April 4, 2020
Blockchain Technology

Blockchain Technology Market outlook 2019 shows growth drivers, opportunities and forecast analysis to 2023

The latest market report published by Credence Research, Inc. on the global blockchain technology market was valued at US$ 482.1 million in 2016, expanding from 2017 to 2025 at a CAGR of 55.5%.

Blockchain technology is one of the most promising upcoming information technology trends. It enables a ledger that parties involved in the transaction can access and act as the universal, irrefutable depository of all transactions between the parties involved.

The numerous benefits of developing such a platform have already attracted attention and, therefore, investments from the financial sector as well as many technological giants. Recent technology investments were made by various financial institutions in association with key technology players to further improve the efficiency of the underlying financial processes and help minimize the risk. Not only does the technology hold the ability to disrupt the way the financial sector often works, it will also have conclusive effects, among others, on non-financial industries including consumer goods, technology, and media & telecom.

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IBM Corporation (U.S.), Deloitte (U.S.), Ripple (U.S.), Chain, Inc. (U.S.), Abra, Inc. (U.S.), BitFury (U.S.), Coinbase (U.S.), Circle Internet Financial Limited (U.S.), Digital Asset Holdings (U.S.), Blockchain Tech Ltd (Canada), Global Arena Holding, Inc. (U.S.), Digital CC Ltd (Australia), 21 Inc. (U.S.), and Earthport (U.K.). Stakeholders of the blockchain technology market include service providers, consulting firms, IT service providers, and technology providers.

BFSI sector’s growing interest and increasing merchants accepting cryptocurrencies offer huge growth potential. Artificial intelligence-powered block chain technology is gaining huge traction. Legislative uncertainty

Research methodology applied for this study:

Methodology of this research study includes primary and secondary research for defining the market size, shares and forecast for global BLOCK CHAIN TECHNOLOGY market specific to key segments, and regional segmentation.

  1. Secondary Research

Secondary research was initiated with data collected through sources such as press releases, company annual reports, and relevant documents focusing on the current developments in the global BLOCK CHAIN TECHNOLOGY market. Authentic sources such as university research papers, scientific journals, and government websites were similarly screened for identifying business opportunities in several geographical markets and penetration of various products/services in these geographies. Paid databases were excavated to assemble information beneficial for broad commercial study of the key players operating in BLOCK CHAIN TECHNOLOGY market. In case lack of data availability on the public domain, we used estimation models to arrive at comprehensive data sets. Secondary research helped to create a firm base to build market size, analyze trends, and understand the dynamics of BLOCK CHAIN TECHNOLOGY market study.

  • Primary Research

The exhaustive secondary research practiced was supported & validated by extensive primary research. Primary research was carried out with the help of e-mail interactions, telephonic interviews, as well as face-to-face interviews with the leading industry stakeholders.

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