The global blockchain technology market is expected to be worth USD 3.3 billion in 2021 and USD 60 billion by 2028, with a compound annual growth rate (CAGR) of 44.5% between 2022 and 2028.
Over the forecast period, the report investigates the drivers, restraints/challenges, and impact on demand in the global blockchain technology market. In addition, the report looks into new opportunities in the blockchain technology industry.
Blockchain Technology Market: Overview
Blockchain is a digital shared ledger that simplifies the recording and tracking of transactions involving a business’s valuable assets. Assets in this case could be tangible (like a car, a house, land, or cash) or intangible (like a car, a house, land, or cash) (patents, intellectual property, branding, and copyright). According to IBM, a blockchain network can transfer or track almost anything, resulting in lower costs or risks for all parties involved.
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Due to the increasing growth of enterprises across industries, blockchain is critical in today’s digitalized world. Because the economy, particularly businesses, is so reliant on information, data must be transmitted as simply and quickly as possible, with no delays or data loss.
Blockchain technology is one of the most efficient ways to achieve this because it can provide accurate, shared, and complete data almost instantly by storing the information on a ledger that cannot be tampered with and can only be accessed by members with the necessary authority or permission, thereby maintaining the information’s confidentiality and avoiding the risk of the data falling into the wrong hands.
Blockchain Technology Market: Segmentation
Payments, exchanges, smart contracts, supply chain management, digital identification, and other applications are all part of the global market. Because of the remarkable outputs provided by technology in this segment, supply chain management now leads the global market. The global blockchain supply chain management market is expected to reach USD 9.8 billion by 2025, owing primarily to the expansion of the e-commerce industry and the demand that follows.
In the world, there are three types of cloud computing: public cloud, hybrid cloud, and private cloud. With 60.05% of the global market, the public cloud, which is essentially a multi-user environment where the service is shared among multiple clients, led the way.
The global market sectors based on components are infrastructure & protocols, application & solution, and middleware. In the global market, the infrastructure & protocols category generated the greatest revenue, accounting for more than 61.91% of the market share.
End-user sectors in the global market include government, retail, financial services, healthcare, transportation & logistics, media & entertainment, and others. The financial services category generated 38% of market revenue due to technology’s assistance in facilitating safe and secure transactions without compromising any aspect.
Blockchain Technology Market: Competitive Analysis
The global blockchain technology market houses players like Microsoft Corporation, BTL Group Ltd., IBM Corporation, Global Arena Holding, Circle Internet Financial Limited, Digital Asset Holdings, LLC, The Linux Foundation, Ripple
The global blockchain technology market is segmented as follows:
By Application
Payments
Exchanges
Smart Contracts
Supply Chain Management
Digital Identity
Others
By Type
Public Cloud
Hybrid Cloud
Private Cloud
By Component
Infrastructure & Protocols
Application & Solution
Middleware
By Enterprise Size
Small & Medium Enterprises
Large Enterprises
By End-User
Government
Retail
Financial Services
Healthcare
Transport & Logistics
Media & Entertainment
Others
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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