In a recent published report, Kenneth Research has updated the Market report for Blockchain Technology Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Blockchain Technology Market Products.
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Blockchain technology is being increasingly used in the BFSI segment for financial transactions and cross-border payments. In the Banking and financial sector, it is utilized to secure payments, maintain customer identities, settle cross-border payments, etc. The global Blockchain market is expected to grow at a CAGR of 42.8% (2018-2023) leading to global revenue of USD 19.9 Bn by 2023.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017.
Blockchain technology is also employed in Healthcare Sector, Supply Chain Management, Energy, Media, and Informatics, etc. Banking financial services and insurance (BFSI) together holds the largest share. Blockchain in retail industry under Supply chain management is the fastest growing sector.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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Blockchain Technology market is further classified into three main types based on its users’ accessibilities – Public Blockchain Technology, Private Blockchain Technology, and Mixed Blockchain Technology. Public Blockchain technology dominates the market. The US dominates in Blockchain patents application. About half of the total Blockchain patents applied is primarily for financial use.
Key growth factors:
Financial Technology (FinTech) companies are planning to invest a part of their total investment in the distributed ledge technology, i.e., Blockchain. The technology being decentralized attracts the banking sector to adopt the technology. The Blockchain technology market is expected to have a positive growth shortly owing to less time consumption, transparent nature that also requires less transaction cost.
Threats and key players:
Although the Blockchain market is expected to have a positive growth globally, still, there is lack of awareness, regulation problem, ideology clash hinders the adoption of the technology.
Some of the Blockchain technology providers in the Blockchain market are Microsoft Corporation, IBM, Accenture, Deloitte, etc.
What’s covered in the report?
o Overview of the Blockchain technology market.
o Current and forecasted market size data for Global BFS, Insurance, supply-chain, healthcare, others.
o Current and forecasted regional (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) market size data for Blockchain technology market.
o Current and forecasted market size data for Global Public, Private, Mixed Blockchain technology
o Analysis of Companies profiles of major public and private players operating in the market
o Blockchain Technology patent analysis
o Key Opportunity for Blockchain technology market
o Market Trends in global Blockchain technology market
Why buy?
o Get a broad understanding of the Blockchain technology application in BFS, Insurance separately along with its use in Supply-chain management, healthcare, others.
o Get Region-specific drivers and challenges affecting the Global Blockchain Technology market
o Recognize significant competitors’ business and market dynamics, and respond accordingly
Customizations Available
With the given market data, Kenneth Research offers customizations according to specific needs. Write to us at info@netscribes.com
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
For More Reports:
Europe Robo-advisory Market
Asia-Pacific Robo-advisory Market
Cybersecurity in Financial Services Market
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