Report Ocean introduces a fresh report examining the ‘Global Blockchain Technology Market’, encompassing its size, share, growth, industry trends, and forecast up to 2032. This comprehensive analysis delves into various industry components and growth patterns that offer valuable insights for anticipating the market’s future trajectory.
The Blockchain technology market is being rapidly adopted in banking and financial services, and in new applications like ride-sharing and content streaming. The immutable nature of Blockchain makes it secure for applications which hold customer data. These factors are expected to drive the market at an exponential growth rate during the period of 2017 to 2022.
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Segment insights:
The banking, financial services, and insurance (BFSI) sector has adopted Blockchain technology rapidly, and occupied 54% of the Blockchain market in 2017. Blockchain solutions, which find the most use in banking applications, include clearing and settlements, payments, digital identity, and smart assets. Blockchain is also disrupting the insurance industry, especially in the areas of health insurance, prevention of insurance fraud, and digital asset management. The application of Blockchain in supply chain management is also on the rise, for efficient tracking of inventory, smart contracts with vendors, digital tagging, etc. These applications occupied 20% of the market in 2017. Healthcare and logistics are some of the industries that will witness high adoption of Blockchain technology.
Public Blockchain provides higher decentralization and transparency in operations, making it the most popular Blockchain technology, and occupied a market share of 74% in 2017. Also, public Blockchain is less expensive than other variants since it does not require a centralized server, or a system administrator. However, banks are currently focusing on private Blockchain owing to its tighter security features. Though it currently occupies a market share of 15%, its adoption is expected to increase during the forecast period.
Regional insights:
North America has the highest adoption of the Blockchain technology, since the region records the highest number of financial transactions, and cybersecurity remains one of the primary concerns for organizations. Estonia, a country in northern Europe, is playing a vital role in Blockchain adoption. Asia-Pacific is a highly potent market for Blockchain technologies. Countries like China, Japan, and South Korea are propelling growth in this region. Latin American countries like Brazil and Argentina are witnessing the increased use of Blockchain technology in the financial sector. The Middle East and Africa is still a nascent market.
Companies covered:
1. Microsoft Corp
2. IBM Corp
3. Accenture
4. Deloitte
5. Capgemini
6. Cognizant
7. Infosys
8. Tata Communication Services
9. VirtusaPolaris
10. Wipro
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe)
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa)
Some Questions Answered in the Blockchain Technology Market Report:
- What is the projected size of the global Blockchain Technology market in 2032, and what growth rate is expected?
- What are the primary drivers of growth in the global Blockchain Technology industry?
- What are the major market trends that are affecting the expansion of the Blockchain Technology market?
- What obstacles must be overcome in order to achieve sustained growth in the Blockchain Technology market?
- What opportunities and threats do vendors in the global Blockchain Technology market face?
- What are the raw materials and manufacturing equipment used in the production of Blockchain Technology, and what is the manufacturing process?
- What are the different types and applications of Blockchain Technology, and what is the market share of each type and application?
- What factors, such as trends, challenges, and risk factors, are currently shaping the growth of the Blockchain Technology market?
- What factors are driving the growth of the Blockchain Technology market in the top regions worldwide?
- Who are the major players in the global Blockchain Technology market, and what strategies are they employing to succeed?
- What industrial trends, drivers, and challenges are influencing the expansion of the Blockchain Technology market?
- What are the main findings of a five forces analysis of the global Blockchain Technology market?
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