The Blockchain Distributed Ledger by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Blockchain Distributed Ledger, The blockchain distributed ledger market size has grown exponentially in recent years. It will grow from $14.11 billion in 2023 to $22.92 billion in 2024 at a compound annual growth rate (CAGR) of 62.4%. The growth in the historic period can be attributed to emergence of cryptocurrencies, particularly bitcoin, desire for transparent and tamper-proof recordkeeping, increased interest in decentralized systems, growing concerns about security and trust in digital transactions, adoption of smart contracts and automation.
The blockchain distributed ledger market size is expected to see exponential growth in the next few years. It will grow to $161.34 billion in 2028 at a compound annual growth rate (CAGR) of 62.9%. The growth in the forecast period can be attributed to expansion of decentralized finance (defi), implementation of central bank digital currencies (cbdcs), growing importance of tokenization, increased use of blockchain in identity management, rise of non-fungible tokens (nfts). Major trends in the forecast period include interoperability between different blockchains, integration of privacy-enhancing technologies in blockchain, environmental sustainability and green blockchain solutions, hybrid and consortium blockchain implementations, integration of blockchain in supply chain management.
An increase in investments in private blockchain distributed ledger technology across the globe is expected to propel the growth of the blockchain distributed ledger market going forward. A blockchain distributed ledger is a digital ledger database of all transactions used in financial services spread across numerous nodes, computers, organizations, or nations and is accessible and controlled by one or more businesses all over the world. The private blockchain distributed ledger technology offers advantages such as permission blockchain access, full privacy for data transactions, centralized process, less energy, reduced transaction costs, and data redundancies, simplified document handling, and getting rid of semi-manual compliance mechanisms. For instance, in June 2022, Binance Labs, a UK-based venture capital firm, invested USD500 million in funds for blockchain, Web3.0 start-ups, and value-building technologies. The investment is intended for initiatives to advance the adoption of blockchain technologies and expand the use cases for cryptocurrencies. Therefore, an increase in investments in private blockchain distributed ledger technology is driving the blockchain distributed ledger market growth.
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The blockchain distributed ledger market covered in this report is segmented –
1) By Type: Private Blockchain, Public Blockchain
2) By Component: Solution, Service
3) By Application: Payments, Smart Contracts, Supply Chain Management, Compliance Management, Trade Finance, Other Applications
4) By End-Use Industry: BFSI, Government And Public Sector, Manufacturing, Retail And E-Commerce, Media And Entertainment, Transportation And Logistics, Healthcare, Energy And Utilities
Major market players are concentrating their efforts on implementing the technologically advanced solutions in various end-use industries that aid in enhancing transparency and reducing costs by removing processing overheads. For instance, in June 2021, Broadridge, a US-fintech company, launched their DLT Repo Platform which is a blockchain-enabled DLR allows for the immobilization of the underlying securities in the repo transactions, while transferring ownership via smart contracts executed on the platform. The distributed ledger platform’s functionality considerably lowers the risk and operating costs associated with all repo activity. It can execute and settle repo transactions to give customers immediate advantages in the form of lower risk, lower operating costs, and increased liquidity while also hastening their digital transformation.
The blockchain distributed ledger market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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