Global block chain market is anticipated to grow at a considerable CAGR of around 70% over the forecast period, i.e. 2017-2024
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Block chain refers to continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data.
A block chain is inherently resistant to modification of the data. Moreover, block chain is the digital and decentralized ledger technology that records all transactions without the need for a financial intermediary like a bank.
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Market Size and Forecast
Further the global block chain market is likely to grow on the basis of the real estate vertical, which is expected to grow at the highest rate during the forecast period.
In the regional market, North America is anticipated to dominate the overall market of block chain market during the forecast period. Further, the region contributed to the leading share in terms of revenue on account of high acceptance of block chain technology due to its transparency and immutability.
Europe block chain market is expected to expand due to the representative shares in the global block chain market over the forecast period. Global block chain market is profitable market in the region of Asia Pacific over the forecast period.
Factors, such as increasing investments and great involvement of industries are likely to be the major drivers for Asia Pacific block chain market over the forecast period. Moreover, China is predicted to contribute significantly towards the growth of Asia Pacific block chain market over the forecast period.
Growth Drivers and Challenges
Factors such as crypto volatility with cryptocurrencies are emerging which may significantly increase the growth of block chain marketover the forecast period. The global market of block chain permits applicants to authenticate and review transactions.
Further, block chain based transactions can be completed in faster way, more safely, and economically than conventional transaction systems.
Moreover, the global block chain market is expected to expand on the back of growing real estate vertical across the globe. In addition block chain based transactions of value can be completed in faster way, more safely, and economically than conventional transaction systems.
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However, the block chain is that it allows transactions to be stored on a public ledger, which can also be its biggest weakness. The publicly accessible ledger means privacy becomes an issue for confidential transactions, something that has slowed the incorporation of the block chain in some industry segments.
Apart from this, scalability is some of the key factors which are expected to limit the growth of global block chain market in upcoming years.
- IBM Corporation
- Microsoft Corporation
- com, Inc.
- SAP SE
- Intel Corporation
- Samsung Group
- NVIDIA Corporation
- Xilinx, Inc.
- AMD, Inc.
- Siemens AG
- Accenture Plc
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