The blockchain technology market is poised to rise at a stellar pace in the forthcoming years, says a recent market study by Transparency Market Research (TMR). Featuring distribution of ledger, blockchain technology offers several possible uses for businesses spanning across different industries. According to data, supply chain management and Internet of Things (IoT) are some of the most common operation areas where blockchain technology is used within organizations. Furthermore, blockchain technology has also displayed great promise for digital currency and payments. So much so, blockchain technology is used to build the world’s most successful crypto currency.
Business organizations have already recognized the benefits of developing a platform based on blockchain technology. To that end, blockchain technology has already attracted investments from financial institutions as well as technology giants. A large number of players in the finance sector have already made first phase investments to develop products and services using blockchain technology.
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Besides the financial sector, blockchain technology displays the ability to have ramifications on several industries such as media and telecom, and consumer goods among others.
Evidently, representing a new paradigm for near real-time information sharing for businesses, tech vendors and enterprises are attracted to use distributed ledger technology (DLT) to save time and market. This validates whopping 58.90% CAGR of blockchain technology market for the forecast period between 2016 and 2024, according to TMR findings.
Low Cost of Adoption favors Uptake
The report points out various factors fuelling the blockchain technology market. Firstly, blockchain technology is serving to create transparency and simplify business processes, resulting in its rapid uptake from businesses across industry verticals. This is a key reason the blockchain technology market is predicted to observe a high growth rate in the near future.
Apart from this, the rising popularity of blockchain as a service and the low cost of adoption of blockchain technology are estimated to fuel the growth of blockchain technology market in the next couple of years.
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Underpinned by Technology, Economic Growth to favor Growth of Asia Pacific Market
The report studies the geographical distribution of the overall blockchain technology market. North America blockchain technology market, among all, is expanding at a healthy pace and is likely to account for considerable share of the blockchain technology market in the near future. Substantial investments from businesses across industries in the region for the development of this technology is a key behind the growth of North America blockchain technology market. In addition, high acceptance for new technology, in general in the region is another key factor behind the growth of North America blockchain technology market.
Asia Pacific, on the other hand, displays potential to exhibit notable growth in the years ahead. Rapid economic development in developing countries such as India wherein technology is the basis of processes and operations of practically almost all businesses across industry verticals.