Block chain technology is a distributed public register which stores all transactions that have happened, which is absolute and accessible by anyone. Recently, Block chain has allowed using of smart contracts on platforms such as Ethereum. The Block chain can accomplish the difficulties by providing solutions to long-standing cyber-security and efficiency issues.
Block Chain Global Block Chain market is accounted for a market value of USD xx billion in 2018, and is expected to grow at a CAGR of xx% to reach USD XX billion by 2026. According to the World Economic Forum survey about 10% of global GDP will be stored on block chain sector by 2027.
Global Block Chain Market Dynamics:
Increasing use of block chain in financial services for quicker and efficient payments services is driving the growth of the market.
Increased use of block chain technology in banking, financial service, and insurance (BFSI) sector will drive the block chain market in the coming years.
Rise in block chain adoption in different sectors and the increasing demand for Block chain-as-a-Service (BaaS) solutions will drive the growth of Block chain market globally.
Lack of adoption and awareness could hamper the block chain market on the global scale. Besides security threat such as compromised in data confidentiality would be added threat to the market.
Global Block Chain market - Segment Analysis:
By Sector the market is segmented in to public and private sector. Private sector is accounted for the major share in block chain market with increasing private banking institutes globally. Public block chain sector is expected to show stronger growth in the coming years.
By application market is segmented in to Banking, financial, BFSI, Media and entertainment, supply chain management and others. Block chain is primarily used in financial services. Banking or payment segment is accounted for the major share in block chain market in recent years. In coming years, Block chains will be used extensively to improve transparency in the financial systems and make quicker and efficient payments over time.
Global Block Chain diagnostic market - Geographical analysis:
North America region accounts for the largest share in global Block Chain market in 2017. The growth in North America is attributed to the presence of various industries with large operation bases that has seen successful implementation of smart contracts, documentation, and payment applications, especially in BFSI industry. Asia Pacific market is expected to show stronger growth in forecast period, due to increasing investments in designing a permitted block-chain network to streamline their internal operations and minimize costs.
Global Block Chain diagnostic Market - Competitive landscape:
Some of the Key Players in the block chain market are IBM, Accenture Plc., Intel Corporation, Deloitte and Microsoft Corporation. IBM is the major player for block chain market.
Increasing companies such as Overstock and PayPal are adopting cryptocurrencies to create strong foundation and support, pushing block chain towards mainstream despite recent drops.
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