The ‘Blockchain Technology market’ study published by Market Study Report, LLC, provides an in-depth analysis pertaining to potential drivers fueling this industry. The study also encompasses valuable insights about profitability prospects, market size, growth dynamics, and revenue estimation of the business vertical. The study further draws attention to the competitive backdrop of renowned market contenders including their product offerings and business strategies.
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According to a new study the global blockchain technology market is anticipated to reach USD 16.82 billion by 2026. Also termed as Distributed Ledger Technology (DLT), blockchain enables secure transaction over a distributed network. Since the transactions are taken place usually over the network, it is difficult to reverse the transaction history. Blockchain also eliminates the need of third-party verifications since the ledgers are shared by all the parties over the distributed network. These are some of the major factors for adoption of blockchain technology.
Adoption of blockchain is not limited to the financial sector, however it is being implemented across different verticals. For example, with blockchain’s extended support for Internet of Things (IoT), the technology and telecom vertical is implementing blockchain for initiating a better coordination between different devices. This sector is also benefitting from blockchain because of its feature to eliminate the processing fees which gets levied by third parties. Healthcare vertical is also focusing on blockchain for securing its important and sensitive data and documents and for securing its digital assets.
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The adoption of blockchain can be clearly seen in the North America followed by Europe at a fast pace. However, the market for blockchain is gaining traction in Asia Pacific region owing to the developing economies such as India and China adopting this technology. Countries such as Australia have already adopted this technology and are developing a private blockchain for its stock exchange’s clearing and settlement process.
Blockchain technology is currently being adopted majorly by the financial institutions due to its benefits such as reduced infrastructural costs for reconciling statements, data management settlements etc. It has also been proven beneficial to increase the transactional speed by eliminating the need of trusted third party. Bitcoin uses cryptography for securing its ledgers, thus ensures high security platform for the transactions.
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Key Findings from the study suggest the largest share of this market in 2017 was of North America, as there are a fundamentally high number of ventures adopting the blockchain technology. The technology will have the capacity to help IoT applications in technology and telecom sector along with the enhanced payment solutions. The healthcare segment will adopt this this technology owing to secure their sensitive information. Asia Pacific market is anticipated to grow at a faster pace because of its changing financial framework which drives the demand for secure and low-cost online payment transfers. Speculations have been that more companies would invest in this technology, thus tapping the huge potential in this market. Companies such as Chain Inc., Ripple, Eric Industries, Microsoft, Circle Internet Financial Limited, R3, Samsung, Deloitte, IBM, Deloitte, Linux Foundation, BTL Group, are some of the prominent players in this market.
Blockchain Technology Market share by Major regions included:
Middle East & Africa
Table of Contents
1.Overview and Scope
1.1.Research goal & scope
1.3.1.Primary data sources
1.3.2.Secondary data sources
3.Blockchain technology Market Insights
3.1.Blockchain technology – Industry snapshot
3.2.Blockchain technology – Ecosystem analysis
3.3.Blockchain technology market dynamics
3.3.1.Blockchain technology – Market Forces
184.108.40.206.Blockchain technology Market driver analysis
220.127.116.11.Blockchain technology Market restraint/challenges analysis
18.104.22.168.Blockchain technology Market opportunity analysis
3.3.2.Industry analysis – Porter’s five force
22.214.171.124.Bargaining power of supplier
126.96.36.199.Bargaining power of buyer
188.8.131.52.Threat of substitute
184.108.40.206.Threat of new entrant
220.127.116.11.Degree of competition
3.3.3.Blockchain technology market PEST analysis, 2017
3.3.4.Blockchain technology market Value Chain analysis
3.3.5.Blockchain technology Industry trends
3.3.6.Competitive Ranking Analysis
4.Blockchain Technology Market Size and Forecast by Application Type
4.2.1.Global Market Estimates and Forecasts, 2017-2026
4.3.1.Global Market Estimates and Forecasts, 2017-2026
4.4.1.Global Market Estimates and Forecasts, 2017-2026
4.5.1.Global Market Estimates and Forecasts, 2017-2026
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