The global blockchain technology market has been foreseen to attain growth while riding on some powerful factors such as increasing digitalization observed across a range of industries worldwide.
Albany, NY -- (SBWIRE) -- 12/12/2017 -- MarketResearchReports.biz has publicized the addition of an information and communications technology (ICT) report bearing the title "Blockchain Technology Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024." In this report, the researchers have provided Porter's Five Forces Analysis and an important account of the technology evolution of the market. It has offered a broad discussion on key trends and future growth possibilities of the market along with a study on growth drivers and restraints.
According to the analysts authoring the report, the world blockchain technology market could see itself rising on the back of increasing fintech investments and financial companies and blockchain technology vendors entering into partnerships. Other factors such as swelling investments in startups involved in the blockchain technology business have been prophesied to set the tone for significant growth of the market. This could help market players to cash in on some crucial opportunities in the industry and ensure a strong growth prospect in the coming years. The banking and financial sectors have been forecast to offer ample of opportunities in the market.
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The report authors have segmented the world blockchain technology market as per type and application. With regard to application, there could be two segments critical for market growth, i.e. non-financial sector and financial services. In terms of type, the market has been divided into consortium blockchain, private blockchain, and public blockchain. The report has also classified the market based on regions such as South America, the Middle East and Africa (MEA), Asia Pacific (APAC), Europe, and North America. All of these regions have been studied with a further classification as per country.
During the course of the forecast tenure, APAC has been predicted to showcase a higher growth rate compared to other regions of the international blockchain technology market. On the basis of market size, North America could secure a leading position in the market for the coming years. However, South America and the MEA have been in the early stages of adoption, which could be a reason for their relatively slower growth in the market. Nonetheless, Africa could augment the demand for blockchain technology while relying on the projected rise of the banking sector.
In the recent years, the international blockchain technology market has witnessed massive venture capital investments in startups, giving an explanation for the optimistic growth projected for the future years. Furthermore, the market has been prognosticated to testify a large wave of mergers and acquisition taking shape in the foreseeable future. Besides banking and finance, blockchain technology could also be adopted in healthcare and music.
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The analysts have offered the competitive matrix of the worldwide blockchain technology market along with a strengths, weaknesses, opportunities, and threats (SWOT) analysis of key companies. Moreover, the report has provided an account of important business strategies adopted by important players operating in the market. The market could witness the presence of leading vendors such as Chain Inc., R3, IBM Corporation, Deloitte Touche Tohmatsu Limited, and Microsoft Corporation. Readers of the report have been offered with the company profiling of top contributors to the market, viz. Ethereum Foundation, and the project Hyperledger.