Market Overview

North America Blockchain Technology Market Report (2018-2023) - ResearchAndMarkets.com

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The "North
America Blockchain Technology Market (2018-2023)"
report has
been added to ResearchAndMarkets.com's offering.

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:

  • 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.
  • Governments are loosening the regulations to enable the easy
    application of Blockchain technologies

Threats and key players:

  • The key factor that restrains the market growth is the lack of
    technical skill.
  • The lack of awareness regarding digital payment is restrain the region
    from adopting the technology

Companies Mentioned

Major Companies:

  • Microsoft Corporation
  • IBM
  • Accenture
  • Deloitte
  • Capgemini
  • Cognizant
  • Infosys
  • Tata Communication Services
  • Virtusa Polaris
  • Wipro

Start-up Companies

  • Ripple (*)
  • SETL
  • Hashed health
  • Gem
  • bitpagos

For more information about this report visit https://www.researchandmarkets.com/research/q7n4k7/north_america?w=4

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