Published: Sep, 2019
As digital transformation takes the entire world by storm, the blockchain technology market shall expand at a stellar pace. The use of digital ledgers and data storage technologies has generated fresh opportunities for growth within the global market. Moreover, increasing complexity of hardware networks has also played a pivotal role in driving demand within the global blockchain technology market. The customer-centric approach of leading organizations has recalibrated their focus towards digital ledgers and data connection nodes. Hence, blockchain technology is safely one of the most relevant developments in recent times.
The presence of decentralized systems for information-sharing is a prerequisite to foray into the digital age. Moreover, irreversible storage of data on all devices within an industrial setup is also a pressing need of the current scenario. Hence, the global blockchain technology market is slated to expand at a stellar pace in the years to follow. Furthermore, the use of data-mining platforms across large companies has also facilitated market growth. Digital ledgers facilitate homogeneous storage of records across all the networks connected by a blockchain. This is a key consideration for companies aiming to standardize data-sharing and information-storage.
Opinions of Digital Experts on Blockchain Technology
Investments in blockchain technology are expected to resolve the trade-offs faced by stakeholders and angel investors. Furthermore, the employability of blockchain technology in multiple industries including healthcare, finance, and banking has played a vital role in generating fresh revenues for maturing vendors.
However, several experts believe that blockchain technology is still in its early stages, and companies are required to learn of its productive uses. Furthermore, industry leaders have also pointed to the problems of scaling blockchain technology according to organizational models. The organizational setup of certain companies may not be mature enough to embrace the blockchain model. Despite these concerns, blockchain technology continues to witness large-scale deployment across multinational firms and companies. The irreversible need for digital standardization is behind this favourable trend.
Transparency Market Research (TMR), in one of its reports, predicts that the global blockchain technology market would expand at a skyrocketing CAGR of 58.90% over the period between 2016 and 2024. Furthermore, the total value of the blockchain technology market is projected to touch US$20 bn by 2024-end. Industrial relevance of this technology is at the helm of market growth.
Healthcare Industry to Undergo Rapid Changes
The need for patient data has become an indispensable need across the healthcare industry. Furthermore, digital ledgers have become an important part of the healthcare industry. With a view to digitize healthcare records and strengthen the security of patient data, healthcare providers are inducting blockchain technology at a mature pace. Furthermore, the presence of digital identity management systems within healthcare shall increase privacy within healthcare.
The diverse pool of healthcare IT services that currently exist in the industry can be managed through blockchain technology.
The financial sector has also emerged as a prominent user of blockchain technology. Database management, dispelling of electronic information, and software usage are some of the nascent requirements of the finance sector. All of these requirements can be met through the deployment of blockchain technologies across the financial sector. Furthermore, companies can bypass outsourcing of their digital operations by deploying in-house blockchain systems.
Some of the prominent players operating in the global blockchain technology market are Microsoft Corporation, Chain Inc., Digital Asset Holdings LLC, IBM Corporation, Ripple, and Deloitte Touche Tohmatsu Limited.
The review is based on TMR’s 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 global blockchain technology market is segmented as:
- Public blockchain
- Private blockchain
- Consortium blockchain
- Financial services
- Non-financial sector
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Middle East and Africa
- South Africa
- South America
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