Blockchain Technology Market: Growth in Cryptocurrencies Fuels Blockchain Technology Market |Key Facts Behind This Rise by 2024
According to a recently launched report by TMR, the global blockchain technology market was noted at US$315.9 mn gained in 2015. The market is expected to rise at an astonishing CAGR of 58.9% during the forecast period that is from 2016 to 2024.Rising at this CAGR, the global blockchain technology market is likely to attain a valuation of US$20 bn by 2024.
The competitive landscape of the blockchain technology market is highly fragmented in nature. This is because of the presence of several emerging vendors as well as well-known players in the market, notes Transparency Market Research (TMR). Players operating in the global blockchain technology are increasing their venture capital funding and investments in the blockchain technology in order to tap growth in the global blockchain technology. Some of the predominant players operating in the global blockchain technology market are IBM, Microsoft, SAP, Oracle, Bitfury, Cegeka, Intel, AWS, Earthport, Guardtime, Digital Asset Holdings, Chain, Huawei, BlockCypher, and Symbiont.
On the basis of geography, North America is expected to lead the global blockchain technology market in the coming years. This is mainly because of the presence of several players in the region and rising adoption of crypocurrency in retail and other distribution chain. Based on application, Private Blockchain technology market is projected to hold maximum share in the market.
Blockchain Technology to Grow Owing to Increasing Need for Secure Digital Transaction
Transaction transparency and reduced cost of transaction are the two primary drivers behind increasing adoption of blockchain technology by business leaders. Blockchain refers to a distributed ledger technology that records transaction data into blocks. These blocks are linked to each other in proper linear, chronological order like a chain. This is the reason blockchain transaction is immune to digital malpractices such as hacking. Owing to the immense benefits, several business units are adopting blockchain technology as their preferred transaction mode. The higher adoption of blockchain technology is another factor expected to expand the global blockchain technology market in future.
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Apart from this, the blockchain technology also offers trustless exchange, and empowers users to control all their information and transactions. In addition to this, rapid evolution of new breed of programmable blockchain technology platforms is expected to boost the global blockchain technology market in future. Moreover, increasing blockchain based smart contracts by the organization is propelling the blockichain technology market. This is because of the several advantages of blockchain technology like reduce the costs of verification, execution, and fraud prevention.
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Apprehensions Regarding Authenticity of Block Technology to Hinder Growth
The blockchain technology is still in experimental phase mostly in emerging economies. People are hesitating the adoption of this technology because of lack of awareness. Apart from this, stringent government rules on cryptocurrency transaction is limiting the growth of the blockchain technology.
However, high compatibility with the financial services industry ecosystem, low infrastructure cost, rapid transactions, and reduced total cost of ownership are a few factors which is expected to fuel higher adoption of blockchain technology among users.