Blockchain Technology Market to Rise at a Phenomenal 58.9% CAGR Till 2024; Rising Adoption of Cryptocurrency to Fuel Growth - TMR

ALBANY, New York, March 19, 2019 /PRNewswire/ -- According to a recently launched report by TMR, the global blockchain technology market was noted at US$315.9 mn gained in 2015. The market is expected to rise at an astonishing CAGR of 58.9% during the forecast period that is from 2016 to 2024.Rising at this CAGR, the global blockchain technology market is likely to attain a valuation of US$20 bn by 2024.

The competitive landscape of the blockchain technology market is highly fragmented in nature. This is because of the presence of several emerging vendors as well as well-known players in the market, notes Transparency Market Research (TMR). Players operating in the global blockchain technology are increasing their venture capital funding and investments in the blockchain technology in order to tap growth in the global blockchain technology. Some of the predominant players operating in the global blockchain technology market are IBM, Microsoft, SAP, Oracle, Bitfury, Cegeka, Intel, AWS, Earthport, Guardtime, Digital Asset Holdings, Chain, Huawei, BlockCypher, and Symbiont.

Get PDF Brochure for Research Insights at  https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=18437   

On the basis of geography, North America is expected to lead the global blockchain technology market in the coming years. This is mainly because of the presence of several players in the region and rising adoption of crypocurrency in retail and other distribution chain. Based on application, Private Blockchain technology market is projected to hold maximum share in the market.

Blockchain Technology to Grow Owing to Increasing Need for Secure Digital Transaction

Transaction transparency and reduced cost of transaction are the two primary drivers behind increasing adoption of blockchain technology by business leaders. Blockchain refers to a distributed ledger technology that records transaction data into blocks. These blocks are linked to each other in proper linear, chronological order like a chain. This is the reason blockchain transaction is immune to digital malpractices such as hacking.  Owing to the immense benefits, several business units are adopting blockchain technology as their preferred transaction mode. The higher adoption of blockchain technology is another factor expected to expand the global blockchain technology market in future. 

Request a Sample of Report at https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=18437   

Apart from this, the blockchain technology also offers trustless exchange, and empowers users to control all their information and transactions. In addition to this, rapid evolution of new breed of programmable blockchain technology platforms is expected to boost the global blockchain technology market in future. Moreover, increasing blockchain based smart contracts by the organization is propelling the blockichain technology market. This is because of the several advantages of blockchain technology like reduce the costs of verification, execution, and fraud prevention.

Have Any Query? Ask Our Industry Expert: https://www.transparencymarketresearch.com/sample/sample.php?flag=ASK&rep_id=18437   

Apprehensions Regarding Authenticity of Block Technology to Hinder Growth

The blockchain technology is still in experimental phase mostly in emerging economies. People are hesitating the adoption of this technology because of lack of awareness. Apart from this, stringent government rules on cryptocurrency transaction is limiting the growth of the blockchain technology.

However, high compatibility with the financial services industry ecosystem, low infrastructure cost, rapid transactions, and reduced total cost of ownership are a few factors which is expected to fuel higher adoption of blockchain technology among users.

Request For Discount On This Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=18437   

This review is based on Transparency Market's Research report, titled" Blockchain Technology Market (Type - Public Blockchain, Private Blockchain, and Consortium Blockchain; Application - Financial Services and Non-financial Sector) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 ? 2024."

The Blockchain technology market is segmented as follows:

Type

• Public blockchain
• Private blockchain
• Consortium blockchain

Application

• Financial services
• Non-financial sector

Geography

• North America
• The U.S.
• Canada
• Europe
• The U.K.
• Germany
• France
• Asia Pacific
• India
• China
• Japan
• Australia
• Middle East and Africa
• GCC
• South Africa
• South America
• Brazil
• Argentina

Popular Research Reports by TMR:

• Workload Automation Software Market - https://www.transparencymarketresearch.com/workload-automation-software-market.html   
• Wireless Micrometer Market - https://www.transparencymarketresearch.com/wireless-micrometer-market.html  
• Voice Communication Equipment Market - https://www.transparencymarketresearch.com/voice-communication-equipment-market.html  

About Us

Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.

Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.

Contact:
Mr. Rohit Bhisey
Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: [email protected]
Website: https://www.transparencymarketresearch.com 
Research Blog: https://tmrblog.com/

SOURCE Transparency Market Research