Kenneth Research released a report on EU5 Blockchain Technology Market consisting of detailed analysis of the market and industry insights over the forecast period of 2022-2031. The latest trends and business opportunities in the market are discussed in the report on the basis of analysis of the market value and calculation of the CAGR during the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis 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) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst 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 EU5 Blockchain Technology Market Products.
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As per the Eurostat, the total value of the ICT sector in Europe, including the ICT manufacturing and ICT services, was estimated to be more than EUR 475 billion in 2017. In this sector, the ICT services account for the major share as it is predicted to be ten times larger than the share held by ICT manufacturing. ICT services consist of computer programming, consultancy and related activities which held about 49.1% share while the telecommunications activities held around 30.3% share in the segment in 2017. These factors are estimated to impact the market growth in a positive manner in the next few years.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
EU5 Blockchain Technology Market
Blockchain technology is used to record Bitcoin transactions via a global network of computers. It is a continuous growing list of blocks (records) that are linked and secured using cryptography. Each new block created is connected to the previous block via a “cryptographic Hash”. Blockchain technology has made maximum penetration in these five mentioned countries. The European Commission has invested a significant amount on Blockchain related projects. The European Union is expected to increase its Blockchain investment from EUR83 Mn 2018 to EUR340 Mn by 2020.
The European Union has already invested more than USD 6 Mn on the start-ups who are working with Blockchain technology. A European Blockchain observatory and forum hub began monitoring the existing Blockchain initiatives, trends and potential risks. The forum will create more awareness that will further drive the adoption in the region. France is planning to use Blockchain technology for trading unlisted securities. Estonia had started testing with Blockchain technology long before the term “Blockchain” was coined. Since 2012, Estonia made use of Blockchain technology to protect national data, e-services and smart devices. Spanish Banco Bilbao Vizcaya Argentaria (BBVA) became the first global bank to issue loans using the technology. The Spanish government is trying to build Blockchain-friendly legislation, providing a possible tax break to attract companies to work with the emerging technology.
As reported by The European Insurance and Reinsurance Federation, Europe dominates the global insurance market. An industry consortium has created a Blockchain based solution for the insurance market to allow simplified, transparent sharing of information and improved customer efficiency.
Key growth factors:
o The European Commission is liberalizing the regulation. It has created a new task force entrusted with Blockchain expertise. The flexibility of law are expected to drive the market in this region
o The European Commission launched EU Blockchain Observatory and Forum in February 2018. Its aim is to bring together various sectors to develop new use case of Blockchain and highlight the key benefits of Blockchain initiatives
Threats and key players:
o The lack of public decision is restraining the EU5 countries from adopting Blockchain technology in despite huge investments made by the European commission
o The decentralized characteristic of Blockchain technology clashes with the European regulation on personal data protection. These factors hinder the adoption of the technology
o The key player in EU5 countries are Microsoft Corporation, IBM, Accenture, Deloitte, Capgemini, Cognizant, Infosys, and Tata Consultancy Services
What’s covered in the report?
o Overview of the EU5 Blockchain Technology market
o The current and forecasted market size data for the EU 5 Blockchain Technology Market
o The current and forecasted market size data for the segments of the market – by industries– BFS (Banking and Financial services), Insurance, Supply Chain, Healthcare, others
o Market trends in the EU 5 Blockchain Technology Market
o Market drivers and challenges in EU 5 Blockchain Technology Market
o Analysis of company profiles of the major players operating in the market
o Get a broad understanding of the EU 5 Blockchain technology market and its segments- by Industries
o Get region-specific drivers and challenges affecting the EU 5 Blockchain technology market?
o Recognize significant competitors’ business and market dynamics, and respond accordingly
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of EU5 Blockchain Technology Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Playes
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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