Market Research Report
Blockchain Technology Market Size, Share, & Trends Analysis Report By Type, By Component, By Application, By Enterprise Size, By End Use, By Region, And Segment Forecasts, 2019 - 2025
|Published by||Grand View Research, Inc.||Product code||421190|
|Published||Content info||150 Pages
Delivery time: 2-3 business days
|Blockchain Technology Market Size, Share, & Trends Analysis Report By Type, By Component, By Application, By Enterprise Size, By End Use, By Region, And Segment Forecasts, 2019 - 2025|
|Published: July 29, 2019||Content info: 150 Pages||
The global blockchain technology market size is expected to reach USD 57,641.3 million by 2025, registering a CAGR of 69.4% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. Blockchain is the underlying technology that originated in the form of a public ledger to keep a track of all cryptocurrency transactions. The technology works as an electronic transaction-processing and record-keeping system. This allows various participants that are connected to the network, usually public, to track information through a secure network, thereby eliminating the need for any kind of third-party verification.
The market is expected to grow rapidly owing to numerous benefits that it provides, such as eradication of the requirement of a financial institution to validate transactions, reduce duplicative recordkeeping, eliminate reconciliation, minimize error rates, and facilitate faster settlement. With the use of this technology, the 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 help increase the 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 probable opportunity of this technology further includes the instant settlement of various financial transactions and achieving optimized settlement options for the netting and clearing process.