Blockchain Technology Market Trend 2020 | Healthcare Applications to Witness 85% CAGR by 2024
Category: #technology  By Ronak Bora  Date: 2020-01-15
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Blockchain Technology Market Trend 2020 | Healthcare Applications to Witness 85% CAGR by 2024

Blockchain technology market share from healthcare applications will witness over 85% CAGR up to 2024. Blockchain technology boosts interoperability across the local healthcare sector by eliminating the system boundaries and geographic limitations. It enables patients as well healthcare staff and researchers access shared data to acquire accurate, comprehensive and timely data pertaining to patient health. Additionally, it supports a range of health data sources including wearable sensors, images, documents and EMRs.

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Global blockchain technology market will be primarily driven by increasing adoption of the technology by financial organizations. Blockchain can significantly enhance the efficiency and reduce the cost of operation across several applications such as trade finance, documentation or KYC, collateral management, cross-border payment and identity management, which is anticipated to considerably boost the technology adoption in the coming years. 

Infrastructure provider segment of blockchain technology market held 65% of the revenue share in 2017. Infrastructure providers design core software blocks which play a key role in the deployment of the network. Escalating demand for the blockchain standards and protocols is a crucial factor fostering the market growth. These standards and protocols help blockchain network and application developers in designing customized and distributed network for their clients.

Application providers segment of the blockchain market will register a robust 85% CAGR between 2018-2024. Application providers design applications that run on top of existing blockchain networks. The market segment is largely driven by the capability of providers to deliver notable solutions to customers by offering timely reconciliation and authentication for regulatory procedures and minimizing the transcription data duplication.

Digital identity application is anticipated to register the most lucrative growth rate at over 90% CAGR through 2024. Increasing risk of cyberattacks is the major factor propelling blockchain technology adoption among digital identity detection applications. Besides, lack of efficient identification systems for securing personal information coupled with rising demand for secure international identification are accelerating blockchain technology market revenue across the security space.

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Government segment of blockchain technology market is projected to register a CAGR of over 85% over the analysis timeframe. Blockchain offers three value propositions for businesses, smart contracts, value transfer and record keeping. It enables non-corruptible and unique record management systems that validate and track changes. The technology can also help increase the trust between transacting parties and reduce the number of intermediaries, enhancing efficiency and minimizing processing time and cost.

Asia Pacific blockchain technology market is estimated to register a prominent CAGR of more than 87% during the foreseeable timeframe. Increasing investments in startups focused on the technology by venture capitalists is fostering the market growth across Asia Pacific. Introduction of favorable government policies and initiatives are also stimulating the technology adoption in the region, along with rising number of blockchain ICOs and startups in the region.

Some Points From Table Of Content: -

Chapter 6. Global Blockchain Technology Market, By Application

6.1. Key trends, by application

6.2. Smart Contract

6.2.1. Market estimates and forecast, 2016 - 2025

6.3. Payments & Wallets

6.3.1. Market estimates and forecast, 2016 - 2025

6.4. Digital identity

6.4.1. Market estimates and forecast, 2016 - 2025

6.5. Documentation

6.5.1. Market estimates and forecast, 2016 - 2025

6.6. Exchanges

6.6.1. Market estimates and forecast, 2016 - 2025

6.7. Compliance & Risk Management

6.7.1. Market estimates and forecast, 2016 - 2025

6.8. Others

6.8.1. Market estimates and forecast, 2016 - 2025

Chapter 7. Global Blockchain Market, By End-Use

7.1. Key trends, by end-use

7.2. BFSI

7.2.1. Market estimates and forecast, 2016 - 2025

7.3. Government

7.3.1. Market estimates and forecast, 2016 - 2025

7.4. Healthcare

7.4.1. Market estimates and forecast, 2016 - 2025

7.5. IT Service

7.5.1. Market estimates and forecast, 2016 - 2025

7.6. Media & entertainment

7.6.1. Market estimates and forecast, 2016 - 2025

7.7. Transportation & logistics

7.7.1. Market estimates and forecast, 2016 - 2025

7.8. Others

7.8.1. Market estimates and forecast, 2016 - 2025

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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