Market Highlights
Every now and then there emerges a new technology that follows a trail of predictable hype cycle. Right from incepting with dramatized expectations and then stumbling down the passage of disappointment to eventually arriving at the juncture of productivity; technology goes through a rather foreseeable pathway.
However, once in several years, there emerges a technology wrapped with the promise and potential to disrupt the technological landscape and redefine innovation. Blockchain is one such technology that was not only introduced into the mainstream consciousness as the new frontier in the tech landscape but also boasts the power to live up to its enormous hype.
The rising adoption and expansion of blockchain technology has once again unleashed the technology genie out of the magic lamp and opened the gates of unmatched possibilities across any and every industry.
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Segmentation:
The Blockchain Technology Market can be classified into 3 key segments as follows:
Segmentation by Services: Comprises Payments & transactions, contracts, digital identity, and documentation.
Segmentation by Application: Comprises Banking & Finance, healthcare, government, media& entertainment, retail and others.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Regional Analysis
North America is dominating the Global Blockchain Technology Market with the largest market share due to continuous initiatives taken for the development in ledger technology for blockchain market thereby is expected to grow with highest market size by 2022 and is expected to grow over its previous growth records during the forecast period. The faster adoption of innovative technology in developed countries such as United States, Canada, Mexico and others is further fuelling the market in the region. Blockchain Technology in Asia Pacific market is expected to witness a fastest growing CAGR during 2016 to 2022 due to transparency, immutability & scalability service provide by the blockcahin technology and huge investment of digital currency across industry verticals in APAC countries, especially India, Australia, and China..
Key Players
IBM Corporation (U.S.), Microsoft Corporation (U.S.), Deloitte, Inc. (U.S.), Ripple (U.S.), Coinbase (U.S.), Chain, Inc. (U.S.), Abra, Inc. (U.S.), Bitfury Group (U.S.), BlockChain tech Ltd. (U.K.), and Earthport PLC (U.K.) are some of the prominent players at the forefront of competition in the Global Blockchain Technology Market and are profiled in MRFR Analysis.
A Future Echoing Innovation
Debuting in 2008, the potential of blockchain was limited to only bitcoins. However, with time, innovation, and development, the market has seen rapid advancement to make major strides in the global landscape.
Today, it is termed as one of the most disruptive technologies in decades, however, blockchain is still in its initial stages and there are major hurdles for the technology to leap past. Rest assured, the future of blockchain technology will echo nothing less than innovation.
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