The global blockchain market is anticipated to grow at a considerable CAGR of around 56.1% during the forecast period (2021-2027). Blockchain technology has emerged as the transparent and safe mode for financial services with the advantage of its encrypted transactions. Blockchain has developed as a highly promising technology in the IT domain. Blockchain is an immutable, open, and distributed public record that can be accessed by several parties involved in the transaction and acts as a universal bank of all transactions between the involved parties. Bitcoin leveraging blockchain technology, there has been an increasing number of Blockchain technology-based solutions to date. The first applications were electronic cash systems with the distribution of a global ledger containing all transactions. The transactions comprise a secured cryptographic hash, which is then signed and verified using asymmetric-key pairs. The technology efficiently and securely records a transaction history, in a way that, if any changes are made in the past transaction, a recalculation of all subsequent blocks of transactions will take place.
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The growing acceptance of cryptocurrency across the globe is one of the major factors driving market growth. Central banks across the globe are using blockchain technology for payment handling and delivery of their digital currencies. Blockchain enables cross-border payments that are less expensive and faster as compared to traditional systems. In the banking industry, Blockchain technology eliminates the requirement for a central clearinghouse or financial institution to act as a third party to financial transactions. The payment cost through the blockchain is about 2% to 3% of the total amount associated with the third party. Various tech giants, solution providers, and financial service providers are entering into a partnership with blockchain.
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Market Coverage
- The market number available for – 2020-2027
- Base year- 2019
- Forecast period- 2020-2026
- Segment Covered-
o By Provider
o By Application
o By Type
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Amazon Web Services, Inc., Bitfury Group LTD., BTL Group Ltd., Evernym Inc., IBM Corp., KYC-CHAIN LTD., Microsoft Corp., Netki, Oracle Corp., and Peer Ledger, Inc. among others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Blockchain Market Report Segment
By Provider
- Infrastructure Providers
- Middleware Providers
- Application Providers
By Application
- Financial Services
- Transportation And Logistics
- Security And Legal Work Application
- Healthcare
- Technical Applications
By Type
- Private
- Public
- Hybrid
This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.
