Europe Blockchain Technology Market Growth Drivers, Business Strategies, Product Quality and Future Prospects 2023
KD Market Insights has introduced a new report on “Europe Blockchain Technology Market (2018-2023)”. The global Europe Blockchain Technology report will represent the analysis of all the market segments. The research report focuses on the market dynamics, market attractiveness, BPS analysis and porter's five force model which are leading the current and future status of the market.
According to report, the global Europe Blockchain Technology market was valued at around USD XX Bn in 2018 and is expected to reach approximately USD 4.3 Bn by 2023, growing at a CAGR of around 35.8% between 2018 and 2023.
|Europe Blockchain Technology Market|
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Blockchain technology is used to record Bitcoin transactions via a global network of computers. It is a continuously 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”. Europe holds the second most significant share in the Blockchain technology market. Europe is expected to grow at a CAGR of 35.8% (2018-2023) and generate a global revenue of USD 4.3 Bn by 2023. A European Blockchain observatory and forum hub has begun monitoring existing Blockchain initiatives, trends and potential risk. The forum will create more awareness that should drive the adoption of the technology in this region.
Europe dominates the global insurance market. Five major European insurance companies - Allianz, Aegon, Munich Re, Swiss Re and Zurich - have taken up the Blockchain initiative to provide faster and secured services to its clients. European banking is attempting to shift trade finance to Blockchain platforms.
EU5, which includes France, Germany, Italy, Spain, and the United Kingdom, dominates the market because of digitalization and early adoption of Blockchain technology.
Key growth factors:
o Retail customers are now preferring digital platforms for making purchase/ payments. In order to provide continuous support, retailers are looking to adopt Blockchain technology for securing and streamlining processes. This would further accelerate the adoption of Blockchain by retailers.
o GDPR (General Data Protection Regulation) is expected to promote Blockchain technology to overcome barriers and ease cross-border payment
Threats and key players:
o The decentralized characteristic of Blockchain technology clashes with European regulations on personal data protection. This hinders the adoption of the technology
o The key players in this region are Microsoft, IBM, Accenture, Deloitte, and Capgemini
What’s covered in the report?
o Overview of the Europe Blockchain technology market
o The current and forecasted market size data for the Europe 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 Europe Blockchain technology market
o Market drivers and challenges in Europe Blockchain technology market
o Current and forecasted regional (EU5 (France, Germany, Italy, Spain, and United Kingdom) market size data for Europe 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 Europe Blockchain technology market and its segments- by type and by industries
o Get region-specific drivers and challenges affecting the Europe Blockchain technology market
o Recognize significant competitors' business and market dynamics, and respond accordingly