded until it hits the receiver. Many prominent factors expected to fuel the market are the rise in the adoption of blockchain technology in the financial services, public sector, and healthcare segments.
Major Players:
Players leading the global blockchain technology market include IBM Corporation, Deloitte Touche Tohmatsu Limited, Hewlett Packard, Accenture PLC, Enterprise Company, Infosys Limited, Solulab Inc., Cyber Infrastructure Pvt. Ltd, Empirica S.A, Oracle Corporation, Microsoft Corporation, and Amazon Web Services, Inc., among others.
Global Blockchain Technology Market – Competitive Analysis
Highly competitive, the blockchain technology market appears fragmented due to several well-established players. Matured players adopt strategies such as mergers & acquisitions, innovation, and brand reinforcement to gain a larger competitive share. They make substantial invest continuously to launch products and services in developing economies to take advantage of the economic growth in these regions.
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Industry/ Innovation/ Related News
August 13, 2020 --- VeChain (Singapore), a leading global enterprise-friendly public blockchain platform, launched a market-ready blockchain food safety solution - ToolChain™. The VeChain ToolChain™ food safety solution integrates industry-leading technology and experience with the business-ready technical feature. The solution solves the most urgent needs for the food industry in the new era. The solution allows the deployment of blockchain technology in the food sector with the fastest lead time compared to any platform available in the industry.
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Datum: 03.05.2021 - 13:33 Uhr
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