Blockchain is a decentralized technology which behaves like a database. Data on this is stored in block format which is cryptographically secured and cannot be altered by altering subsequent blocks. Basically it is a public ledger anyone can verify the information on the block but no one can open or alter the data. It can be used to keep track of digital transactions carried out.
Blockchain technology is cryptographically secured which is a key factor driving growth of the global blockchain market. In addition, increasing adoption of blockchain technology in various end use sectors such as financial service, automotive sector, and law etc. is further fuelling growth to the global blockchain market. Moreover, rising demand for secure databases to maintain records and smart contracting from various end users is further expected to boost growth to the global blockchain market over forecast period.
However, complexity in use of blockchain is a key factor restraining growth of the global blockchain market. Additionally, lack of awareness among people, security flaw, human error, and cost of a block are some major factors hampering growth of the global blockchain market.
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With improved digital infrastructure and technological innovation new opportunities are emerging for major market players and overall development of global blockchain market is expected over the next few years.
The global blockchain market report has been segmented on the basis of application, end user, and region. On the basis of region, into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America dominated the global blockchain market in terms of revenue share, owing to presence of appropriate digital infrastructure and increased digital currency transaction ratio by general population in the region. The market in Europe accounted for the second-highest revenue share in the global blockchain market, owing to increasing acceptance of digital currency by general population followed by market in Asia Pacific. Emerging economies in the Asia Pacific such as Japan and China are expected to expand at the highest CAGR of X.X% over the forecast period.
Major market players of the global blockchain market are International Business Machines Corporation (IBM), Microsoft Corporation, Deloitte LLP., BTL Group Ltd., Digital Asset Holdings, LLC, Ripple, Global Arena Holding, Inc., BitFury Group Limited.
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