New trends can make driving growth unstable

by Arthur · March 24, 2023

PRESS RELEASE

Published March 24, 2023

HTF Market Intelligence released a new 90-page research study on the title ‘North America Blockchain Technology Market’ with in-depth analysis, forecast and business movements. The market research is segmented by a region that accelerates marketing. The research is based on primary and secondary statistical sources and includes both qualitative and quantitative information. The detailed information is based on current trends and historical milestones.

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Summary
North America Blockchain Technology Market:
Blockchain technology is used to record Bitcoin transactions via a global network of computers. It is a continuously growing list of blocks (records) that are linked and secured using cryptography. Each new block created is linked to the previous block via a “cryptographic Hash”. North America holds the most important share in the Blockchain technology market. The blockchain market in North America is expected to grow at a CAGR of 44% 2021-2026 and generate a revenue of USD 9.51 billion by 2023. North American companies have made huge investments in blockchain technology during 2016-2017.

Based on industry, banking and financial services, North America led the Blockchain technology market in 2017. More than half of US banks are exploring blockchain technology in payments to facilitate cross-border payments. The use of blockchain technology in banking and financial services improves the performance and productivity of the bank and reduces operating costs, thereby contributing to the growth of the sector. The BFS sector is predicted to witness the highest CAGR, followed by the insurance sector. The requirement to automate the claims process and reduce paper is expected to drive Blockchain application in the insurance market.

Based on the country-wise analysis, the United States holds the largest share of the market due to digitization and early adoption of the Blockchain technology. Canada is expected to witness the highest CAGR.

Important growth factors:
o North America accounts for the largest number of financial transactions. So here lies an increased threat of data error handling among the organizations. This factor is an important reason for adopting the Blockchain technology in this region.
o Governments are loosening regulations to enable easy use of Blockchain technologies

Threats and key players:
o The key factor limiting market growth is the lack of technical skills.
o The lack of awareness of digital payment prevents the region from adopting the technology

What is covered in the report?
o Overview of the Blockchain Technology Market in North America
o Current and projected market size data for the Blockchain technology market in North America
o Current and projected 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 Blockchain technology market in North America
o Market drivers and challenges in the Blockchain technology market in North America
o Current and forecasted regional (United States (US), Canada) market size data for the North America Blockchain Technology market and its segments
o Analysis of company profiles of major players operating in the market

Why buy?
o Gain a broad understanding of the Blockchain technology market in North America and its segments – by type and industries
o Few region-specific drivers and challenges affecting the Blockchain technology market in North America
o Recognize significant competitors’ business and market dynamics, and respond accordingly

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FIVE CANCER AND SUPPORTS ANALYSIS:
In order to better understand the market conditions, an analysis of five forces is carried out which includes buyers’ bargaining power, suppliers’ bargaining power, threat of new entrants, threat of substitutes and threat of rivalry.

– Political (political policy and stability as well as trade, tax and fiscal policy)
– Economic (interest rates, employment or unemployment, raw material costs and exchange rates)
– Social (change in family demographics, level of education, cultural trends, changes in attitudes and changes in lifestyle)
– Technological (changes in digital or mobile technology, automation, research and development)
– Legal (employment legislation, consumer legislation, health and safety, international as well as trade regulation and restrictions)
– Environmental (climate, recycling procedures, carbon footprint, waste management and sustainability)

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Thank you for reading this article; you can also get individual chapter-wise sections or region-wise report versions such as North America, LATAM, USA, GCC, Southeast Asia, Europe, APAC, UK, India or China.

About author:
HTF Market Intelligence Consulting is uniquely positioned to empower and inspire with research and consulting services to empower businesses with growth strategies, by offering services with extraordinary depth and breadth in thought leadership, research, tools, events and experience that aid decision-making.

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