Adoption of Digital Ledger technology to secure identity and data to spread the blockchain market

NOIDA, India, 30 September 2022 /PRNewswire/ — According to a new report published by UnivDato’s Markets Insights The Blockchain Market was valued at more than USD 2.8 million in 2020 and is expected to grow at a CAGR of around 70% from 2022-2028. The analysis has been segmented into Component Type Platform, Services); Organizational size (large enterprises, small and medium-sized enterprises); end users (banking, financial services and insurance (BFSI), government, healthcare, media and entertainment, retail and e-commerce, transport and logistics, others); Region/country.

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https://univdatos.com/report/blockchain-market/

The Blockchain market report has been assembled by gathering informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report uses several analyzes to gain a closer insight into the blockchain market. The Blockchain Market report offers a detailed analysis of the latest industry developments and market trending factors influencing the market growth. Furthermore, this statistical market research archive examines and estimates the blockchain market on a global and regional level.

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Market overview

blockchain market is increasing to protect the identity and financial information of end users, BFSI companies are implementing digital ledger technology. The BFSI sector is seeing increased adoption of technology applications such as cross-border transactions, clearing and settlement, trade finance platforms, digital identity verification and credit reporting. For example In June 2021, India’s large banks, such as State Bank of India(SBI), HDFC, ICICI Bank, and others, collaborated to establish Indian Bank’s digital ledger infrastructure company private limited, Indian Banks’ Blockchain Infrastructure Co (IBBIC), to secure transactions, reduce transaction processing time and speed up letter of credit processing. Due to this glaring statistic, the demand for blockchain is expected to grow in the coming years as it is safe and secure technology and protects all data from hacking and leakage. In addition, the awareness of data protection against malware activities in businesses and consumers is increasing which is fueling the demand for the blockchain market. Furthermore, the widespread adoption of blockchain solutions in banking and cyber security and increasing government initiatives are expected to drive the blockchain market in the coming years.

The story continues

Some of the major players operating in the market Accenture PLC, IBM Corporation, Amazon Web Services Inc, Intel Corporation, Microsoft Corporation, Oracle Corporation, Applied Blockchain, Infosys, Wipro, Tata Consultancy Services Limited.

COVID-19 impact

The recent covid-19 pandemic has disrupted the world and has thrown the global economy into a state of shock. The COVID-19 pandemic forced the shutdown of most manufacturing facilities, disrupting the entire economy and investment in digital technology. Furthermore, the pandemic has accelerated the use of digital technology in all sectors, from government to retail. In order to maintain business operations, all industries have switched to digitalisation. The growing use of cloud and IoT devices has led to security and privacy concerns in all industries. The technology protects identity, provides transparency in supply chain operations and safeguards health records.

Click here to see the report description and table of contents

https://univdatos.com/report/blockchain-market/

The Global Blockchain Market report is studied thoroughly with several aspects that will help stakeholders to make their decisions more curated.

• Based on the type of organisation, the market is fragmented into large enterprises and small and medium-sized enterprises (SMEs). The large enterprise segment captured a significant market share and is expected to grow at a significant CAGR during the forecast period. Large enterprises operating in sectors such as insurance, financial services, healthcare and supply chain are increasingly making efforts to digitize their offerings, creating demand for blockchain technology among them.

• Based on the end users, the market is fragmented into banking, financial services and insurance (BFSI), government, healthcare, media and entertainment, retail and e-commerce, transportation and logistics, and others. The BFSI segment captured a significant market share and is expected to grow at a significant CAGR during the forecast period. Financial services use blockchain technology to manage financial transactions that take place in businesses. Blockchain technology provides secure and efficient transactions, and this is driving the demand for the technology in financial services.

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Blockchain Market Geographical Segmentation includes:

• North America (United States, Canadaand the rest of North America)

• Europe (Germany, Great Britain, Spain, Italy, Franceand the rest of Europe)

• Asia-Pacific (China, Japan, India, Australiaand the rest of Asia-Pacific)

• The rest of the world

North America constitutes an important market for the blockchain industry due to the early adoption of blockchain and the presence of several vendors providing security and blockchain solutions, and the increasing adoption of blockchain technology by organizations in the region is driving the regional market growth.

The major players targeting the market include

Challenging landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts shed light on various characteristics such as global market competition, market shares, latest industry advancements, innovative product launches, partnerships, mergers or acquisitions of leading companies in the Blockchain market. The major players have been analyzed using research methodology to gain insight into global competition.

Key questions addressed through this analytical market research report include:

• What are the latest trends, new patterns and technological advancements in the blockchain market?

• What factors influence the blockchain market during the forecast period?

• What are the global challenges, threats and risks in the blockchain market?

• What Factors Drive and Restrain the Blockchain Market?

• What are the demanding global regions in the blockchain market?

• What will be the global market size in the coming years?

• What are the critical go-to-market strategies and guidelines used by global companies?

We understand the requirements of different businesses, regions and countries, we offer customized reports according to your business nature and geography requirements. Let us know if you have custom needs.

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About UnivDato’s Market Insights (UMI)

UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence reports, customized for business research and primary research. Our research studies are spread across topics worldwide, we cover markets in over 100 countries using smart research techniques and agile methods. We offer in-depth studies, detailed analysis and customized reports that help shape winning business strategies for our clients.

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