According to a new report published by Allied Market Research, titled, Blockchain Distributed Ledger Market by Type and End User: Global Opportunity Analysis and Industry Forecast, 20172023, the global blockchain distributed ledger market accounted for $228 million in 2016, and is expected to reach $5,430 million by 2023, growing at a CAGR of 57.6% from 2017 to 2023. In 2016, North America dominates the global market, in terms of revenue, accounting for more than 40% share of the global market, followed by Europe.
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Negligible fees for transaction in blockchain distributed ledger applications, elimination of third parties in business deals, and less chances of fraud & identity theft are the key drivers for the growth of global blockchain distributed ledger market. Moreover, increase in awareness toward blockchain distributed ledger applications among people is expected to provide lucrative opportunities to market players. Private blockchain is the leading segment in the global market, and is expected to maintain this trend throughout the forecast period. However, public blockchain segment is expected to witness significant growth in the future, as public blockchain is used in web-based control panels.
The BFSI sector is projected to maintain its lead in the end-user segment. In the emerging economies, business and technology are connected to each other through digital economy, where blockchain creates a whole new paradigm. Recently governments, central banks, private banks, and online banks of all types have shown a great deal of interest in distributed ledgers and block chain technology.
North America is expected to maintain its dominance throughout the forecast period, owing to the presence of key companies in the region Moreover, advancements internet payments are expected to boost the growth, especially in Asian countries such as China, Japan, South Korea, and India.
Asia-Pacific is projected to grow at the highest CAGR during the forecast period, owing to increase in Internet transitions, upsurge in use of Internet, and rise in adoption of advanced technologies. Furthermore, increase in pay management devices across China, Japan, India, and South Korea to cater to the end user needs, such as banking, real estate, stock market, and virtual currency, has supplemented the market growth.
The major players such as Chain Inc., IBM Corporation, Accenture PLC, Eris Industries, Intel Corporation, Deloitte, Blockchain Tech Ltd., Microsoft Corporation, Digital Asset Holdings, and Earthport have adopted new technology launch as their key strategy to expand their market foothold.
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