Allied Market Research, April 6, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Blockchain Distributed Ledger Market by Type and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the Global Blockchain Distributed Ledger Market accounted for $228 million in 2016, and is expected to reach $5,430 million by 2023, growing at a CAGR of 57.6% from 2017 to 2023. In 2016, North America dominates the global market, in terms of revenue, accounting for more than 40% share of the global market, followed by Europe.
Negligible fees for transaction in blockchain distributed ledger applications, elimination of third parties in business deals, and less chances of fraud & identity theft are the key drivers for the growth of global blockchain distributed ledger market. Moreover, increase in awareness toward blockchain distributed ledger applications among people is expected to provide lucrative opportunities to market players. Private blockchain is the leading segment in the global market, and is expected to maintain this trend throughout the forecast period. However, public blockchain segment is expected to witness significant growth in the future, as public blockchain is used in web-based control panels.
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The BFSI sector is projected to maintain its lead in the end-user segment. In the emerging economies, business and technology are connected to each other through digital economy, where blockchain creates a whole new paradigm. Recently governments, central banks, private banks, and online banks of all types have shown a great deal of interest in distributed ledgers and block chain technology.
North America is expected to maintain its dominance throughout the forecast period, owing to the presence of key companies in the region Moreover, advancements internet payments are expected to boost the growth, especially in Asian countries such as China, Japan, South Korea, and India.
According to Himal Srivastava, Research Analyst, Semiconductor & Electronics at Allied Market Research, "The blockchain distributed ledger market is in its early stage of growth. Blockchain-based solutions are projected to be adopted earlier in some industries such as financial services and the supply chain industry as compared to many other industries. The blockchain technology addresses security in areas including insurance, law, and data security by validation of the information in the blockchain ledger. Exponential increase in data is expected to facilitate more R&D activities leading to increased competition in the market."
Asia-Pacific is projected to grow at the highest CAGR during the forecast period, owing to increase in Internet transitions, upsurge in use of Internet, and rise in adoption of advanced technologies. Furthermore, increase in pay management devices across China, Japan, India, and South Korea to cater to the end user needs, such as banking, real estate, stock market, and virtual currency, has supplemented the market growth.
KEY FINDINGS OF THE STUDY
- In 2016, public blockchain segment dominated the global blockchain distributed ledger market, in terms of revenue, and is projected to grow at a CAGR of 53.7% during the forecast period.
- BFSI segment is projected to grow at a CAGR of 53.9%.
- Media & Entertainment is expected to exhibit the highest CAGR during the forecast period.
The major players such as Chain Inc., IBM Corporation, Accenture PLC, Eris Industries, Intel Corporation, Deloitte, Blockchain Tech Ltd., Microsoft Corporation, Digital Asset Holdings, and Earthport have adopted new technology launch as their key strategy to expand their market foothold.
Read similar market research reports on IT in BFSI at https://www.alliedmarketresearch.com/banking-financial-services-&-insurance/it-in-bfsi-market-report
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SOURCE Allied Market Research