Blockchain Technology Market to Increase Rapidly by 2024

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Global Blockchain Technology Market: Overview

A distributed database that is used for all digital transactions, eliminating the requirement of a third party in order to validate the transactions is called as Blockchain Technology. Blockchain technology not only cuts down the cost of transactions by removing the point of verification step, but it also paces up the actual transaction process. Thus, many institutions, consumers, and organizations have adopted this technology in recent years.

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Global Blockchain Technology Market: Growth Factors

The global blockchain technology market is anticipated to experience high growth owing to its ability to cut down the risks associated with identity thefts and fraud frauds. Due to this, financial institutions are also looking for opportunities for a merge with blockchain startups along with investing in their projects of research and development. The abundance of Internet of Things (IoT) in numerous industries is further anticipated to contribute a vital part in the increasing demand for these technologies. For example, the banking sector is expected to propel the demand of blockchain technology owing to its continuous efforts taken to make its facilities and services digitized in the near future. The key sectors with high demand for this technology include smart property, smart contract, non-financial sector, music industries, and healthcare, further boosting the global blockchain technology market.

Global Blockchain Technology Market: Segmentation

The global blockchain technology market is segmented on the basis of type, application, and region. Based on the type, the global market is categorized as private blockchain, the public blockchain, and consortium blockchain. On the basis of application, the global market is segmented as non-financial and financial services sector. Geographically, the global blockchain technology market is identified as Europe, North America, Asia-Pacific, South America, and the Middle East and Africa.

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Global Blockchain Technology Market: Regional Analysis

North America dominated the global blockchain technology market mainly owing to the presence of numerous top players and rising investments in the R&D of their technology. The U.S. is also anticipated to be the major contributor to the growth of the global market in North America in the near future. High adoption of this technology in the region will have a positive impact on the global market growth in coming years. Furthermore, Asia Pacific is also anticipated to witness considerable growth in the global market. The flourishing countries such as Japan, China, and India and their continuous efforts to digitize their economies is anticipated to have a major contribution to the growth of the global blockchain technology market in Asia Pacific. In addition, increasing investments in blockchain technology in South America and the Middle East are further expected to boost the global market growth in the coming years, particularly in the financial sector.

Global Blockchain Technology Market: Competitive Players

Major players dominating the global blockchain technology market include Deloitte Touche Tohmatsu Limited, Microsoft Corporation, IBM Corporation, Chain Inc., R3, Consensus Systems (ConsenSys), Digital Asset Holdings LLC, Ripple, and Credits.

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