Blockchain Market worth 64.3% CAGR by 2026
" COVID-19 Impact on Blockchain market, size, share, growth, industry analysis and forecast 2020-2026 "
Blockchain is a decentralized distributed digital ledger, a database among various nodes or computing devices. Every demonstrable transaction (data exchange) is recorded in units known as blocks. Blockchain is primarily used as a distributed ledger for cryptocurrencies, specifically bitcoin.
One of the most significant factors driving the blockchain market growth is increasing digitalization, which is why blockchain technology's deployment is gaining much popularity among various industries. Moreover, blockchain technology usage helps minimize the human resources requirement, resulting in fewer human errors, thus performing as a safe and time-efficient tool. The blockchain solutions also help eliminate intermediaries' necessity in application areas, including payments and real estate, causing quicker transactions. This eventually attracts the organizations to digitalize and change the existing systems with a uniform blockchain system.
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Factors generating opportunities for the blockchain market include increasing initiatives from governments, enormous usage of blockchain solutions in banking, the internet of things, cybersecurity, surging demand for real-time data analysis, increased visibility, and enterprising maintenance.
The Blockchain research report titled "Blockchain Market by Providers, Application, End-Use, and Geography – Global Forecast to 2026."
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Applied Blockchain, Blockchain Foundry, Auxesis Group, IBM, BTL Group, AWS, Digital Asset Holdings are the few well-known competitors in the blockchain market.
Factors including the rapid growth of the IT sector and high adoption of blockchain technologies among IT organizations and other industries contribute to the overall market share in the North American region. The Asia Pacific region has a lucrative growth in the blockchain market due to the rising initiatives from government and research institutes.
The report consists of 111 Tables and 69 charts depicting the in-depth market study and the impact analysis of COVID-19. View detailed TOC here.
Blockchain Market by Providers
- Infrastructure Providers
- Middleware Providers
- Application Providers
Blockchain Market by Application
- Smart Contract
- Payment & Wallet
- Digital Identity
- Compliance & Risk Management
Blockchain Market by End User
- BFSI (Banking and Financial Services Insurance)
- IT Services
- Media & Entertainment
- Transportation & Logistics
Blockchain Market by Geography
- North America
- Asia Pacific
- Rest of the World