The global blockchain technology market size is expected to reach USD 7.59 billion by 2024, according to a new report by Radiant Insights, Inc., registering a 37.2% CAGR during the forecast period. Increasing demand for this technology across financial services, consumer or industrial products, technology, media and telecom, healthcare, transportation, and public sectors is largely responsible for market growth.
Blockchain technology works as an electronic transaction-processing and record-keeping system. This allows various participants who are connected to the network, usually public, to track information through a secure network, thereby eliminating the need for any kind of third-party verification. Increasing online transactions, digitization of currency, and secure online payment gateways are few of the major factors expected to fuel demand over the coming years.
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The market is expected to exhibit significant growth owing to abundant benefits provided by this technology, such as eliminating need for any financial institution to authenticate transactions, eliminating reconciliation, reducing duplicative recordkeeping, facilitating faster settlement, and minimizing error rates. This technology allows access to databases from everywhere, thereby allowing multiple institutions to use it simultaneously to bring different systems nearer and help improve efficiency.
Major growth drivers include growing interest of the BFSI sector and increasing merchants accepting cryptocurrencies. The probable opportunity of this technology further includes instant settlement of various financial transactions and achieving optimized settlement options for netting and clearing process.
Further key findings from the report suggest:
• In order to improve the efficiency of the underlying financial processes and help minimize risks, investments have been made in the technology by various financial institutions in association with key technology players
• The public blockchain network segment is anticipated to witness significant growth over the forecast period, registering a CAGR of 39.2%. The market is still in the development phase and is, therefore, marked by an extensive presence of new developments in the technology and its integration
• Blockchain technology will also enable an irrevocable immediate settlement that will, in turn, restrict any kind of transactional changes once the request has been processed. These technological changes are expected to fuel market growth
• Some of the prominent vendors in the market are Chain Inc.; Circle Internet Financial Limited; Digital Asset Holdings; Eric Industries; IBM Corporation; Linux Foundation; Post-Trade Distributed Ledger; R3; Ripple; and Safello.
Browse Full Research Report with TOC @ https://www.radiantinsights.com/research/blockchain-technology-market
Table of Contents
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope and Assumptions
1.3 List of Data Sources
Chapter 2 Executive Summary
2.1 Blockchain Technology - Industry Snapshot & Key Buying Criteria, 2015 - 2024
2.1.1 Global blockchain technology market, 2015 - 2024
Chapter 3 Blockchain Technology Industry Outlook
3.1 Market Trends and Outlook
3.2 Market Segmentation and Scope
3.3 Market Size and Growth Prospects
3.4 Value Chain Analysis
3.5 Blockchain Technology - Market Adoption Timelines
3.5.1 Market driver analysis
3.5.1.1 Increasing merchants accepting cryptocurrency
3.5.1.2 Growing market for alternative cryptocurrencies
3.5.1.3 Growing interest in blockchain among financial institutions
3.5.2 Market restraint analysis
3.5.2.1 Regulatory uncertainty
3.5.3 Market opportunity analysis
3.5.3.1 Instant settlement of financial transaction
3.5.3.2 Netting and clearing process to achieve optimized settlement
3.6 Blockchain Technology - Key Opportunities Prioritized
3.6.1 Banking and financial institutions
3.6.2 Consumer products
3.6.3 Technology, media, and telecommunication
3.6.4 Healthcare, transportation, and public sector
3.7 Blockchain Technology - Porter’s Analysis
3.8 Blockchain Technology - PEST Analysis
Chapter 4 Blockchain Technology Application Outlook
4.1 Blockchain technology market share by application, 2015 & 2024
4.2 Financial services
4.2.1 Blockchain technology market in financial services, 2015 - 2024
4.3 Consumer products
4.3.1 Blockchain technology market in consumer products, 2015 - 2024
4.4 Technology, media, & telecommunications
4.4.1 Blockchain technology market in technology, media, & telecommunications, 2015 - 2024
4.5 Healthcare
4.5.1 Blockchain technology market in healthcare, 2015 - 2024
4.6 Transportation
4.6.1 Blockchain technology market in transportation, 2015 - 2024
4.7 Public sector
4.7.1 Blockchain technology market in public sector, 2015 - 2024
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media
About Radiant Insights
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assists and facilitate organizations and individuals procure market research reports, helping them in the decisions making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
Media Contact:
Company Name: Radiant Insights, Inc
Contact Person: Michelle Thoras
Phone: (415) 349-0054
Toll Free: 1-888-928-9744
Address: 201 Spear Street 1100, Suite 3036,
City: San Francisco; State: California; Country: United States
Email: sales@radiantinsights.com
Website: https://www.radiantinsights.com/
Blockchain technology works as an electronic transaction-processing and record-keeping system. This allows various participants who are connected to the network, usually public, to track information through a secure network, thereby eliminating the need for any kind of third-party verification. Increasing online transactions, digitization of currency, and secure online payment gateways are few of the major factors expected to fuel demand over the coming years.
Download Free Sample Report @ https://www.radiantinsights.com/research/blockchain-technology-market/request-sample
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| Blockchain Technology Market |
The market is expected to exhibit significant growth owing to abundant benefits provided by this technology, such as eliminating need for any financial institution to authenticate transactions, eliminating reconciliation, reducing duplicative recordkeeping, facilitating faster settlement, and minimizing error rates. This technology allows access to databases from everywhere, thereby allowing multiple institutions to use it simultaneously to bring different systems nearer and help improve efficiency.
Major growth drivers include growing interest of the BFSI sector and increasing merchants accepting cryptocurrencies. The probable opportunity of this technology further includes instant settlement of various financial transactions and achieving optimized settlement options for netting and clearing process.
Further key findings from the report suggest:
• In order to improve the efficiency of the underlying financial processes and help minimize risks, investments have been made in the technology by various financial institutions in association with key technology players
• The public blockchain network segment is anticipated to witness significant growth over the forecast period, registering a CAGR of 39.2%. The market is still in the development phase and is, therefore, marked by an extensive presence of new developments in the technology and its integration
• Blockchain technology will also enable an irrevocable immediate settlement that will, in turn, restrict any kind of transactional changes once the request has been processed. These technological changes are expected to fuel market growth
• Some of the prominent vendors in the market are Chain Inc.; Circle Internet Financial Limited; Digital Asset Holdings; Eric Industries; IBM Corporation; Linux Foundation; Post-Trade Distributed Ledger; R3; Ripple; and Safello.
Browse Full Research Report with TOC @ https://www.radiantinsights.com/research/blockchain-technology-market
Table of Contents
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope and Assumptions
1.3 List of Data Sources
Chapter 2 Executive Summary
2.1 Blockchain Technology - Industry Snapshot & Key Buying Criteria, 2015 - 2024
2.1.1 Global blockchain technology market, 2015 - 2024
Chapter 3 Blockchain Technology Industry Outlook
3.1 Market Trends and Outlook
3.2 Market Segmentation and Scope
3.3 Market Size and Growth Prospects
3.4 Value Chain Analysis
3.5 Blockchain Technology - Market Adoption Timelines
3.5.1 Market driver analysis
3.5.1.1 Increasing merchants accepting cryptocurrency
3.5.1.2 Growing market for alternative cryptocurrencies
3.5.1.3 Growing interest in blockchain among financial institutions
3.5.2 Market restraint analysis
3.5.2.1 Regulatory uncertainty
3.5.3 Market opportunity analysis
3.5.3.1 Instant settlement of financial transaction
3.5.3.2 Netting and clearing process to achieve optimized settlement
3.6 Blockchain Technology - Key Opportunities Prioritized
3.6.1 Banking and financial institutions
3.6.2 Consumer products
3.6.3 Technology, media, and telecommunication
3.6.4 Healthcare, transportation, and public sector
3.7 Blockchain Technology - Porter’s Analysis
3.8 Blockchain Technology - PEST Analysis
Chapter 4 Blockchain Technology Application Outlook
4.1 Blockchain technology market share by application, 2015 & 2024
4.2 Financial services
4.2.1 Blockchain technology market in financial services, 2015 - 2024
4.3 Consumer products
4.3.1 Blockchain technology market in consumer products, 2015 - 2024
4.4 Technology, media, & telecommunications
4.4.1 Blockchain technology market in technology, media, & telecommunications, 2015 - 2024
4.5 Healthcare
4.5.1 Blockchain technology market in healthcare, 2015 - 2024
4.6 Transportation
4.6.1 Blockchain technology market in transportation, 2015 - 2024
4.7 Public sector
4.7.1 Blockchain technology market in public sector, 2015 - 2024
Read all Reports of this category @ https://www.radiantinsights.com/catalog/technology-and-
media
About Radiant Insights
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assists and facilitate organizations and individuals procure market research reports, helping them in the decisions making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
Media Contact:
Company Name: Radiant Insights, Inc
Contact Person: Michelle Thoras
Phone: (415) 349-0054
Toll Free: 1-888-928-9744
Address: 201 Spear Street 1100, Suite 3036,
City: San Francisco; State: California; Country: United States
Email: sales@radiantinsights.com
Website: https://www.radiantinsights.com/
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