SAN FRANCISCO, November 28, 2018
SAN FRANCISCO, November 28, 2018 /PRNewswire/ --
Global Blockchain Market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. The Blockchain is a distributed ledger technology that keeps a record of all data exchanges and verifies each transaction. It is a mathematical structure for storing data, which is nearly impossible to fake and is used for storing valuable data. The global market for blockchain at $708 million in 2017 is anticipated to reach $60.7 billion in 2024. The factors that are playing a major role in the growth of blockchain market are high demand for ledger technology, growing initial coin offerings and cryptocurrencies market cap, reduction in total cost of ownership, and increasing acceptance of Blockchain-as-a-Service.
Blockchain market is segmented based on organization size, application, end-user, and region. Based on organization size the market could be explored in large enterprises and small & medium-sized enterprises (SMEs). Large enterprises sector is estimated to account for the significant market share in years to come. The reason behind the overall market growth could be customer satisfaction and huge investment in R&D activities. The market may be categorized based on applications like Governance, risk and compliance management, Payments, Supply chain management, Exchanges, Digital identity, Smart contracts, Documentation, and others could be explored in the forecast period. Payment sector may account for the significant market share of blockchain and is estimated to lead the overall market in the years to come.
IT and telecommunications, banking, financial services, and insurance (BFSI), real estate, government and public sector, transportation and logistics, healthcare and life sciences, travel and hospitality, media and entertainment, retail and e-commerce, and other end-users could be explored in blockchain in the forecast period. Real estate vertical is estimated to grow at highest CAGR in the years to come. Blockchain market is segmented geographically into Americas (North America, South America), Europe (Eastern Europe, Western Europe), Asia Pacific (India, China, Japan, New Zealand, and Australia), Middle East (UAE, Saudi, and Qatar) and Africa (South Africa).
Globally, North America may account for the significant market share of Blockchain and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers with huge operation base in this region and application of payment, smart contracts, and documentation. Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The developing countries like India and China are the major consumers of Blockchain in this region.
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The key players of blockchain market are Ripple, Abra, Microsoft Corporation, AlphaPoint, International Business Machines Corporation, Bitfury Group Limited, Factom, Amazon Web Services, Inc., BTL Group Ltd., Digital Asset Holdings LLC, Earthport PLC, and Coinbase. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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