ReportLinker Details Blockchain Technology Market Analysis
Market research solution provider, ReportLinker, which finds and organizes the latest industry data, has released a new report. This report breaks down blockchain technology market analysis into sections covering the type of blockchain, the applications of blockchain, by region, along with giving a forecast for the 2015-2024 period. The report also examines some companiesinvolved in the blockchain scene.
The global blockchain technology market is expected to reach USD 7.74 billion by 2024, according to a new report by Grand View Research, Inc. The increasing adoption of the technology in the financial services sector and expected adoption across the public sector and healthcare segments are a couple of the major factors that are expected to fuel the demand for the market.
Expectation is for rapid growth due to numerous benefits that blockchain has the potential to provide across a huge variety of markets, such as eradication of the requirement of a financial institution to validate transactions, reduce duplicative record keeping, eliminate reconciliation, minimize error rates, and facilitate faster settlement. With the use of the technology, databases could become universal in nature, thereby allowing multiple institutions to use it at the same time to bring various different systems closer together and increase speed and efficiency.
The increasing demand for this technology across financial services, consumer or industrial products, technology, media & telecom, healthcare, transportation, and public sector is largely responsible for driving the market toward growth. The major drivers include the growing interest of the BFSI sector and increasing merchants accepting cryptocurrencies, among others. The opportunity of blockchain further includes the instant settlement of various financial transactions and achieving optimized settlement options for the netting and clearing process.
Further key findings from the report state that recent investments have been made in the technology by various financial institutions in association with key technology players to further improve the efficiency of the underlying financial processes and help minimize the risk. Additionally, the technology will be able to support IoT applications, book keeping in the healthcare sector, instantaneous payments in the transportation segment, and maintenance of records for land ownership by the governments in the public sector.