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Blockchain Technology Market Analysis | Coherent Market Insights

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Title: Blockchain Technology Market Analysis | Coherent Market Insights


1
  • Coherent Market Insights
  • Market Research and Business Consulting Services
  • https//www.coherentmarketinsights.com/
  • COVID-19 Impact Tracker

2
BLOCKCHAIN TECHNOLOGY MARKET ANALYSIS
  • Blockchain Technology Market, by Type (Public
    blockchain, Private blockchain and Consortium
    blockchain), by Application (Application,
    Financial Services and Non-Financial sector), and
    by Region (North America, Latin America, Europe,
    Asia Pacific, Middle East and Africa) - Size,
    Share, Outlook, and Opportunity Analysis, 2019 -
    2027
  • The global blockchain technology market was
    accounted for US 1,977.1 Mn in terms of value in
    2019 and is expected to grow at CAGR of 58.7 for
    the period 2019-2027

3
Market Drivers
  • Faster and economical transactions offered by
    blockchain technology are expected to drive
    growth of the global Blockchain Technology Market
    during the forecast period
  • In blockchain technology, the data is
    decentralized, which thereby removes the need for
    intermediaries or third parties to verify
    transactions. Elimination of third party
    interference reduces the magnitude of the cost
    required for third-party verification and data
    authentication. This control is distributed
    between the parties involved transactions, which
    in turn, makes it faster. Furthermore, blockchain
    technology significantly minimizes the
    infrastructure cost incurred due to
    intermediaries thereby speeding up the
    transactions. As a result of this, blockchain
    technology has attracted various sectors
    including nonfinancial sectors. Thus, reduced
    time for transactions is expected to drive the
    market growth over the forecast period.
  • Availability of secured medium to carry out
    truncations is expected to propel the global
    blockchain technology market growth over the
    forecast period
  • The online payments through blockchain technology
    are secure since there are no intermediaries and
    the data is decentralized. The chain of
    transition is completely automated from beginning
    to end and requires no documentation, thereby
    reducing the errors caused by duplication.
    Moreover, the availability of real-time tracking
    of transactions averts the fraud caused by errors
    during online payment. This has enabled online
    transactions with large-scale payment. Hence,
    these factors are expected to propel the global
    blockchain technology market growth in the near
    future.

4
  • North America region dominated the global
    blockchain technology market in 2019, accounting
    for 42.6 share in terms of value, followed by
    Europe, Asia Pacific, Middle East and Africa and
    Latin America.

5
Market Restraints
  • Stringent government regulations regarding
    blockchain-related transactions are expected to
    hamper the global blockchain technology market
    growth over the forecast period
  • Government regulations play a key role in
    regulating and approving the large-scale
    deployment of any technology, especially related
    to the financial sector with a large consumer
    base. Since centralized systems have been part of
    the financial sector for a long time, sudden
    switch to a decentralized networks with
    blockchain will necessitate regulatory
    compliance. The technology providers must adhere
    to the data privacy laws, which differ according
    to each country. Countries such as Australia,
    China, and Japan have major restrictions for
    blockchain technology with stringent regulatory
    structure. Hence, these regulatory policies are
    expected restrain the global blockchain
    technology market growth during the forecast
    period.
  • Challenges related to modernization of technology
    are expected to hamper the global blockchain
    technology market growth over the forecast period
  • Large scale deployment of blockchain technology
    requires mapping and scaling of the existing
    technology. In this, government regulation,
    funding, and economic conditions in the country
    play a critical role. Along with the time
    required to meet regulatory compliances, the
    adoption of completely new technology needs time
    and cost to replace and upgrade the old one.
    Hence, time, costs, and regulatory approvals
    required for technology upgrades are expected to
    restrict the market growth over the forecast
    period.

6
Market Opportunities
  • Large scale use of blockchain technology in
    cybersecurity, banking, and IoT can provide major
    growth opportunities
  • Blockchain technology provides end-to-end,
    faster, and secured transactions. Since there is
    no third-party intervention, the cybersecurity
    industry has rapidly started adopting this
    technology. Moreover, banking financial services
    and insurance and Internet of Things (IoT)
    sectors have started adopting blockchain
    technology gradually, owing to its lucrative
    benefits. Service providers can capitalize on
    this untapped market and expand their consumer
    base.

7
  • Gradual adoption in healthcare and music sector
    is expected to present lucrative growth
    opportunities
  • Various enterprises in the healthcare and music
    industry have started adopting blockchain
    technology gradually. In the music industry, this
    technology can aid in maintaining a distributed
    database of information about the ownership of
    music rights. In the music industry, this
    technology can aid in maintaining a distributed
    database of information about the ownership of
    music rights. Moreover, verification and
    authentication of documents for notary services
    can be done by using blockchain technology.

8
Market Trends
  • Increased investments in Blockchain Startups
  • According to the report Deep Shift Technology
    Tipping Points and Societal Impact, by The World
    Economic Forum in 2015, 10 percent of the world
    GDP will be stored on blockchain platforms by
    2027. The financial industry is the major
    investor in blockchain technology solutions
    across the globe. Investments in blockchain
    technology gained traction since 2014. 2016
    reported a total investment of US 1.4 Bn in
    blockchain technology. By 2015, around 30 global
    major banks were a part of the R3 consortium.
    Chain Inc., Consensus Systems, Ripple, and R3
    were the top venture capital-funded start-ups
    during the period from 2014 to 2015.
  • FinTech investments
  • Since 2015, there has been a significant increase
    in global FinTech investments. FinTech
    investments have gained significant traction in
    Asia Pacific, Europe, and the U.S. Europe
    leading the global FinTech investments. The
    global blockchain technology market is expected
    to witness significant growth during the forecast
    period, owing to FinTech investments in the
    sectors of insurance, banking, and online
    payment.

9
Segment information
  • In global Blockchain Technology Market, by type,
    Consortium blockchain sub-segment dominated the
    global market in 2019, accounting for 53.0 share
    in terms of value, followed by Public blockchain
    and Private blockchain respectively.

10
Competitive Section
  • Key players operating in the global blockchain
    technology market are Digital Asset Holdings,
    LLC, Microsoft Corporation, Ripple, Deloitte
    Touche Tohmatsu Limited, R3, Consensus Systems
    (ConsenSys), IBM Corporation, JP Morgan Chase
    CO, Coinbase, Accenture and Chain Inc.

11
Key Developments
  • Key players in the market are focused on
    collaborations and partnerships, in order to
    enhance the market presence. For instance, in
    August 2019, Digital Asset Holdings LLC
    collaborated with the Australian Stock Exchange
    (ASX) to integrate blockchain technology into its
    share settlement and clearing system.
  • Major market players are involved in product and
    service launches, in order to gain a competitive
    advantage in the market. For instance, in May
    2019, Microsoft Corporation introduced its own
    blockchain service, Azure Blockchain Service that
    will let businesses develop their applications on
    its Cloud-based platform.

12
  • Request Sample Report
  • Request Customization
  • Download PDF Brochure
  • Talk to Analyst
  • Reference https//www.coherentmarketinsights.com
    /market-insight/blockchain-technology-market-2846

13
About Us
  • Coherent Market Insights is a global market
    intelligence and consulting organization focused
    on assisting our plethora of clients achieve
    transformational growth by helping them make
    critical business decisions.
  • What we provide
  • Customized Market Research Services
  • Industry Analysis Services
  • Business Consulting Services
  • Market Intelligence Services
  • Long term Engagement Model
  • Country Specific Analysis

14
About Us
  • Coherent Market Insights is a global market
    intelligence and consulting organization focused
    on assisting our plethora of clients achieve
    transformational growth by helping them make
    critical business decisions.
  • What we provide
  • Customized Market Research Services
  • Industry Analysis Services
  • Business Consulting Services
  • Market Intelligence Services
  • Long term Engagement Model
  • Country Specific Analysis

15
About Us
  • Coherent Market Insights is a global market
    intelligence and consulting organization focused
    on assisting our plethora of clients achieve
    transformational growth by helping them make
    critical business decisions.
  • What we provide
  • Customized Market Research Services
  • Industry Analysis Services
  • Business Consulting Services
  • Market Intelligence Services
  • Long term Engagement Model
  • Country Specific Analysis
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