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The market in North America is expected to be dominant in the global blockchain market. This is owing to rising awareness and increasing applications of this technology in various segments
Blockchain Market - Global Industry Insights,
Trends,2017-2025
Blockchain technology is a decentralized software program that establishes a digital register,
which enables in protected online payment transactions. These transactions are recorded in
the register from a number of computers. The register maintains a continuous set of data
containing information about the transaction records without changing the transaction
information. The data in the register is maintained in the form of lists, which are organized in
Blocks for each time period. These Blocks consists of information about the transactions, and
provides a reference to the previous Block, thus, the present Block links to the prior Block to
form a Blockchain. Generally, one Block contains the information about a set of transactional
records for a particular period of time or fixed memory size.
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Blockchain permits applicants to authenticate and review transactions. Blockchain-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. Rising popularity of these ledger
chains has led significant increase in total capital investments in cryptocurrencies. As of
December 2017, according to CoinMarketCap, a cryptocoin price market capital tracker, total
market capitalization of the cryptocurrencies was valued at over US$ 500 billion from around
US$ 18 billion in 2016.
Blockchain protocol has application in various segments such as Initial Coin Offering
institutions, digital currency providers, blockchain stocks, peer-to-peer lender, banking,
financial services, and insurance (BFSI), and information technology to perform digital
transactions, securely. Owing to this factor, blockchain-based systems are increasingly being
adopted by financial sectors including digital currency providers, banking, financial
institutes, and insurance.
Blockchain technology can be used to build a permanent and transparent ledger system for
gathering data on exchanges, real-time tracking of digital transaction and payments, and to
prevent frauds and errors, are also factors expected to boost the blockchain technology
market growth.
Additionally some major applications of blockchain includes use in cryptocurrencies such as
Bitcoin, Black coin, Dash and Nxt; and blockchain platform such as Factom as a distributed
registry; Gems of decentralized messaging, Storj and Sia for distributed cloud storage; and
Tezos for decentralized voting.
Blockchain Market​ ​Taxonomy:
On the basis of offering, blockchain market segmented into:
● Hardware
○ GPU
○ FPGA
○ ASIC
○ Microprocessors
○ Memory
● Software
○ Platform
○ Solution
On the basis of market type, blockchain market segmented into:
● Private
● Public
● Consortium
On the basis of end-user industry, blockchain market segmented into:
●
●
●
●
●
●
Initial Coin Offering Institutions
Digital Currency Providers
Blockchain Stocks
Peer to Peer Lender
Banking, Financial Services, and Insurance (BFSI)
Information Technology
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Regional Insights
The blockchain market is expected to be segmented on the basis of geography in North
America, Europe, Asia Pacific, Latin America, and Middle East and Africa regions. The
market in North America is expected to be dominant in the global market. This is owing to
rising awareness and increasing applications of this technology in various segments. For
instance, U.S. Department of Energy is exploring the application of blockchain technology
for the management of next-generation power grids.
Rising demand for e-Commerce in emerging economies in Asia Pacific region such as China
and India is another factor for growth of the markets. According to Coherent Market Insights’
analysis, in 2016, China accounted for over 63% of digital buyers in Asia Pacific followed by
India and Japan. Hence, Asia Pacific accounted for over 10% of global retail e-Commerce
sales in 2016. This is owing to increasing implementation and improving blockchain services
in this region. Blockchain technology is used in e-Commerce for gathering data on
exchanges, real-time tracking of digital transaction, and payments. Increased adoption and
development of Bitcoin in China is expected to fuel growth rate of blockchain market in Asia
Pacific region. According to Coherent Market Insights, in 2017 the number of Bitcoin users
in China are relatively high and over 80% of Bitcoin transactions are done in the Chinese
Yuan.
Competitive Insights
Key players in this market are focusing on new application areas for this technology. For
instance, in April 2017, IBM partnered with ASCAP and PRS for implementing blockchain
technology in music distribution to improve data accuracy.
The key market players in the Blockchain industry include IBM Corporation, Microsoft
Corporation, Amazon.com, Inc., SAP SE, Intel Corporation, Samsung Group, NVIDIA
Corporation, Xilinx, Inc., AMD, Inc., Siemens AG, Accenture Plc, and Infosys Ltd.
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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering
action-ready syndicated research reports, custom market analysis, consulting services, and
competitive analysis through various recommendations related to emerging market trends,
technologies, and potential absolute dollar opportunity.
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#3200
Seattle, WA 98154
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apeksha motghare
apeksha motghare508   documents Email
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