The global blockchain 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.
Full
Research Report On Global Blockchain Technology Market By Grand View
Research:
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:
www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
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
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Asia
Pacific
- China
- Japan
- Australia
- South
America
- MEA
Access
Press Release Of This Research Report By Grand View Research:
www.grandviewresearch.com/press-release/global-blockchain-technology-market
www.grandviewresearch.com/press-release/global-blockchain-technology-market
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
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