Ottawa, Oct. 06, 2022 (GLOBE NEWSWIRE) — Due to the COVID-19 pandemic, reliance on online businesses has increased dramatically. healthcare and life sciences, manufacturing, transportation and logistics, and retail, among others, utilize the Internet to provide necessary services to consumers. Suppliers have noticed a growing demand for block chain technology market. With the increasing spread of COVID-19, many governments asked public and private companies to adopt new telecommunications practices and social distancing. Since then, digital ways of doing business and using email with a home server has become the new blueprint for various organizations. With the increasing use of mobile and the penetration of the internet, individuals are gradually attracted and asked to use Blockchain. These changing trends and the distributed computing environment have left organizations vulnerable to privacy issues, driving the demand for blockchain solutions.
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Key takeaways:
- By type, the public cloud segment held 61% market share in 2021.
- Of components, the infrastructure and protocols segment had a 63% market share in 2021.
- After applications, the payment segment has had a 45% market share in 2021.
- By company size, the segment for large companies has had a market share of 68.5% in 2021.
- After end use, the financial services segment has had a revenue share of 39% in 2021.
- North America region held 38% market share in 2021.
Regional snapshots
North America is estimated to hold the highest share in the blockchain market. The early adoption of Blockchain and the presence of several Blockchain and security solution providers are expected to drive the market growth in the region. Companies in this region are increasingly implementing security and management solutions to enable data privacy, prevent cyber-attacks and secure data privacy and security to facilitate business continuity.
North America is expected to hold the largest share of the global blockchain technology market during the forecast period. Market expansion is expected to be driven by the implementation of blockchain technology and the existence of many manufacturers offering blockchain and secure solutions. Companies in the region are taking steps to use blockchain and security solutions to drive business continuity by enabling data protection, preventing cyber-attacks and financial hacks, and ensuring protection of data security and privacy.
Report Highlights
- The retail and e-commerce segment is expected to witness the fastest growth in the Blockchain market during the forecast period. Retail and e-Commerce Scope is an interconnected global network of suppliers, retailers, e-commerce portals and customers interacting in physical stores as well as digital channels. Today, all retail and e-commerce organizations are making huge investments to deliver improved customer experiences to their customers.
- Blockchain technology is gradually improving the customer experience. With a positive customer experience, retail and e-commerce businesses should build customer loyalty. Blockchain technology allows retailers to use smart contracts to resolve any customer-related dispute without any legal intervention.
- Smart contracts are stored in a digital ledger, so customers can record all transactions. Transactions are public and cannot be changed or tampered with. All parties to the transaction are responsible for their contractual obligations, and the actions performed will be automated if the conditions are not met.
- On the basis of type, the global market has been segmented into private cloud, public cloud, and hybrid cloud. The public cloud segment dominates the market and accounts for more than half of global revenues.
- The public cloud blockchain is a multi-tenant environment where data space is shared with many other customers. Various government agencies around the world are now integrating conventional systems with cloud technology. Demand for the public cloud is high because it provides cost competitiveness for businesses.
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Scope of the report
| Report Attributes | Details |
| Market size in 2021 | USD 5.7 billion |
| Revenue forecast by 2030 | USD 1593.8 billion |
| North America market share | 38% in 2021 |
| CAGR | 87.1% from 2022 to 2030 |
| Foundation year | 2021 |
| Forecast year | 2022 to 2030 |
| Key players | IBM Corp. (USA), Microsoft Corp. (USA), The Linux Foundation (USA), BTL Group Ltd. (UK), Chain, Inc. (USA), Circle Internet Financial Ltd., (USA), Deloitte Touche Tohmatsu Ltd. (UK), Digital Asset Holdings, LLC (US), Global Arena Holding, Inc. (US), Monax (US), Ripple (US) |
Market dynamics
Drivers
Venture capital investments in blockchain technology tripled in 2018. 2018 was an important year for blockchain, with new projects regularly launched by startups and by major players in the blockchain market across multiple industries. The interests of venture capitalists and capital investments are already peaking, which has also led to the formation of separate blockchain venture capital firms such as Boost VC and Node Capital.
Limitations
Distributed ledger technology is still in its infancy, which raises questions for regulators and decision-makers, both nationally and internationally. Regulators have doubts about the scope of IoT blockchain because the global technology cannot be regulated; only cases of technology use, such as payments, smart contracts, documents and digital identities, can be regulated. Due to issues such as interoperability, the status of regulation of blockchain systems is uncertain. Due to the uncertain regulations, the market for blockchain technology is also hard hit.
Possibilities
Blockchain technology can achieve potential opportunities in various application areas, such as cyber security, banking and IoT. Widespread use of IoT devices is seen in several application areas, such as smart city projects, smart transportation, connected and autonomous vehicles, smart networks and smart homes. IoT devices are growing at scale and different companies are innovating new use cases of the technology that adapts IoT devices. More companies are implementing blockchain solutions to create a strong network of IoT devices, which will obviate the need for a central location to manage communications between devices. Blockchain technology will allow devices to communicate directly with each other, reducing the need for other monitoring systems.
Challenges
The increasing digital transformation of industries has given rise to many cyber threats and attacks. However, organizations face a shortage of qualified professionals to remedy the situation with risk factors. As a result, the adoption of advanced technology solutions is slow and is expected to affect the growth of the market in the coming years. In addition, developing countries such as India, Mexico, Peru and others face a lack of awareness of the risks associated with data protection. As a result, technology adoption is expected to stagnate for a few years.
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Recent developments
- IN April 2021 – Oracle launched Enterprise distributed ledger technology for healthcare, supply chain, financial services and other sectors. The company implemented various solutions to combat COVID-19.
- IN April 2021 – Trames and IMDA signed an agreement to speed up the digitization of the supply chain and global trade. The agreement is expected to promote the use of a digital solution from Trames.
Market segmentation
By type
- Public cloud
- Private cloud
- Hybrid cloud
Of Component
- Application and solution
- Middleware
- Infrastructure and protocols
CITY Application
- Digital identity
- Payments
- Exchanges
- Supply Chain Management
- Smart contracts
- Second
By Enterprise
- Large companies
- Small and medium-sized enterprises
After end of use
- Financial services
- Health Service
- The authorities
- Media and entertainment
- Transportation and logistics
- Retail
- Travel
- Second
By geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa (MEA)
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