October 14, 2019 by Market-NewsFlash
As per the latest report published by Market Research Future (MRFR), the global blockchain technology market is set to exhibit a robust CAGR of 66.4% during the forecast period (2018-2023) and reach a valuation in excess of USD 7,000 Mn. Blockchain is viewed as a disruptive technology that allows decentralization of ledgers and database activities.
Blockchain technology finds application opportunities in various domains. The telecommunication sector is increasingly utilizing blockchain for applications such as smart contracts, billing, roaming services and identity as a service. Some of the other industrial verticals that are focusing on leveraging blockchain include packaging, retail, and banking.
Financial service providers are integrating their digital database and ledger record platforms with blockchain for real-time transaction settlement. Using blockchain, companies can enhance trade accuracy, speed up the settlement process, and reduce risks.
Blockchain technology offers secure and faster payment services with the help of cryptography technology which keeps the data encoded until it will reach to receiver. The increase in adoption of blockchain technology in the financial services sector, public sector and healthcare segments are other prominent factors that is expected to fuel the market.
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MRFR’s report includes a comprehensive segmental analysis of the market based on service provider, service provider, organization size, application and end-user. By service provider, the market has been segmented into middleware provider, protocol provider, application and solution provider, and infrastructure. The application and solution provider segment is likely to retain its dominant position throughout the assessment period.
In 2017, the segment stood at USD 148.9 Mn and is set to exhibit a strong growth over 2023. By organization size, the market has been segmented into large enterprises and small and medium size enterprises. The large enterprises segment accounts for the market share. The segment is expected to surpass a market valuation of USD 4,200 Mn by the end of the forecast period. Large enterprises are investing heavily in blockchain to harness the technology and improve operational efficiency.
By application, the market has been segmented into payment & transactions, digital identity, exchanges, smart contracts, documentation and others. The payment & transactions segment is expected to retain its pot position over the forecast period. By the year 2023, the segment is expected to stand at a market valuation of over USD 2,000 Mn. Blockchain is transforming the overall payment and transaction infrastructure and facilitating a greater degree of transparency and accountability.
Giants In Industries:
Hewlett Packard, Deloitte Touche Tohmatsu Limited, Accenture PLC, Cyber Infrastructure Pvt. Ltd, Empirica S.A, Oracle Corporation, Amazon Web Services, Inc., IBM Corporation, Enterprise Company, Solulab Inc., Infosys Limited, and Microsoft Corporation are some of the key companies mentioned in the MRFR’s report.
Brows full insights:
Blockchain Technology Market Will Surge at 66.41% Compound Annual Growth Rate (Cagr) During the…Read on marketresearchfuture.com
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