Published Date : Feb 06, 2018
Albany, New York, February 06, 2018: A recent market research report added to the vast report portfolio of MarketResearchReports.biz presents a detailed reports of the market for blockchain technology. The report, titled “Global Blockchain Technology Market 2017-2021,” states that the market will exhibit an exceptional CAGR of nearly 56% over the period between 2017 and 2021. A number of factors will collectively act in favor of the market, helping it expand at this unprecedented growth pace.
One of the key factors expected to work in favor of the market is the vast and rapid rise in FinTech spending from companies across the globe. FinTech refers to a service provided by the enterprise sector, which has, over the years, seen a vast extension in its purview. This service now includes a vast set of new front-end consumer products that are operable through smart phones or portable mobile computing devices such as tablet computers. These solutions are provided to consumers directly through white label services or licensing. Spending on FinTech solutions has a direct influence on expenditure on blockchain technology as FinTech companies are involved in the development of advanced payment systems for finance-related companies.
One of the key trends witnessed in the global market that is having a vast influence on the blockchain technology market is the advent and increased adoption of artificial intelligence. Blockchain technology powered by artificial intelligence is considered on one of the most advanced developments to have taken place in the field of cryptocurrency and blockchain in the past few years. Artificial intelligence provides a number of features that can supervise and effectively handle decentralized monetary systems. Bitcoin traders are increasingly using artificial intelligence algorithm to gain reliable forecasts regarding the value of bitcoins. Artificial intelligence algorithms are also allowing consumers to gain easy access to comparative data about specific entities and are helping investors become more informed before future financial plans are forged.
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Based on the key end users of blockchain technologies, the report segments the global market into banking, financial services, and insurance (BFSI), healthcare, and supply chain management. It has been observed that the BFSI segment accounted for a dominant share in the global blockchain technology market in 2016. A rising number of financial service companies are implementing blockchain technologies so as to effectively handle the rising numbers of online transactions. Moreover, insurance companies are implementing blockchain technologies to handle chain management and insurance policies.
Geographically, the report segments the global blockchain technology market into Americas, APAC, and EMEA. Of these, the market in Americas is expected to dominate the global blockchain technology market over the report's forecast period. This can be credited to the vast rise in the number of mergers among banking companies and blockchain technology service providers in the region in the past few years. Moreover, the rising demand for cloud-based blockchain technology in the region is likely to lead to an increase in feasibility of transactions in the near future.
The report gives a thorough account of the competitive dynamics of the global blockchain technology market. Owing to the fact that suppliers of components required for building blockchain technologies are low in the market, companies are not able to provide products at low costs. So as to gain a competitive advantage in the market, companies need to focus on the development of innovative and low-cost solutions.
Some of the leading companies in the market are Microsoft, IBM, Abra, BlockCypher, Accenture, Ripple, ConsenSys, Ethereum, Global Arena Holding, Deloitte, BitFury Group, Scorechain, TATA Consultancy Services, Ezyremit, Slock.it, Provenance, R3, and BTL Group.
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