Kenneth Research released a report on North America 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 North America 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.”
North America Blockchain Technology market
Blockchain technology is used to record Bitcoin transactions via a global network of computer. It is a continuous growing list of blocks (record) that are linked and secured using cryptography. Each new block created is connected to the previous block via a “cryptographic Hash”. North America holds the most significant share in the Blockchain technology market. The North America blockchain market is expected to grow at a CAGR of 44% (2018-2023) and generate a revenue of USD 9.51 Bn by 2023. North American companies have made huge investment in blockchain technology during 2016-2017.
Based on Industries, Banking and financial services led the North America Blockchain technology market in 2017. More than half of U.S. banks are exploring blockchain technology in the field of payments to ease the cross-border payments. The adoption of Blockchain technology in Banking and Financial services improves performance and productivity of the bank and reduces operational cost, hence contributing to the growth of the sector. The BFS sector is forecasted to witness the highest CAGR, followed by the Insurance sector. The demand to automate the claim process and reduce paper is expected to drive Blockchain application in the Insurance market.
Based on the country-wise analysis, US holds the most significant share of the market because of digitalization and early adoption of the Blockchain technology. Canada is expected to witness the highest CAGR.
Key growth factors:
o North America accounts for the largest number of financial transactions. So, here lies an increased threat of data mishandling among the organizations. This factor is a major reason for the adoption of the Blockchain technology in this region.
o Governments are loosening the regulations to enable the easy application of Blockchain technologies
Threats and key players:
o The key factor that restrains the market growth is the lack of technical skill.
o The lack of awareness regarding digital payment is restrain the region from adopting the technology
What’s covered in the report?
o Overview of the North America Blockchain technology market
o The current and forecasted market size data for the North America 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 North America Blockchain technology market
o Market drivers and challenges in North America Blockchain technology market
o Current and forecasted regional (US (United States), Canada) market size data for North America Blockchain technology market and its segments
o Analysis of company profiles of major players operating in the market
o Get a broad understanding of the North America Blockchain technology market and its segments- by type and by industries
o Get region-specific drivers and challenges affecting the North America 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 North America 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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