Blockchain market is an upcoming technology for digital transactions and most economies have embraced the technology for several reasons. A major reason being its gradual development and wider applications such as bitcoin and rubble. As the technology goes beyond cryptocurrencies and financial transactions, the magnitude widens. Industry experts endorse bitcoin as the potential to change the world. Crypto market is now at heading to a mature phase. Retail investors seem to wait for the critical infrastructure for trade and scrutinize digital assets. Overall, the development of frameworks and regulation on securitization of digital assets, the call of policymakers tends to be crucial.
According to the report on blockchain market published at Upmarketresearch, the market is highly driven by user interest in cryptocurrencies, coin offerings and simplified business process. Additional demand for faster processing of payments and transparent transactions is expected to pump the market development in the near future. The blockchain market is dominated by applications such as smart contracts, payments, exchanges, supply chain management, content storage management and digital identity. Providers operating in the blockchain market include middleware provider, infrastructure & protocol provider, application & solution provider. Application & solution provider segment accounts for a significant market share in the global market owing to rise in demand for international money transfers and availability of cloud-based networks across various industry verticals.
Organizational size in the blockchain market includes large enterprises and small and medium sized enterprises. Large enterprises act as a catalyst in market growth due to availability of venture funding via mutual gains for incorporating blockchain technology.
North America and MEA market account for a significant market share in the near future. Digital currency and bitcoin have paved the way for market developments as it receives strong validation in markets around the world. Though, it is still in its nascent stages in APAC sector, it has already created a niche market in China, Singapore, Malaysia, Japan and India.
Prominent players operating in the blockchain market are Amazon Web Services, AlphaPoint, Abra, Bitfury Group Limited, BTL Group Ltd, Digital Asset Holdings LLC, Factom, IBM, Ripple, Coinbase and Earthport Plc.