The Europe blockchain technology market is projected to hold a significant share of over 25% by the 2024, pertaining to the government initiatives which promote and allow exploring the potential of electronic ledger. Say for example, the UK’s Food Standards Agency (FSA) have deployed a blockchain based supply chain monitoring system in July 2018, which facilitates efficient tracking of food supply chains from farmers to merchants.
Moreover, several industry verticals planning to adopt the blockchain technology in line with the presence of global technology companies in the region will augment the Europe blockchain technology market share.
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The growing technology adoption among the major financial institutions is very likely to drive the blockchain technology market growth. Additionally, the technology is widely getting utilized across some of the data-driven organizations, as it offers the opportunities to transform the business portfolios.
The blockchain technology works on the basis of electronic ledger, which supports cryptographic security along with increased transparency in the transactions taking place. Moreover, the rising investments from the tech giants to improve the functionalities and security of the blockchain complemented by the supportive regulatory landscape is anticipated to stimulate the blockchain technology industry outlook. According to a research report by Global Market Insights, Inc., blockchain technology market is very likely to reach USD 16 billion by 2024.
BFSI sector accounted for over 60% share in the Blockchain Technology Market in 2017. The increasing use of the blockchain technology among the financial institutes in a variety of applications, ranging from cross-border payment and wallets to digital identity identification, is the primary factor augmenting the market growth. Furthermore, the technology also facilitates an omnichannel system for the customer and minimizes the time per transaction.
Payments and wallets are leading the application landscape with more than 50% stake in the Blockchain Technology Market. The numerous benefits offered by the blockchain-based payment solutions such as transparency, speed, and cost-effectiveness are the major factors that foster the market growth. Moreover, there is an ability of the distributed ledger technology to eliminate the middlemen or requirement of the central authority for making the cross-border payments.
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North America held more than 50% stake in the Blockchain Technology Market in 2017. The supportive government initiative & policy for driving the adoption of the blockchain technology among the public-sector companies is the major force supporting the market. Moreover, the presence of the major market players in the region also fosters the market growth. Whereas, Asia Pacific is predicted to grow at a CAGR of over 87% during the forecast period. The increasing investment in the blockchain market space from countries including China, India, and Switzerland, is driving the market growth.
The blockchain technology market is characterized as highly competitive owing to the presence of both, multinational players and start-ups. The key vendors of the blockchain market are IBM, Microsoft, SAP, AWS, Ripple, R3, Alphapoint, Bitfury, Bacoor, Blocko, BitSE, Bloq, Blockstream, BTL Group, Coinbase, Chain, Digital Asset Holdings, Digiledge, and Earthport.
Some Points From Table Of Content: –
Chapter 6. Global Blockchain Market, By Application
6.1. Key trends, by application
6.2. Smart Contract
6.2.1. Market estimates and forecast, 2016 – 2024
6.2.2. Market estimates and forecast, by region, 2016 – 2024
6.3. Payments & Wallets
6.3.1. Market estimates and forecast, 2016 – 2024
6.3.2. Market estimates and forecast, by region, 2016 – 2024
6.4. Digital identity
6.4.1. Market estimates and forecast, 2016 – 2024
6.4.2. Market estimates and forecast, by region, 2016 – 2024
6.5.1. Market estimates and forecast, 2016 – 2024
6.5.2. Market estimates and forecast, by region, 2016 – 2024
6.6.1. Market estimates and forecast, 2016 – 2024
6.6.2. Market estimates and forecast, by region, 2016 – 2024
6.7. Compliance & Risk Management
6.7.1. Market estimates and forecast, 2016 – 2024
6.7.2. Market estimates and forecast, by region, 2016 – 2024
6.8.1. Market estimates and forecast, 2016 – 2024
6.8.2. Market estimates and forecast, by region, 2016 – 2024
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