San Francisco, 22 January, Blockchain Technology Market Size, Share &
Trends Analysis Report By Type (Public, Private, Hybrid), By Application
(Financial Services, Consumer Products, Technology, Telecom), And Segment
Forecasts, 2018 - 2024
The global block chain technology market size is expected to reach USD 7.59 billion by
2024, according to a new report by Grand View Research, Inc., registering a
37.2% CAGR during the forecast period. Increasing demand for this technology
across financial services, consumer or industrial products, technology, media
and telecom, healthcare, transportation, and public sectors is largely
responsible for market growth.
Blockchain technology works as
an electronic transaction-processing and record-keeping system. This allows
various participants who are connected to the network, usually public, to track
information through a secure network, thereby eliminating the need for any kind
of third-party verification. Increasing online transactions, digitization of
currency, and secure online payment gateways are few of the major factors
expected to fuel demand over the coming years.
The market is expected to
exhibit significant growth owing to abundant benefits provided by this
technology, such as eliminating need for any financial institution to
authenticate transactions, eliminating reconciliation, reducing duplicative
recordkeeping, facilitating faster settlement, and minimizing error rates. This
technology allows access to databases from everywhere, thereby allowing
multiple institutions to use it simultaneously to bring different systems
nearer and help improve efficiency.
Major growth drivers include
growing interest of the BFSI sector and increasing merchants accepting
cryptocurrencies. The probable opportunity of this technology further includes
instant settlement of various financial transactions and achieving optimized
settlement options for netting and clearing process.
Access Full Research Report On Blockchain Technology Market Analysis:
www.grandviewresearch.com/industry-analysis/blockchain-technology-market
www.grandviewresearch.com/industry-analysis/blockchain-technology-market
Further key findings from the report suggest:
·
In order to improve the
efficiency of the underlying financial processes and help minimize risks,
investments have been made in the technology by various financial institutions
in association with key technology players
·
The public blockchain network
segment is anticipated to witness significant growth over the forecast period,
registering a CAGR of 39.2%. The market is still in the development phase and
is, therefore, marked by an extensive presence of new developments in the
technology and its integration
·
Blockchain technology will also
enable an irrevocable immediate settlement that will, in turn, restrict any
kind of transactional changes once the request has been processed. These
technological changes are expected to fuel market growth
·
Some of the prominent vendors
in the market are Chain Inc.; Circle Internet Financial Limited; Digital Asset
Holdings; Eric Industries; IBM Corporation; Linux Foundation; Post-Trade
Distributed Ledger; R3; Ripple; and Safello.
Browse More Reports Of This Category By
Grand View Research At: www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
The global blockchain technology market has
been segmented on the basis of type, application, and region:
Blockchain Technology Type
Outlook (Revenue, USD Million, 2015 - 2024)
·
Public
·
Private
·
Hybrid
Blockchain Technology
Application Outlook (Revenue, USD Million, 2015 - 2024)
·
Financial Services
·
Consumer orIndustrial Products
·
Technology, Media, and Telecom
·
Healthcare
·
Transportation
·
Public Sector
Blockchain Technology Regional
Outlook (Revenue, USD Million, 2015 - 2024)
·
North America
o
U.S.
o
Canada
o
Mexico
·
Europe
o
U.K.
o
Germany
o
France
·
Asia Pacific
o
China
o
Japan
o
Australia
·
South America
·
MEA
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more information: www.grandviewresearch.com/
