Published on : Apr 04, 2017
Albany, New York, April 04, 2017: The report on the global blockchain technology (BT) market presents a detailed analysis on the current market outlook, key market dynamics, prominent trends, technological advances, market share and size of major segments, and regulatory environment. The research analysis provides in-depth insights into new developments in the blockchain technology and assesses their impact on competitive dynamics in major regions.
The factors affecting the technology adoption by businesses across various industry verticals are highlighted. The study takes a closer look at the recent investment trends of key financial technology companies developing innovative solutions and evaluates their impact on creating opportunities for several players. The research report estimates the global blockchain technology market is forecast to rise at a whopping CAGR of 55.59% from 2017 to 2021.
Blockchain, an advanced ledger management system, has emerged as the fundamental technology underlying bitcoin network and has gained increased popularity worldwide with the potential to transform the global financial system. The blockchain technology market is primarily driven by an upsurge in spending by financial technology service providers to develop advanced payment solutions for various financial firms. The increased adoption of blockchain technology to significantly improve back-end operations of various firms has fueled the market. In addition, the transformative potential of the blockchain technology to create secure and tamper tamper-proof ledger in sectors such as BFSI, healthcare, and law has spurred the growth of the market.
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The implementation of artificial intelligence (AI) in blockchain technology to create a programmable economy is an encouraging trend in the market. Coupled with this, the growing popularity of the IoT to augment the capability of a blockchain-based networking is expected to unlock exciting opportunities for market players. In addition, the spiraling investment by venture capitalists is anticipated to create lucrative avenues for several market players.
AI is instrumental in managing decentralized financial system that is bereft of any control by centralized parties involved in the creation and transfer of money and other assets. The inherent potential of blockchain technology when combined with IoT is expected to give rise to peer-to-peer network. Forward-looking organizations are actively considering leveraging the potential of blockchain technology to create distributed autonomous organizations (DAOs).
A large number of investors use blockchain technology gain access to crucial information that will enable them make strategically motivated investment decisions. This is likely to expand the potential of the market.
Several players provision blockchain technology solutions from vendors rather than developing the solutions in-house. Companies eyeing a sustained market share are offering interactive and innovative BT solutions across various regions. Major players operating in the BT market include Accenture, IBM, Microsoft, Axoni, BlockCypher, BTL Group, BitFury Group, Chain, ConsenSys, Deloitte, Ethereum, Provenance, Global Arena Holding, Ezyremit, Ripple, and Tata Consultancy Services Limited.
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