HTF Market Intelligence issued a new research Report of 90 pages on title ‘North America Blockchain Technology Market’ with in-depth analysis, forecast and business movements. The market is segmented according to a key region that is accelerating marketization. The research is founded on both primary and secondary statistics sources and contains both qualitative and quantitative data. The material is based on current trends and significant historical events.
North America Blockchain Technology market
Market for Blockchain Technology in North America Blockchain technology is used to record Bitcoin transactions over a worldwide computer network. It is a continuously increasing list of blocks (records) that are connected using cryptography and safeguarded. Each new block formed is related to the preceding block by a “cryptographic Hash”.
North America maintains the largest market share for Blockchain technology. The North America blockchain market is estimated to develop at a CAGR of 44% 2021-2026 and reach a value of USD 9.51 Bn by 2023. In 2016 and 2017, North American businesses have made substantial investments in blockchain technology.
Based on Industry, Banking and financial services led the Blockchain technology market in North America in 2017. More than half of U.S. institutions are investigating the use of blockchain technology to facilitate cross-border payments.
The application of Blockchain technology in Banking and Financial services enhances performance and productivity of the bank and decreases operating cost, thereby helping to the growth of the industry. The BFS industry is predicted to have the greatest CAGR, followed by the Insurance sector. The urge to automate the claim process and decrease paper is projected to promote Blockchain implementation in the Insurance business.
Based on the country-wise study, US holds the most important share of the market due to digitalization and early adoption of the Blockchain technology. Canada is likely to have the highest CAGR.
Principal growth factors: o North America has the highest volume of financial transactions. Thus, firms now face a greater risk of data mismanagement. This element is a key driver for the adoption of Blockchain technology in this region.
Governments are lowering the rules to facilitate the simple implementation of Blockchain technologyThreats and major players: o The lack of technical expertise is the primary factor restraining market expansion.
Lack of understanding of digital payment prevents the region from embracing the technology.
What does the report cover?
- Overview of the North America Blockchain technology market \so The current and forecasted market size data for the North America Blockchain technology market \so 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 American Blockchain technology market o Market drivers and challenges in the North American Blockchain technology market o Current and projected regional (US, Canada) market size data for the North American Blockchain technology market and its segments
- · Study of the business profiles of the leading market participants
Acquire a comprehensive understanding of the North American Blockchain technology market and its segments by type and by industry o Identify the region-specific drivers and challenges impacting the North American Blockchain technology market o Recognize the business and market dynamics of significant competitors and respond accordingly
FIVE FORCES & PESTLE ANALYSIS:
To better comprehend market circumstances, a five-forces analysis is undertaken, which comprises the Bargaining power of buyers, the Bargaining power of suppliers, the Threat of new entrants, the Threat of substitutes, and the Threat of rivalry.
- Politics (Political policy and stability as well as trade, fiscal, and taxation policies)
- Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
- Social (Change family demographics, education levels, cultural trends, attitudinal changes, and changes in lifestyles) (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
- Technological (Changes in digital or mobile technology, automation, research, and development)
- Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
- Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)