Blockchain Technology Market Size to hit $16bn by 2024

Blockchain Technology Market size is set to reach USD 16 billion by 2024; according to a new research report by Global Market Insights, Inc.
 

The blockchain technology market is gaining traction as it is widely used by data organizations globally. The blockchain is a distributed electronic ledger, which connects multiple parties in a network and enables the transfer of assets related to those assets. The businesses are rapidly adopting this technology as it transforms their operations and creates new sustainable opportunities. As huge volumes of data are generated by organizations each day, it becomes necessary for them to securely and effectively manage their data from threats. Thus, the technology supports cryptographic security and makes processes more transparent and efficient. The market growth is also attributed to the rising investments by technology companies in the blockchain and supportive regulatory landscape to fuel the adoption of secure electronic ledgers in various industrial verticals.

 

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The infrastructure provider segment in blockchain technology market is expected to exhibit a growth rate of over 75% from 2018 to 2024 as organizations are investing a huge amount for developing the blockchain networks. The need for core infrastructure providers increases to successfully build & maintain customers’ networks. They make use of the existing protocols and frameworks developed by developers suitable for specific business cases their customers are interested in.
 

Blockchain Technology Market

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The digital identity blockchain market is anticipated to grow at a CGAR of over 90% from 2018 to 2024 due to the rising number of cybersecurity incidents. For instance, in May 2016, SWIFT, an attack on the global financial messaging network resulted in the loss of more than USD 80 million to financial institutions in the countries including Vietnam, the Philippines, Sri Lanka, and Bangladesh. The growing inclination toward a secure identification system is fueling the demand for blockchain-based identity platforms to enable secure & transparent transactions across their networks.
 

Browse key industry insights spread across 180 pages with 132 market data tables & 39 figures & charts from the report, “Blockchain Technology Market Size By Providers (Infrastructure Provider, Application Provider, Operators), By Application (Smart Contract, Payment & Wallet, Digital Identity, Exchange, Compliance & Risk Management), By End-Use (BFSI, Government, Healthcare, IT Service, Media & Entertainment, Transportation & Logistics), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Switzerland, Australia, China, India, Japan, South Korea, Singapore, Brazil, Mexico, Israel, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/blockchain-technology-market
 

The healthcare blockchain technology market is projected to hold a market share of over 5% by 2024 due to the extensive use of technology to enable doctors, clinical researchers, and pharmacists to gain access to secure & reliable electronic health records. The blockchain platforms help to manage extensive medical records while ensuring personal privacy and regulatory compliance. Also, the platforms are widely used in the pharmaceutical supply chain as the recalls of medicines and counterfeit drugs make traceability important for the supply chain. The supply chain managers make use of ledgers to track each drug throughout the entire supply chain.
 

Europe is projected to hold a blockchain technology market share of over 25% by 2024 due to favorable government initiatives aimed at exploring electronic ledger applications in various industry verticals. For instance, in July 2018, the UK’s Food Standards Agency (FSA) developed a blockchain monitoring system to accurately track the food supply chains from farmers to merchants. The primary goal of this initiative is to ensure the compliance across the food sector, which has been enforced through traditional methods. The global technology companies are expanding their presence in the region to provide solutions and expand their customer base. In March 2018, IBM announced plans to invest in France and hire approximately 1,800 new employees to develop new blockchain-based projects. This includes approximately 400 research jobs.
 

The companies present in the blockchain technology market are involved in new product developments to cater to the data security needs of customers.  For instance, in October 2017, AlphaPoint partnered with Intel to develop new security solutions for digital assets. Both firms announced the development of TrustedVM product for confidential smart contracts. Some companies are emphasizing on geographic expansion to expand their business to global markets to stay competitive. For instance, in January 2018, Augmate, a technology developer based in the U.S. partnered with Maximilian Ventures to promote blockchain technology development in Mexico and the rest of Latin America.
 

Some of the key players of the blockchain market are IBM, Digital Asset Holding, R3, Blockstream, Microsoft, Abra, Alphapoint, SAP, Ripple, Asta Solutions, Bacoor, Bitfury, Blocko, Bloq, BTL Group, Chain, BitSE, Coinbase, Digiledg, Amazon Web Services, and Earthport.
 

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The blockchain technology market research report includes an in-depth coverage of the industry with estimates & forecast revenue in USD from 2016 to 2024, for the following segments:

By Providers

  • Infrastructure providers
  • Application providers
  • Operators

By Deployment

  • Smart contract
  • Payment & wallet
  • Digital identity
  • Documentation
  • Exchanges
  • Compliance & risk management

By Technology

  • BFSI
  • Government
  • Healthcare
  • IT service
  • Media & entertainment
  • Transportation & logistics

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Switzerland
  • Asia Pacific
    • Australia
    • China
    • India
    • Japan
    • South Korea
    • Singapore
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Israel
    • UAE
    • South Africa

 

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