With Gaining Rapid Prominence – The Blockchain
Technology is Among the Top Trend of 2022
The global blockchain technology
market witnessed robust growth, with a CAGR of 65%. The increasing number of
business organisations aiming to harness advanced data crunching and
assimilation capabilities is driving growth. Prospects improved considerably during
the COVID-19 epidemic, as businesses began to rely heavily on the internet and
other virtual platforms to operate. Blockchain technology was widely used to
perform a wide range of processing operations, including financial
transactions, research information collection, and crucial data assimilating.
In the future years, the global blockchain technology market will expand at a
rapid pace. The growing number of inventions and customer knowledge of the
benefits of embracing blockchain technology will propel the industry forward. Given
these considerations, the market is expected to grow rapidly in the future
years.
Financial Sector to Propel Blockchain Technology Market Growth
Drastically
The legalisation of bitcoin pushing
investors and companies to upsurge their investment activities in blockchain
technology. Moreover, it pushes market participants to make greater attempts to
improve their services in order to acquire a competitive advantage. Companies'
efforts are expected to make blockchain technology more effective and efficient
in the near future. DeFi is a blockchain-based revolutionary financial system
that limits banks' control over financial services and money. Over the forecast
period, the expanding strategic activities in the decentralised finance domain
are expected to drive market growth. For example, Square, a payment company,
said in July 2021 that it will begin a DeFi business adopting bitcoin.
Government
Regulations and Legalization to Influence Market Growth of Blockchain
Technology
Blockchain-as-a-service is ideal
for organisations that outsource their technological needs and do not want to
learn how the blockchain works. The sector is gaining pace with SMEs because to
the flexibility of transaction forms, as well as security and cost-effective
aspects. The need for blockchain-as-a-service goods is driven by the necessity
to protect the identity of digital entities and online authentication of human
identities, both of which need the usage of effective blockchain services. Moreover,
blockchain allows for the use of techniques such as "smart
contracts," which could also automate human processes ranging from
compliance and claims processing to the distribution of the contents of a will.
These are a few of the alluring benefits that are luring the BFSI sector to use
blockchain.
Blockchain Technology Market Segmentation
The global blockchain technology
market is segmented on the basis of type, component, application, enterprise
size, and end use.
On the basis of Type:
·
Public Cloud
·
Private Cloud
·
Hybrid Cloud
On the basis
of Component:
·
Application & Solution
·
Infrastructure & Protocols
·
Middleware
On the basis
of Application:
·
Digital Identity
·
Exchanges
·
Payments
·
Smart Contracts
·
Supply Chain Management
·
Others
On the basis
of Enterprise Size:
·
Large Enterprises
·
Small & Medium Enterprises
On the basis
of End Use:
·
Financial Services
·
Government
·
Healthcare
·
Media & Entertainment
·
Retail
·
Transportation & Logistics
·
Travel
·
Others
Increasing Investment and Strategic Expansion
by Leading Players to Argument the Market Growth
Product innovation and strategic
mergers and acquisitions define the competition of the blockchain technology
market. To capitalise on lucrative opportunities in developing nations, top
players are focusing capacity enhancements and global footprint expansion.
In May 2020, the IBM Blockchain Platform 2.5, built on Hyperledger Fabric 2.5,
will enable developers to migrate to advanced multi-party systems. Multi-cloud
services and IoT connectivity, as well as real-time analytics and reporting,
logistics and supply chain management, and multi-cloud and supply chain
management, were made possible by these multi-party solutions. Moreover, Circle
Internet Financial Ltd., a developer of blockchain technology, said in May 2021
that it had raised USD 440 million in capital from strategic and institutional
investors. This investment was used for organisational growth and market
expansion by the company. The legalisation of cryptocurrencies in nations such
as Ukraine and El Salvador are likely to open up new commercial prospects.
Other than this IBM Corp., Chain,
Inc., Microsoft Corp., The Linux Foundation, Deloitte Touche Tohmatsu Ltd., BTL
Group Ltd., Circle Internet Financial Ltd., Digital Asset Holdings, LLC, Global
Arena Holding, Inc. (GAHI), Monax, Ripple are some of the prominent market
players operating in the global blockchain technology market.
Asia Pacific Region to Adopt Blockchain Technology
with a Rapid Pace
The Asia Pacific region is
expected to provide enormous growth potential, underpinned by favourable
regulatory frameworks in various nations such as China, Japan, and India. The
region is expected to increase at a 34% annual rate by 2033. Due to its
solid financial infrastructure and the arrival of new market participants,
China is projected to emerge as the strongest economy in Asia Pacific. These
factors are anticipated to increase blockchain adoption and aid in the
resolution of issues such as transactional security, online fraud and so
on. Similarly, India is predicted to have exceptional growth, owing to
expanding acceptance of online payments and improved awareness of the benefits
of this technology to different businesses, such as high transparency and
increased efficiency. As a result, Blockchain manufacturers are taking
advantage of this chance to broaden their client base in the regional market.
The report provides a detailed
overview of the blockchain technology market insights in regions including
North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East
and Africa. The country-specific assessment for blockchain technology market
has been offered for all regional market share, along with forecasts, market
scope estimates, price point assessment, and impact analysis of prominent
countries and regions. Throughout this market research report, Y-o-Y growth and
CAGR estimates are also incorporated for every country and region, to provide a
detailed view of the blockchain technology market. These Y-o-Y projections on
regional and country-level markets brighten the political, economic and
business environment outlook, which are anticipated to have a substantial
impact on the growth of the blockchain technology market. Some key country and
region included in the blockchain technology market report as follows:
North America (U.S., Canada)
Latin America (Mexico, Argentina,
Brazil, Peru, Chile)
Europe (Germany, France, Italy, U.K.,
BENELUX, Nordics, Spain, Poland, Russia, CIS)
Asia Pacific (China, ASEAN, India,
Japan, South Korea)
Oceania (Australia, New Zealand)
Middle East and Africa (South
Africa, GCC Countries, Turkey, Israel, Iran)
The Blockchain Technology Market Research
Report Covers In-depth Analysis on:
·
Blockchain technology market segments
·
Blockchain technology market dynamics
·
Blockchain technology market value and share analysis
·
Recent trends, restraints, opportunities in blockchain
technology market
·
Companies & competition involved blockchain
technology market
·
Latest technologies in blockchain technology
market
·
Supply chain and value chain blockchain
technology market
·
Blockchain technology market sales and distribution
strategies
Blockchain Technology Market Growth
Highlights:
·
A comprehensive overview of parent market
·
Market dynamics, demand and trends in the
industry
·
Current, historical and anticipated market size in
terms of volume
·
In-depth market segmentation
·
Competition landscape
·
Key Strategies of leading companies and product
portfolio
·
Blockchain technology industry trends and developments
·
Potential and country, regions and segments
exhibiting future growth
·
A detailed viewpoint on blockchain technology market
forecast by countries
·
Essential information to enhance market position
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