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The use of blockchain technology has grown by 60% and even more in some sectors. The potential application of the blockchain industry includes online shopping for identity management. Also, this technology is changing the face of market intelligence and the research field.
Market intelligence is crucial information related to the company’s customers, competitors, monitoring performance, analyzing the data, and lots more. Market Intelligence is all about the accuracy of the data and determining business strategies such as market penetration, market opportunities, development, and similar elements.
With blockchain technology, marketers will be able to capitalize on their leads in a better way. They can extract a higher level of information for their business.
Moreover, the blockchain market is ever-growing, and companies across the globe are making use of this technology. The blockchain market is expected to cross the US $39.7 Billion in the year 2025. There has been an ever-growing demand in need for this technology in several industrial sectors like retail, financial and banking services, supply chain management, business process outsourcers, and many more.
Global Market Outlook on Blockchain Technology:
Blockchain Based solutions are used by the healthcare industry as well as other sectors too. It is because this technology enables considerable benefits like reduced operational costs, optimum security, and time. This technology has helped people to regulatory compliance and in maintaining appropriate health and medical reports.
Key trends in Blockchain Technology:
The Blockchain Market has positively affected many industries. They have been continually keeping an eye on the key latest trends, which are as follows:
- Blockchain adoption is growing: Industries and companies are investing in blockchain to streamline business processes. These include administration, supply chain management, finance, banking, eCommerce, and lots more.
- Apps built on blockchain technology: All the upcoming apps for businesses will be made using blockchain technology. It will incredibly help to enhance the security process and reduce operational costs and focus on the development.
- Blockchain will speed up Artificial Intelligence: In the upcoming years, blockchain technology will have an exploding demand. This growth will be based on job and apps usage. Moreover, there has been an increase in the blockchain freelancers, and these smart freelancers are working software development projects that require blockchain techniques and management.
- Blockchain will boost up the Internet of Things (IoT): Blockchain technology is continuously improving the Internet of Things (IoT) technology. It means apps will work by building trust, reducing risk, decreasing operational costs, and speeding up financial or technological transactions. The estimations show that more than 20% of all Internet Of Things (IoT) projects will include blockchain technology to Fastrack work processes.
- SMEs will get on board: SMEs and small entrepreneurs—those who have initiated and undertaken — have already made their way to blockchain space, and will ever grow in the coming years.
The entrepreneurs will tackle their problems and issues using technology innovatively and creatively.
- Improved data authenticity: Almost 58% of companies are generating valuable data for business. More than 60% of analysts say that they need data in their regular operations. Accuracy of data is a valuable asset, and companies need accurate data. Hence, this is possible with blockchain technology. They get more factual data that can be used to gain quality customers.
Industries impacted by Blockchain Technology:
The global banking and financial sectors make the most use of blockchain technology. Also, manufacturing, retail, online marketing, eCommerce, digital marketing, pharmaceuticals, automobiles, and some other industries use this technology to streamline business operations.
The industries and sectors that implemented blockchain have significantly seen a lot of positive impacts such as a reduction in extra business process costs, data accuracy, an increase in revenue by 3X and perfect computation in the expenses. They have streamlined all the departmental works gradually and brought uniformity into different processes. The companies are performing complete business transactions with the help of blockchain technology.
Blockchain Market Intelligence:
The global blockchain market had surpassed approximately $228 million in the year 2016. Likewise, it is expected to grow to a staggering figure of $5,430 million by the year 2023. CAGR is likely to grow to 57.6% in the coming time.
Blockchain market intelligence is a platform used extensively to generate and store the regulation of financial transactions.
All the blockchain technology is created by private individuals, companies, or firms. This technology has shaped up several industrial processes like bill formation, cryptocurrencies, generating accurate research data, streamlining sales and marketing, and lots more.
There has been incredible growth due to blockchain technology in the world. This technology ensures accuracy, consistency, reliability, and transparency in business procedures. With this technology, there are fewer chances of theft too.
Some smart nations like the USA, Europe, have a subsequent hold and investment in the blockchain technology that has accelerated the blockchain market at a global level.
Conclusion
Interestingly, the financial and banking sector has been one of the fastest adopters of this technology. It has significantly reduced 30% of the bank’s infra expenses. Likewise, 48 million people are registered in the blockchain wallets. Financial and banking companies have saved more than $12 billion per annum. When it comes to saving extra costs along with decreasing hassles, blockchain technology is the one that solves all troubles.
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