Global Blockchain Market Trends And Strategies Of Major Players In The Blockchain Market 2020
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The global blockchain market is expected to decline from $2.45 billion in 2019 to $2.27 billion in 2020 at a compound annual growth rate (CAGR) of -7.27%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities that eventually led to a slowdown in the economy. The market is then expected to recover and grow very rapidly to reach $15.88 billion in 2023 at a CAGR of 91.25%. The growing demand for blockchain technology in industries and the public sector is expected to drive the growth of the market.
The blockchain market consists of sales of blockchain technology by the entities that develop this technology. Blockchain is a decentralized ledger or a database that records the data of the organizations in many databases which is called a block over a network called chain connected in peer to peer version referred to as node. Blockchain is preferred for its safe, secure and transparent nature.
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The Global Blockchain Market is further segmented based on type, provider, application and geography.
By Type: Private, Public, Hybrid.
By Provider: Application, Middleware, Infrastructure.
By Application: BFSI, telecom & IT, government.
By Geography: The global blockchain market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American blockchain market was the largest region in the global blockchain market 2019.
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Trends In The Blockchain Market
Federated blockchain, also called as a consortium blockchain, is expected to be a major trend shaping the blockchain market in the forecast period. Federated blockchain is a private permission type of blockchain, which gives permission for multiple entities to have access to the network by voting or token system. Decentralization is maintained by the prior selection of the authority nodes by the organizations in the network which can exchange the data or information continuously.
Blockchain Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides blockchain market overviews, analyzes and forecasts market size and growth for the global blockchain market, blockchain market share, blockchain market players, blockchain market segments and geographies, blockchain market’s leading competitors’ revenues, profiles and market shares. The blockchain market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.