Blockchain Technology Market was estimated to be US$ 5.75 Bn in 2018 growing at a CAGR of 28.68% over the Forecast Period ; says Absolute Markets Insights

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Absolute Markets Insights

Mar 04, 2020, 06:07 EST

Pune, India, Mar 04, 2020, 06:07 /Comserve / -- The major participants in the blockchain technology market include Altoros, BigchainDB GmbH, Blockchain Intelligence Group, IBM Corporation Blockchangers

Blockchain technology, developed by an individual/a group of people that goes by the pseudonym Satoshi Nakamoto, has taken the world by storm.  It was invented in 2008 to keep track of the transactions of the popular cryptocurrency called bitcoin. Ever since its arrival, the banking and financial services industry (BFSI) has invested heavily in blockchain technology to incorporate a digital, tamperproof ledger for keeping track of the financial transactions. The solving of the double-spending problem that was prevalent in digital currencies was achieved by bitcoin, owing to blockchain technology.  Smart contracts contain pre-set conditions that trigger certain actions. Simply put, smart contracts are automated by certain rules that have been verified and agreed upon by the stakeholders. Blockchain technology has increased the adoption of smart contracts. For example, a financial loan based that is governed by a smart contract will transfer the ownership of the collateral to the lender in case the loan has defaulted. The decentralized nature of blockchain ensures that additional verification isn’t required by a government authority. Blockchains, in nature, can’t be tampered with, which ensures higher transparency among the stakeholders.  The technology can also help in reducing the instances of contract by default. The adoption of smart contracts is in turn leading to the growth of the global blockchain technology market.

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Industries are embracing blockchain technology with glee. Large conglomerates are spending millions in dollars in blockchain research. Banks and Insurance companies, in particular, are collaborating with key market players to increase the ease of customer verification. For example, the banking consortium in UAE, which consists of six leading banks in the region, has announced its partnership with blockchain applications and platform providers, Nordbloc. Furthermore, companies and government agencies in the healthcare industry are experimenting with blockchain to reduce the risk of pharmaceutical fraud. Ministry of Health and Prevention (MoHAP) in UAE, for instance, came up with a blockchain platform to capture data related to the healthcare and pharmaceutical industry. The government believes that blockchain technology will reduce the cases of drug abuse since tamper-proof prescriptions can be produced. The global blockchain technology market is expected to see higher growth in the APAC and MEA region due to increasing government investments in these regions to ensure compliance.

The detailed research study provides qualitative and quantitative analysis of blockchain technology market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

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Key Findings of the Report:

  • Payments and transactions tracking segment is expected to account for the highest market share in 2018. Increasing investments by government bodies to reduce payment fraud and embezzlement of money is one of the major factors for the same
  • The highest growth during the forecast years is expected from the healthcare sector, primarily due to the increasing demand for bringing down the cases of healthcare insurance related frauds and drug abuse.
  • North American dominated the blockchain technology market in 2018. This can be attributed to the rapid implementation of blockchain technologies in developed countries like the United States and Canada.
  • The major participants in the blockchain technology market include Altoros, BigchainDB GmbH, Blockchain Intelligence Group, IBM Corporation Blockchangers, Microsoft, Ripple, ChromaWay AB and Interbit, Intellectsoft US, amongst others.

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Blockchain Technology Market:

  • By Offering
    • Solutions
    • Services
  • By Organization Size
    • Small and Medium Enterprises
    • Large Enterprises
  • By Applications
    • Payment and Transaction
    • Smart Contract and Documentation
    • Digital Identity
    • Digital Asset Exchange
    • Others
  • By Industry
    • Banking, Financial Services and Insurance (BFSI)
    • Education
    • Healthcare
    • Government
    • Energy and Utilities
    • IT and Telecommunication
    • Media and Entertainment
    • Food and Agriculture
    • Real Estate
    • Others
  • By Geography
  • North America
  • United States
  • Canada
  • Mexico
  • Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
  • Latin America
  • Brazil
  • Argentina
  • Rest of Latin America
  • Middle East and Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of Middle East & Africa

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About us: Absolute Markets Insights assists in providing accurate and latest trends related to consumer demand, consumer behavior, sales, and growth opportunities, for the better understanding of the market, thus helping in product designing, featuring, and demanding forecasts. Our experts provide you the end-products that can provide transparency, actionable data, cross-channel deployment program, performance, accurate testing capabilities and the ability to promote ongoing optimization. From the in-depth analysis and segregation, we serve our clients to fulfill their immediate as well as ongoing research requirements. Minute analysis impact large decisions and thereby the source of business intelligence (BI) plays an important role, which keeps us upgraded with current and upcoming market scenarios.

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Shreyas Tanna

Absolute Markets Insights
Tel: +91-740-024-2424

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