The blockchain market is estimated at $137.59 billion per
New York, U.S., May 12, 2022 (GLOBE NEWSWIRE) — Overview of the blockchain market:
According to a comprehensive research report by Market Research Future (MRFR), the “Blockchain Market” insights by service provider, by organization size, by end users, by application, and by region at an annual growth rate composed of 67.54% by 2030.
Blockchain Market Scope:
Blockchain refers to an immutable, shared ledger that tracks assets and records transactions in a corporate network. The increasing emphasis on decentralization of data records and information has led to an increase in the growth of the blockchain technology market. The market simplifies the susceptibilities of database functions by making interactions transparent.
The global blockchain technology market has prominent leaders such as:
- BitFury Group Ltd
- Digital Asset Holdings, LLC
- Microsoft Corporation
- Chain inc.
- IBM Corporation
- Abra, Inc.
- Deloitte Touche Tohmatsu Limited
- Blockchain Tech LTD
- Ripple Laboratories Inc.
- Earthport Plc
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Exclusively encompassed USP market:
MBlockchain Market Drivers
The global blockchain technology market has witnessed a massive increase in growth rate over the past few years. The growth of the market is mainly attributed to the growing demand for digital identity across the world. Furthermore, increasing adoption of blockchain technology-based ID platforms in several countries across the globe is another crucial parameter that is expected to drive the market growth over the forecasted period. Furthermore, the growing capitalization of market-related cryptocurrencies is expected to catalyze the growth of the market over the coming years.
Blockchain Market Constraints
On the other hand, the sophisticated onboarding procedure associated with blockchain technology may hamper the growth of the market. Moreover, the lack of technical teams in several regions of the world is likely to restrain the growth of the market.
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Impact of COVID-19
The COVID-19 pandemic has had a severe impact on most market sectors across the globe. Thus, all industries have to fight health and financial problems and suffer from the forced recession. In addition, the global economic loss of millions and trillions of dollars and rapid recovery has become a huge cause for concern.
The COVID-19 pandemic impacted the blockchain technology market revenue for a short time. Blockchain would play an important role in propelling several activities regarding digital transformation and several initiatives during this crisis scenario. According to MRFR’s blockchain technology market research report, the technology can be used to monitor public health information, tracking donation, crisis management, and medical supply chain security. Additionally, the blockchain market can quickly capture the lasting effect that COVID-19 has caused on multiple levels of the industry.
The blockchain technology market research report from the OECD or the Organization for Economic Co-operation and Development indicates that, compared to 2019, the blockchain technology market will see a slight decline of 8% in technology investments. in 2020. Thus, several market entities and governments are focusing on deploying many innovative technologies to improve customer experience. In the predicted era, such active initiatives are likely to propel blockchain technology market demand for several solutions.
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Market Segmentation Covered by Research:
The blockchain technology market has been fragmented into segments based on end users, application, organization size, service provider, and region.
The blockchain technology market is likely to be dominated by payment and transaction, smart contract, and app-based digital identity.
Based on organization size, the global blockchain technology market is led by large enterprises.
Based on the service provider, the global blockchain technology market is led by the solution provider segment in the upcoming period.
Based on end-user, the global blockchain technology market is driven over the forecast period by Telecom & IT segment and BFSI.
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The global blockchain technology market is analyzed across five major regions: North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
According to MRFR research report, the North American region secured the top spot in the global blockchain technology market in 2018. The regional market was valued at over USD 612.3 million in 2018. The growth of the regional market is mainly attributed to the rapid adoption of these technologies. innovative blockchain technologies in most developed countries, such as the United States and Canada. Additionally, the growing adoption of this technology by several verticals such as government, BFSI and retail for digital identity detection, smart contracts, wallet and payment solutions are also likely to increase. have a positive impact on the growth of the regional market during the evaluation period.
The blockchain technology market for the Asia-Pacific region is expected to grow significantly over the forecasted period. The growth of the economic sector in several emerging economies such as China and India is the major parameter causing an acceleration in the growth of the regional market. In addition, the increasing use of blockchain technology in Know Your Customer or KYC document management by banks in the Asia-Pacific region is also likely to drive the growth of the regional market over the assessment period. Moreover, factors such as increasing initiatives by research institutes and governments, increasing development of laboratories to focus on advanced mathematics, advancement in this technology and integration of huge data are also expected to boost the growth. of the regional market.
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