Zion Market Research published new report on “BlockChain Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024” in its database.
Blockchain Market: Overview
The overall mechanism of the blockchain can be defined as a list of records, termed as blocks that expand constantly. This overall block is secured and linked through cryptography. Every block in the chain has a cryptographic hash that links to the previous block, transaction data, and a timestamp. It records the transaction amid two separate parties in a permanent and verifiable manner, as it works as a distributed ledger. The data once recorded in the block cannot be altered retroactively. At the current stage, the blockchains have majorly influenced the financial segments as it has been widely deployed for transactions.
Blockchain Market: Segmentation
The global blockchain market is broadly segmented on the basis of provider, application, size of the organization, and verticals. In terms of provider, the blockchain market is broadly segmented as Middleware Provider, Application and Solution Provider, and Infrastructure & Protocols Provider. Further based on the application, the global blockchain market is bifurcated as supply chain management, payments, documentation, exchanges, digital identity, smart contracts, risk, governance, and compliance management, and others. Moreover, the global blockchain market is can also be bifurcated based on the size of the organization, this includes small and medium-sized enterprises and large enterprises. In addition, based on the industry vertical the global blockchain market is also segmented according to diverse verticals, this include Travel and Hospitality, Healthcare and Life Sciences, Banking, Financial Services, and Insurance, Retail and E-commerce, Transportation and Logistics, IT and Telecommunication, Media and Entertainment, Government and Public Sector, and others.
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Blockchain Market: Growth Factors
The global blockchain market is witnessing an accelerated growth owing to the facility of the rapid transaction, growing influence of cryptocurrency capital, utilization of blockchain as a service, simplified and transparent business process, and a decline in the ownership cost. On the other hand, drastic change in supply chain management and international trade, the latest development of programmable blockchain platforms, growing numbers in terms of blockchain adoption for digital identities, payments, smart contracts, and growing importance for communications service providers has created some major opportunities for the global blockchain market. The global blockchain market is also restrained to some extent owing to lack of standards and awareness, and indecisive regulatory status.
Blockchain Market: Regional Analysis
Geographically, North America leads the global blockchain market and holds the majority of the share owing to the largest adoption of share blockchain solutions and rising investment for the development focusing on faster procedure and transactions. The implementation of this technology has drastically changed the business methods across the globe. Other regions such as Europe and the Asia Pacific are also anticipated to make rapid progress in the blockchain technology. And they are expected to make rapid growth in the blockchain market from a global perspective.
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Blockchain Market: Competitive Players
Some of the renowned and leading competitive players that have an appreciable contribution in the global blockchain market include Coinbase, AWS, BTL Group, Microsoft, Alphapoint, Earthport, Factom, Chain, Inc, IBM, Bitfury, Ripple, Digital Asset Holdings, and Abra.