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Blockchain Technology Market Analysis | Coherent Market Insights

Read here the latest updates on the Blockchain Technology Market Analysis published by CMI team

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Blockchain Technology Market Analysis | Coherent Market Insights

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  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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