SELBYVILLE, Del., Sept. 20, 2019 /PRNewswire/ -- The global blockchain technology market will be primarily driven by increasing adoption of the technology by financial organizations. Blockchain can significantly enhance the efficiency and reduce the cost of operation across several applications such as trade finance, documentation or KYC, collateral management, cross-border payment and identity management, which is anticipated to considerably boost the technology adoption in the coming years.
Increasing industry penetration of cryptocurrency is also contributing towards the blockchain market growth. The cryptocurrency market has witnessed a staggering 300% increase in market capitalization recorded in 2017. Consequently, the number of developers and business verticals have started exploring the potential of blockchain for various use-cases. Rising investments by venture capitalists in the technology are fueling the blockchain technology market trends over the forecast period.
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Infrastructure provider segment of blockchain technology market held 65% of the revenue share in 2017. Infrastructure providers design core software blocks which play a key role in the deployment of the network. Escalating demand for the blockchain standards and protocols is a crucial factor fostering market growth. These standards and protocols help blockchain network and application developers in designing customized and distributed network for their clients.
Application providers segment of the blockchain market will register a robust 85% CAGR between 2018-2024. Application providers design applications that run on top of existing blockchain networks. The market segment is largely driven by the capability of providers to deliver notable solutions to customers by offering timely reconciliation and authentication for regulatory procedures and minimizing the transcription data duplication.
Digital identity application is anticipated to register the most lucrative growth rate at over 90% CAGR through 2024. Increasing risk of cyberattacks is the major factor propelling blockchain technology adoption among digital identity detection applications. Besides, lack of efficient identification systems for securing personal information coupled with rising demand for secure international identification are accelerating blockchain technology market revenue across the security space.
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Government segment of blockchain technology market is projected to register a CAGR of over 85% over the analysis timeframe. Blockchain offers three value propositions for businesses, smart contracts, value transfer and record keeping. It enables non-corruptible and unique record management systems that validate and track changes. The technology can also help increase the trust between transacting parties and reduce the number of intermediaries, enhancing efficiency and minimizing processing time and cost.
Blockchain technology market share from healthcare applications will witness over 85% CAGR up to 2024. Blockchain technology boosts interoperability across the local healthcare sector by eliminating the system boundaries and geographic limitations. It enables patients as well as healthcare staff and researchers to access shared data to acquire accurate, comprehensive and timely data pertaining to patient health. Additionally, it supports a range of health data sources including wearable sensors, images, documents and EMRs.
The Asia Pacific blockchain market is estimated to register a prominent CAGR of more than 87% during the foreseeable timeframe. Increasing investments in startups focused on the technology by venture capitalists is fostering the market growth across Asia Pacific. Introduction of favorable government policies and initiatives are also stimulating the technology adoption in the region, along with the rising number of blockchain ICOs and startups in the region.
Browse key industry insights spread across 180 pages with 132 market data tables & 39 figures & charts from the report, "Blockchain Technology Market By Providers (Infrastructure Provider, Application Provider, Operators), Application (Smart Contract, Payment & Wallet, Digital Identity, Exchange, Compliance & Risk Management), End-Use (BFSI, Government, Healthcare, IT Service, Media & Entertainment, Transportation & Logistics), Regional Outlook, Competitive Market Share & Forecast 2024" in detail along with the table of contents:
Table of Contents (ToC) of the report:
Chapter 3. Global Blockchain Market Insights
3.2. Industry segmentation
3.3. Industry landscape, 2016 - 2024
3.4. Blockchain architecture analysis
3.5. Industry ecosystem analysis
3.6. Blockchain evolution
3.7. Type of blockchain
3.8. Market news
3.9. Technology & innovation landscape
3.10. Regulatory landscape
3.11. Use cases
3.12. Blockchain consortium
3.13. Industry impact forces
3.14. Growth potential analysis
3.15. Porter's analysis
3.16. PESTEL analysis
Browse Complete Table of Contents (ToC) @
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Blockchain Technology Market to register massive gains at 75% to 2024
Blockchain Technology Market report delivers a substantial evaluation of the providers, application, end-use, and regional trends of this industry.
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