The
global blockchain technology market is led by top three companies viz
R3, Chain Inc., and IBM, which collectively accounted for 45.3% of
the market in 2015. Players in the market are focusing on mergers and
acquisitions so as to expand their consumer bases and make valuable
additions to their existing technologies, states Transparency Market
Research (TMR) in its report. The competition is high in the
blockchain market on account of the powerful presence of many
players. Enhancement of product portfolio remains the key focus of
leading vendors in this market.
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As
per the report, the global blockchain market is expected to rise from
US$315.9 mn in 2015 to be worth US$20 bn by the end of 2024,
exhibiting a whopping CAGR of 58.7% between 2016 and 2024, which is
tremendously high. On the basis of type, the global blockchain market
is expected to be led by the consortium blockchain technology, which
is predicted to expand at a remarkable CAGR of 58.9% between 2016 and
2024. Consortium technology offers greater flexibility and large
scale deployment, thus driving increased adoption.
Demonetization
Benefitting Blockchain Market in India, Driving Demand in Asia
Pacific
By
geography, North America accounted for the largest share of the
market in 2015 on account of the presence of leading players and
growing investments for the development of this technology. Asia
Pacific will witness a stupendous growth in the blockchain technology
market, expanding at a 61.3% CAGR between 2016 and 2024 on account of
the growing trend of online payment in countries such as India,
China, and Japan. In addition to this, the recent demonetization that
took place in India, shall drive the growth prospects of the
blockchain technology market.
Demand
for Secure Online Payments to Drive Blockchain Technology Market
The
global blockchain
technology market is driven by the demand for decentralized
data and eliminating intermediaries so as to secure online payment.
The automation of transactions have eliminated the need for
documentation and this is making blockchain technology secure. The
real time tracking of transactions, averting frauds and errors when
making online payments will also fuel the adoption of blockchain
technology. These economic benefits of blockchain technology will
boost the growth of the market in the forecast period. Since
transactions can be speedy with the help of blockchain technology, it
is in demand from both financial and non financial services.
The
introduction of artificial intelligence is driving the growth
prospects of this market. The adoption of blockchain technology based
applications such as exchanges, payments, documentation, and digital
identities is increasing, and this will drive the growth of the
market worldwide.
Growing
Size of Database and Blockchain to Cause Data Sync Issues
One
of the factors restraining the growth of the blockchain market is the
increasing size of the database and blockchain, resulting in problems
relating to synchronization and storage of data. The continued use of
traditional technology owing to a lack of awareness about the
benefits offered by blockchain technology will also act as a
challenge. In addition to this, stringent government regulations,
playing a critical role in the deployment of large scale technology
shall also pose a challenge for the blockchain technology market.
Players need to adhere to regulatory compliances and privacy laws
which differ from country to country, and this is another issue
hampering the growth of the market.
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