The report "Global Blockchain Market - Trends Analysis, Company Usability Profiles & Forecasts to 2024", published by 360iResearch, states that the global market was valued at USD 212.12 million in 2016 and is projected to reach USD 8,682.82 million by 2024, growing at a CAGR of 59.04% from 2016 to 2024.
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The major forces driving the growth of the blockchain market include the need to deliver improved customer experience and need of transparency and immutability in transaction. Moreover, increasing adoption across bfs industry more use cases and removal of middlemen and distributed database. However issue of low scalability, and lack of understanding and knowledge may hinder the market growth. In the middle of difficulty lies opportunity such as the consumer protection and money laundering regulations, permissioned blockchains, and blockchain integration with iot. The possible challenges for the market growth are uncertain industry regulation and governance, security concerns, and integration concerns. But key players in the market are overcoming the challenges with continual improvement and innovation.
Based on industry, the global blockchain market is studied across aerospace & defense, automotive & transportation & logistics, banking, financial services & insurance, building, construction & real estate, consumer goods & retail, education, energy & utilities, government & public sector, healthcare & life sciences, information technology, manufacturing, media & entertainment, telecommunication, and travel & hospitality. Based on geography, the global blockchain market is studied across Americas, Europe, Middle East & Africa, and Asia-Pacific.
The report features a competitive scenario of the blockchain market and provides inclusive analysis of key growth strategies adopted by major players. Key company profiled in the study are AlphaPoint, Amazon Web Services, BigchainDB, Chain, IBM, Microsoft, Oracle, Ripple, and TIBCO.
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