- The growth of blockchain market is likely to expand in the coming years owing to various factors such as crypto volatility with crypto currencies currently seeing the light of the day among others.
- The market in North America region held the highest market share and is estimated to grow significantly over the forecast period.
- Blockchain does have its limitations which can deter the growth of the market.
The Global Blockchain Market is estimated to perform well and is expected expand at a CAGR of around 70% over the forecast period i.e. (2017-2024). The blockchain works on the principle of decentralization and distribution and is popular owing to its ability to record all transactions without the requirement of a financial intermediary, which in some cases may be a bank. The global market is segmented on the lines of type, end user, applications and region
The growth of blockchain market is likely to expand in the coming years owing to various factors such as crypto volatility with crypto currencies currently seeing the light of the day among others. Moreover, unlike the conventional system, the transactions are safe and secure and even allows the applicants to authenticate and review the same, thereby driving the demand for blockchain developers around the globe. These factors are anticipated to significantly boost the growth of the market over the forecast period.
Regionally, the global blockchain market is segmented into five regions namely North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. The market in North America region held the highest market share and is estimated to grow significantly over the forecast period owing to the high acceptance of blockchain technology in the region and its ability to ensure transparency and immutability.
There have been many challenges dealt by us with advent of new technologies and we may just be on our way to experience another one. Blockchain does have its limitations which can deter the growth of the market such as allowing transactions to be stored on a public ledger can compound its problems as the ledger becomes accessible to public which can compromise the privacy associated with handling confidential transactions. Apart from this, scalability is another deterring factor that might restrain the growth of global blockchain market in the years to come.
This report also provides the existing competitive scenario of some of the key players of the blockchain market which includes company profiling:
- IBM Corporation
- Microsoft Corporation
- Amazon.com, Inc.
- SAP SE
- Intel Corporation
- Samsung Group
- NVIDIA Corporation
- Xilinx, Inc.
- AMD, Inc.
- Siemens AG and Accenture PLC
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global blockchain market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.