The origin of blockchain technology emerged from the need to decentralize data ledgers, and to create a public transaction ledger. Due to a transparent record-keeping process, the technology is secure by design. Since the inception of cryptocurrencies, a multitude of blockchain-based applications has spilled into the BFSI, healthcare, and retail industries. With the addition of every new industry, the potential of market growth for blockchain technology takes another leap forward. Research Optimus (ROP) has revealed that a compound annual growth rate (CAGR) of 66% during the 2018 - 2023 period is on the cards.
While the market growth is expected to have an upward trend, the report emphasizes the fact that security and scalability are still proving to be major obstacles and estimates that full blockchain integration could meet some unforeseen delays.
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ROP puts forward a detailed analysis with a revenue forecast spanning five years. They were able to draw up anticipated future blockchain trends based on research documents and discussions on technical implications. The research primarily analyzed most of the blockchain service providers and applications, with specific focus on payment & transaction, relevant documentation, smart contracts, and digital entity. Among some of the industries listed are healthcare and life sciences; retail, travel and hospitality; real estate and construction; IT and telecommunications; and government.
The report draws encompassing views across several platforms by making use of ROP’s report as a scope of research into the global market for blockchain technology. Research is listed accordingly:
Since blockchain technology has grown in such amazing ways, one expects the research component to include application and solution providers, middleware, infrastructure, and protocol providers.
While most large enterprises are the first under the spotlight, it is small and medium enterprises that need to be observed to fully grasp the influence that blockchain technology has had.
From an application viewpoint, the key factors to consider while researching blockchain technology are: how it played a role during payment and transaction; smart contracts; digital identity creation; filing and keeping of documentation; and the effect of exchanges.
When looking at the global market of blockchain technology, it is imperative to deliver the research in a region-specific manner. In that vein, the report carefully looks at North America, Europe, Asia Pacific, South America, the Middle East, and Africa.
While the research component will benefit most forms of trade-in time, the report will be of specific interest and relevance to software solution providers, network providers, system integrators, service providers and distributors, blockchain application builders, and different enterprises. Included in these will be government, financial, and research institutions. Independent software vendors and analytics consulting companies, and customer experience professionals will also find it useful.
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The report, in its entirety, takes an in-depth look at the market overview of the blockchain technology market. Key market segments and subsegments; evolving market trends and dynamics; supply and demand scenarios; and competitive insights and opportunity mapping provide a deeper insight into the future of blockchain technologies by the tracking of current trends, opportunities, and challenges.
The reader will find the following:
All the expert analysts representing Research Optimus specialize in data analysis, as well as conducting primary and secondary research projects. Collectively, the team has years of experience behind them, with a great variance of educational achievements. They focus their research efforts on a wide array of industries, spanning across the technology, engineering, healthcare, and business industries.
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