Blockchain Technology Market – Growth in Cryptocurrencies Fuels Blockchain Technology Market
The global blockchain technology market depicts the presence of a highly competitive and emerging vendor landscape, says Transparency Market Research, on the basis of a recently published report. Such an intense competition mainly exists due to the presence of powerful and well-known players. Many businesses working in this market are focusing on mergers and acquisitions as key strategies, in order to gain extensive revenue.
Enhancing product portfolio, bringing about geographical expansion, and increasing capacity of provision of blockchain processes, also are other important schemes implemented by most organizations operating in the global blockchain technology market. With the entry of new players on a regular basis, the level of competition is expected to dramatically increase during the forthcoming years. Microsoft Corporation, Ripple, IBM Corporation, Digital Asset Holdings LLC, Credits, Deloitte Touche Tohmatsu Limited, Chain Inc., Consensus Systems (ConsenSys), and R3, are key players operating in the global blockchain technology market.
The global blockchain technology market is expected to gain revenue worth US$20 bn by 2024, which is a significant increase from US$315.9 mn gained in 2015. Such a revenue gain is projected to occur at a mindblowing CAGR of 58.9% during the forecast period ranging from 2016 to 2024.
Growth in Cryptocurrencies Fuels Blockchain Technology Market
The global blockchain technology market is mainly being driven by mammoth investments made by several startups companies working in the same field. Increasing partnerships between blockchain technology providers and financial organizations is also expected to make the market pick up extensive pace in the near future. An enormous growth in cryptocurrency-based transactions, coupled with associated processes such as mining and hashing that require blockchain technologies, is also propelling the market up to a large extent. Additionally, the banking sectors is growing extensively with leaps and bounds, further encouraging use of recent technologies like blockchain, consequently boosting growth in the global blockchain technology market.
High Costs for Blockchain Setups Hinders Market’s Expansion
However, volatility in cryptocurrency trading has occurred in recent times, especially in context of bitcoin’s fall and consequent downgrading scenarios experienced by other currencies, is is largely hindering the global blockchain technology market. Lack of relevant source material in several underdeveloped and remote regions process blockchain technologies too has been restraining the global blockchain technology market’s growth. Moreover, high costs of setting blockchain technologies presents difficulties for new businesses having less capital to establish themselves properly. Nevertheless, some organizations are expected to introduce cost effective solutions, which may reduce effects of the restraints in the near future.
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From a regional perspective, this market is segmented into North America, Asia Pacific, the Middle East and Africa, Europe, and Latin America. Of these, North America grabs the lion’s share in terms of revenue gained, owing to a strong technological infrastructure and high awareness regarding blockchain processes, present in the region. However, the next few years are also expected to depict Asia Pacific gain rampant growth, owing to rising awareness about the blockchain systems, mainly in leading countries like India and China.
This review is based on Transparency Market Research’s report, titled, “Blockchain Technology Market (Type – Public Blockchain, Private Blockchain, and Consortium Blockchain; Application – Financial Services and Non-financial Sector) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
- Many businesses working in this market are focusing on mergers and acquisitions as key strategies, in order to gain extensive revenue.
- The global blockchain technology market is mainly being driven by mammoth investments made by several startups companies working in the same field.