(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for BlockChain Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for BlockChain Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Block Chain Market 2017-2024 by Type ( Public Blockchain, Private Blockchain, Consortium or Federated Blockchain), End-Users ( Banking, Financial Services and Insurance (BFSI), Government and Public Sectors,
Healthcares, Retail and E-Commerce, Information Technology), Applications (Smart Contracts, Digital Identities, Digital Product Memory, Supply Chain Management, 3D Printing) and Top Key Players (IBM Corporation, Microsoft Corporation, Amazon.com, Inc., SAP SE, Intel Corporation, Samsung Group, NVIDIA Corporation, Xilinx, Inc., AMD, Inc., Siemens AG, Accenture Plc and Others).
Blockchain refers to continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. A blockchain is inherently resistant to modification of the data. Moreover, block chain is the digital and decentralized ledger technology that records all transactions without the need for a financial intermediary like a bank.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Market Size and Forecast
Global blockchain market is anticipated to grow at a considerable CAGR of around 70% over the forecast period, i.e. 2017-2024. Further the global blockchain market is likely to grow on the basis of the real estate vertical, which is expected to grow at the highest rate during the forecast period. In the regional market, North America is anticipated to dominate the overall market of blockchain market during the forecast period. Further, the region contributed to the leading share in terms of revenue on account of high acceptance of blockchain technology due to its transparency and immutability.
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Europe blockchain market is expected to expand due to the representative shares in the global blockchain market over the forecast period. Global blockchain market is profitable market in the region of Asia Pacific over the forecast period. Factors, such as increasing investments and great involvement of industries are likely to be the major drivers for Asia Pacific blockchain market over the forecast period. Moreover, China is predicted to contribute significantly towards the growth of Asia Pacific blockchain market over the forecast period.
Key Players
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Growth Drivers and Challenges
Factors such as crypto volatility with cryptocurrencies are emerging which may significantly increase the growth of blockchain market over the forecast period. The global market of block chain permits applicants to authenticate and review transactions. Further, blockchain based transactions can be completed in faster way, more safely, and economically than conventional transaction systems.
Moreover, the global blockchain market is expected to expand on the back of growing real estate vertical across the globe. In addition blockchain based transactions of value can be completed in faster way, more safely, and economically than conventional transaction systems.
However, the blockchain is that it allows transactions to be stored on a public ledger, which can also be its biggest weakness. The publicly accessible ledger means privacy becomes an issue for confidential transactions, something that has slowed the incorporation of the block chain in some industry segments. Apart from this, scalability is some of the key factors which are expected to limit the growth of global blockchain market in upcoming years.
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