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 time stamp 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.
“Global Block Chain Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation”
The global block chain market is segmented into type such as public block chain, private block chain and consortium or federated block chain. Among these segments, public block chain is expected to emerge as fastest growing segment in block chain market.
The growth of public block chain is attributed to the potential which enables to replace most functions of traditional financial institutions with software, fundamentally reshaping the way the financial system works. Apart from this, the benefits of public block chain are easy global transactions which are anticipated to positively impact the growth of global chain market over the forecast period.
Global block chain market is expected to register a notable CAGR of around 70% over the forecast period. 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. This is because conventional transaction systems refer to central administrator or centralized data storage system.
North America is anticipated to dominate the overall market of block chain market during the forecast period on account of high acceptance of block chain technology due to its transparency and immutability. The banking, financial, services and insurance (BFSI) by end type is expected to emerge as fastest growing market among other segments of global block chain market.
Rise in Transaction Technology
The increasing level of transaction technology has led to the increase in the block chains. Further, factors such as easy transactions and growing popularity are increasing the use of block chain.
Apart from this, benefits of block chain are protection from malicious attacks and creation of transparency.
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Wide Scale Applications
Block chain market finds many different applications in various ways such as smart contracts, digital identities, digital product memory, supply chain management, 3D printing. Further, the use of block chain in digital identities is increasing which is expected to drive the growth of global block chain market over forecast period.
However, scalability is one of the key factors which are expected to limit the growth of global block chain market in upcoming years.
The report titled “Block Chain Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global block chain market in terms of market segmentation by type, by end user, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global block chain market which includes company profiling of IBM Corporation, Microsoft Corporation, Amazon.com, Inc., SAP SE, Intel Corporation, Samsung Group, NVIDIA Corporation, Xilinx, Inc., AMD, Inc., Siemens AG and Accenture Plc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global block chain market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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