The global blockchain technology market
size is expected to reach USD 57,641.3 million by 2025, registering a CAGR of
69.4% from 2019 to 2025. Blockchain is the underlying technology that
originated in the form of a public ledger to keep a track of all cryptocurrency
transactions. The technology works as an electronic transaction-processing and
record-keeping system. This allows various participants that 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.
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The market is expected to grow rapidly
owing to numerous benefits that it provides, such as eradication of the
requirement of a financial institution to validate transactions, reduce
duplicative recordkeeping, eliminate reconciliation, minimize error rates, and
facilitate faster settlement. With the use of this technology, the databases
could become universal in nature, thereby allowing multiple institutions to use
it at the same time to bring various different systems closer together and help
increase the efficiency.
The increasing demand for this
technology across financial services, consumer or industrial products,
technology, media &telecom, healthcare, transportation, and public sector
is largely responsible for driving the market toward growth. The major drivers
include the growing interest of the BFSI sector and increasing merchants
accepting cryptocurrencies among others. The probable opportunity of this
technology further includes the instant settlement of various financial
transactions and achieving optimized settlement options for the netting and
clearing process.
Further
key findings from the study suggest:
• The public segment is anticipated to
grow at the highest CAGR of 70.1% from 2019 to 2025. This growth can be
attributed to growing tendency of institutions and government to inculcate open
and efficient transactions.
• The application & solution segment
is anticipated to grow at the highest CAGR of 71.2% from 2019 to 2025. This
growth can be attributed by ability of the providers to deliver the services to
enterprises by offering timely authentication and reconciliation and reducing
the data duplication.
• The digital identity segment is
expected to emerge as the fastest-growing application segment over the next six
years. This growth can be attributed to the increasing number of cyber-attacks
across the globe.
• The small & medium enterprises
segment is expected to grow at the highest CAGR of 70.7% over the forecast
period, owing to the increasing demand for streamlining business processes
cost-effectively across small & medium businesses.
• The financial service segment
dominated the market in 2018 and is expected to maintain its dominance over the
forecast period. Growing investments in the technology by various financial
institutions in association with key technology players is expected to further
improve the efficiency of the underlying financial processes and help minimize
the risk.
• The Asia Pacific region is expected to
emerge as the fastest-growing regional segment over the next six years. Rising
adoption of blockchain technology by banks and other financial institutes to
minimize the cost of operations and streamline the business operations is
expected to drive the regional market growth.
• The key blockchain technology market
participants include Chain Inc., Circle Internet Financial Limited, Digital
Asset Holdings, Eric Industries, IBM Corporation, Linux Foundation, Post-Trade
Distributed Ledger, R3, Ripple, and Safello.
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Michelle Thoras
201 Spear Street 1100,
Suite 3036, San Francisco,
CA 94105, United States
Tel: 1-415-349-0054
Toll Free: 1-888-928-9744
Mail: sales@radiantinsights.com
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