Global Blockchain Technology Market Overview:
Global Blockchain Technology Market is valued at around USD 7.36 billion in 2022 and is expected to reach USD 3,273.83 billion by 2030, registering a CAGR of 84% over the forecast period.
Blockchain technology allows the corporate network to track assets and record transactions more easily. Tangible assets include things like money, cars, real land, and intellectual property (trademarks, patents, and copyrights). Almost anything of value may be tracked and traced on the blockchain network, reducing costs and risks for those involved.
The greatest technology for distributing this data is blockchain since it makes it possible to store instantly shareable, completely transparent data in an immutable ledger that is only accessible by authorized network members. A blockchain network can be used to track orders, payments, accounts, production, and more.
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Market Growth Factors:
The development of Blockchain technology has been propelled by the increasing need for e-identity. Applications for blockchain-based systems are numerous in both uncontrolled and nations with inadequate identity procedures. Many governments have implemented market demand-based identity systems utilizing Blockchain technology at the national level to encourage safe transactions in both the public and private sectors. Over the past few years, a number of countries have integrated blockchain technology into their e-citizenship initiatives.
Furthermore, the increasing value of market-linked cryptocurrencies has increased the risk associated with international capital investments. The size of the Blockchain technology market indicates that cryptocurrencies have significantly innovated several payment scenarios. These currencies also have lower transaction fees than conventional payment methods. Additionally, the high cost of transaction fees associated with cryptocurrencies is drawing in users and businesses to use them as a means of making international payments. Furthermore, cross-border authorities are unable to put any form of restrictions on these transactions because of the decentralized ownership of these coins.
Market Trends:
There are many applications for the many blockchain-based identity platforms in both regulated and uncontrolled countries, as well as in countries with lax identity regulations. In order to promote secure and open interactions between the public and private sectors, a number of governments have nationalized demand-based identity platforms based on blockchain technology.
Furthermore, the growing valuation of market-related cryptocurrencies has encouraged several governments to embark on capital investment ventures. Cryptocurrencies have spurred innovation in a variety of payment contexts, contingent on the scale of the blockchain technology market.
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Market Segments:
On the basis of type:
- Public cloud
- Private cloud
- Hybrid cloud
- Others
- On the basis of component:
- Application and solution
- Infrastructure and protocols
- Middleware
- Others
On the basis of application:
- Digital identity
- Exchanges
- Payments
- Smart contracts
- Supply chain management
- Others
- On the basis of enterprise size:
- Large enterprises
- Small and medium enterprises
- Others
On the basis of end-user:
- Financial services
- Government
- Healthcare
- Media and entertainment
- Retail
- Transportation and logistics
- Travel
- Others
Market Geographically Analysis:
Representing almost 37.0% of global sales, North America led the global blockchain technology market. The increasing adoption of blockchain technology by enterprises in the region is driving the growth of the regional market. The use of digital identity detection, smart contracts, and payment and wallet solutions by industries such as government, retail, and BFSI is making blockchain technologies indispensable. Furthermore, a significant factor contributing to the growth of the local market is the increasing adoption of cryptocurrencies by customers in North America.
Key Market players:
- IBM Corporation
- Microsoft Corporation
- The Linux Foundation
- BTL Group Ltd.
- Chain, Inc.
- Circle Internet Financial Limited
- Deloitte Touché
- Tohmatsu Limited
- Digital Asset Holdings, LLC
- Global Arena Holding, Inc.
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