New York City, 02 March 2020: According to a new
study published by Polaris Market Research “Blockchain Technology Market [By
Application Type (Financial Services, Consumer Products, Technology Media &
Telecom, Healthcare, Transportation, Public Sector); By Regions]: Market size
& Forecast, 2017 – 2026”
Market Overview:
global blockchain technology market is anticipated to reach
USD 16.82 billion by 2026. Also termed as Distributed Ledger Technology (DLT),
blockchain enables secure transaction over a distributed network. Since the
transactions are taken place usually over the network, it is difficult to
reverse the transaction history. Blockchain also eliminates the need of
third-party verifications since the ledgers are shared by all the parties over
the distributed network. These are some of the major factors for adoption of
blockchain technology.
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Top Companies Player :
Chain Inc., Ripple, Eric Industries, Microsoft, Circle
Internet Financial Limited, R3, Samsung, Deloitte, IBM, Deloitte, Linux
Foundation, BTL Group, are some of the prominent players in this market.
Blockchain technology is currently being adopted majorly by
the financial institutions due to its benefits such as reduced infrastructural
costs for reconciling statements, data management settlements etc. It has also
been proven beneficial to increase the transactional speed by eliminating the
need of trusted third party. Bitcoin uses cryptography for securing its
ledgers, thus ensures high security platform for the transactions.
Adoption of blockchain is not limited to the financial
sector, however it is being implemented across different verticals. For
example, with blockchain’s extended support for Internet of Things (IoT), the
technology and telecom vertical is implementing blockchain for initiating a
better coordination between different devices. This sector is also benefitting
from blockchain because of its feature to eliminate the processing fees which
gets levied by third parties. Healthcare vertical is also focusing on blockchain
for securing its important and sensitive data and documents and for securing
its digital assets.
Regional Overview:
The adoption of blockchain can be clearly seen in the North
America followed by Europe at a fast pace. However, the market for blockchain
is gaining traction in Asia Pacific region owing to the developing economies
such as India and China adopting this technology. Countries such as Australia
have already adopted this technology and are developing a private blockchain
for its stock exchange’s clearing and settlement process.
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Key Findings from the
study suggest the largest share of this market in 2017 was of North America, as
there are a fundamentally high number of ventures adopting the blockchain
technology. The technology will have the capacity to help IoT applications in
technology and telecom sector along with the enhanced payment solutions. The
healthcare segment will adopt this this technology owing to secure their
sensitive information. Asia Pacific market is anticipated to grow at a faster
pace because of its changing financial framework which drives the demand for
secure and low-cost online payment transfers. Speculations have been that more
companies would invest in this technology, thus tapping the huge potential in
this market.
About Polaris Market Research
Polaris Market Research is a global market research and
consulting company. The company specializes in providing exceptional market
intelligence and in-depth business research services for our clientele spread
across different enterprises.
Contact Us:
Polaris Market Research
Phone: 1–646–568–9980
Email: sales@polarismarketresearch.com
Web: www.polarismarketresearch.com
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