Enterprise Blockchain Market to expand at a healthy 27.8% CAGR from 2016 to 2030
The Global Enterprise Blockchain Market size is estimated to be USD 5.87 billion in 2019 and is predicted to reach USD 87.19 billion by 2030 with a CAGR of 27.8% from 2020-2030. Blockchain Technology is a digital ledger which is used to record transactions from various systems and this information cannot be altered. This technology came into existence with increased use of crypto currencies such as bitcoin and others and also maintains the transparency of the transaction data. Blockchain technology also plays an important role in the enterprises as it simplifies the asset management and payment cycle automatically and also eliminates the intermediaries.
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There have been increased used of crypto currencies and increase in data safety concerns have increase the demand of enterprise Blockchain over the forecast period. Furthermore increase in technological advancement, digitization with increased demand of developed infrastructure is expected to drive the growth of enterprise blockchain market
Other factors include increase in cloud services, increase penetration of internet and increased of digital money coupled with increase demand of asset management is further expected to augment the market growth. However, increased in fraud and regulatory frame is expected to limit the market growth. On the other hand, increase in research and development with increasing awareness about Blockchain technology is expected to create lucrative opportunities in the enterprise Blockchain in the near future.
Market Segmentations and Scope of the Study:
The global enterprise blockchain market share is analyzed on the basis of application, end user and geography. On the basis of application, the market is segmented into Trade Finance, International Currency Transfer, Syndicated Loans, Post-Trade: Clearing & Settlement, Automated Compliance, M2M IoT Asset Management, Payments, Crowdfunding + VC, Supply Chain Management, and Patient Records Management. On the basis of end users, the market is divided into Finance, Manufacturing, Government, Healthcare, Insurance and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
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Asia Pacific is expected to show tremendous growth with constant increase in market share owing to the increased internet penetration, increase in IoT and cloud based services and increase use of digital money is also expected to support the market growth. Competitive Landscape
The enterprise blockchain market, which is highly competitive, consists of various market players. Some of the major market players include Arizona State University Blockchain Research Lab, Blockchain Technologies Corporation, ConsenSys, Barclays, Ericsson, CareChain AB, BigchainDB, Digital Asset Holdings, Everledger, BlockArray LLC, Conjoule GmBH, Facebook, Factom, and Ethereum among others.
Over the past few years there have been increase in digital currencies and various developments have also taking place which overall contributes the growth of enterprise blockchain market. For Instance, July 2018, Digital Asset has announced a new collaboration with Google Cloud to bring Digital Asset’s blockchain platform and developer tools to Google Cloud Platform. Developers now have access to a comprehensive suite of tools and services to build, test and deploy distributed ledger applications on-demand and without having to configure the underlying platform.