The North America Blockchain Technology Market would witness market growth of 49.8% CAGR during the forecast period (2021-2027). The data in blockchain technology is decentralized that further eliminates the requirement of mediators to verify every transaction. By eliminating the interference of intermediaries, it decreases the magnitude of the cost needed for data authentication and third-party verification. The control is disseminated among the parties included in the transactions that make it fast.
Moreover, by adopting blockchain technology, it becomes possible to considerably reduces the infrastructure cost involved because of intermediaries, thus accelerating the transactions. Due to this, blockchain technology has gained traction among numerous sectors that include nonfinancial industries. Hence, minimizing the time for transactions is anticipated to propel the growth of the market during the forecast period.
Online payments by using blockchain technology are safer because there is no mediator and the data involved in this is decentralized. All the transition is wholly automated from the start till the end and needs no documentation, thus decreasing the errors that can arise by duplication. Furthermore, the accessibility of real-time monitoring of all the transactions prevents the fraud raised by errors at the time of online payment. It further allowed online transactions which have large-scale payment. Thus, such determinates are estimated to spur the growth of the blockchain technology market in the future years.
At present, the blockchain technology market is witnessing a surge due to the rising demand for digital payment systems across the world. There are multiple parties like retail banks, merchant banks, payment software companies, and card issuers, involved in digital payment to process transactions that further create demand for the blockchain technology for safer transactions. In addition, the dependency of customers on the trusted organizations to fulfil their daily digital transactions is also boosting the demand for blockchain technology.
The US market dominated the North America Healthcare Blockchain Technology Market by Country 2020, thereby, achieving a market value of $1,997.3 million by 2027. The Canada market is experiencing a CAGR of 54.1% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 52.8% during (2021 - 2027).
Based on Type, the market is segmented into Public, Private and Hybrid. Based on Component, the market is segmented into Infrastructure & Protocols, Application & Solution and Middleware. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Industry Vertical, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Media & Entertainment, Manufacturing and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Blockchain Technology Market is Estimated to Reach USD 72 Billion by 2027 at a CAGR of 51.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon.com, Inc., Microsoft Corporation, Hewlett Packard Enterprise Company, IBM Corporation, Circle Internet Financial Limited, Digital Asset Holdings, LLC, Global Arena Holding, Inc., The Linux Foundation, Monax Industries Limited, and Interstellar.
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