Expansion of cryptocurrency market and growing rate of digitalization across industries is expected to drive the demand of Turkey Blockchain Market in the forecast period, 2023-2027.
According to TechSci Research report, “Turkey Blockchain Market By Region, Competition Forecast & Opportunities, 2027”, the Turkey blockchain market is expected to witness steady growth in the forecast period, 2023-2027. The demand for blockchain solutions is increasing at a rapid rate as they provide enhanced transparency in financial transaction management in cryptocurrency. The blockchain solutions are increasingly deployed as they find several applications in retail, banking and e-commerce platforms and reduce the chances of human error. Blockchain technology allow the users to view, verify and track entire transactions and maintain a track record of their transactions more easily.
However, uncertainty in regulations and concerns regarding security, privacy, and control of blockchain transactions and lack of skilled professionals may restrain the Turkey Blockchain market growth in the forecast period.
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Turkey Blockchain market is segmented into component, provider, type, organization size, application area, regional distribution, and company.
Based on provider, the market is divided into application, middleware, and infrastructure. The infrastructure segment is expected to account for significant market share in the forecast period owing to the growing demand for blockchain protocols and standards among the end-users. The high demand for these protocols and standards is because they enable the end users to share information reliably and securely across the cryptocurrency networks.
Based on type, the market is divided into private, public, and hybrid. The public type is expected to dominate the market over the next five years as its cost-effective solutions to enterprises. Also, the growing popularity of cloud-based platforms and increased focus of government authorities on adopting new technologies is expected to propel the segment growth over the next five years.
Based on organization size, the market is divided into large and small & medium. Large enterprises are expected to capture the highest market share as they can invest significant amount and capital to upgrade their existing infrastructure and adopt novel technologies. The large enterprises which work primarily in sectors such as healthcare, financial services, insurance, and supply chain are transforming towards the adoption of digital platforms for online payments. Enterprises have started to invest in cloud-based services to provide work from home access to its employees. They are promoting the development of cloud-based platforms which in turn is increasing the demand for software across various industries. The companies are also using distributor ledger-based services which uses blockchain technology to safeguard the digital information and authenticate the access of employees to confidential information.
Based on application area, the market is divided into transportation & logistics, agriculture & food, manufacturing, energy & utilities, healthcare, BFSI, entertainment, IT & telecom, and others. Healthcare industry is expected to own significant market share over the next five years due to the need to protect the confidential data of patients by using blockchain technology. To counter the incidences of data breaches and cyber-attacks and growing popularity of IoT and wearable devices among patients is expected to bolster the growth of Turkey blockchain market over the forecast period.
Major market players operating in the Turkey blockchain market are:
- IBM Corporation
- Amazon Web Services
- SAP SE
- Intel Corporation
- Oracle
- Huawei
- Accenture PLC
- Wipro
- Blockcypher
- Applied Blockchain Ltd.
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“Government of Turkey have begun working on the developing structure to support blockchain technology. They had announced plans for national blockchain infrastructure along with digital roadmap for blockchain based central currency, the digital Lira which is expected to create significant growth opportunities for the blockchain market players over the next five years. The Ministry Industry and Technology had announced Strategy 2023 which emphasized the use of blockchain and DLT technology and has planned to develop open-source platform for blockchain is acting as a positive factor for Turkey blockchain market. Also, the entry of new market players owing to favorable government regulations and increase in investments for development of blockchain technology is expected to propel the growth of Turkey blockchain market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Turkey Blockchain Market By Component (Platforms and Services), By Provider (Application, Middleware, and Infrastructure), By Type (Private, Public, and Hybrid), By Organization Size (Large, Small & Medium), By Application Area (Transportation & Logistics, Agriculture & Food, Manufacturing, Energy & Utilities, Healthcare, BFSI, Entertainment, IT & Telecom, Others), By Region, Competition Forecast & Opportunities, 2027”, has evaluated the future growth potential of Turkey Blockchain market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Turkey Blockchain market.
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