Blockchain Market Size to Reach USD 508.10 Billion by 2030 Growing at 62.4% CAGR | Global Data Plc
Blockchain Market Size, Share, Trends, Analysis Report 2021-2030
LONDON, United Kingdom, Dec. 9, 2022 /EINPresswire.com/ — The global blockchain market size reached USD 6.1 billion in 2021, according to a new report from GlobalData Plc. Companies are building blockchain around their core competencies as they pursue new uses to expand their offerings. For example, IBM Food Trust is a blockchain-based cloud platform designed to make food supply chains more transparent and efficient, with intended benefits including improved food integrity, improved product freshness and waste reduction. Alibaba uses blockchain technology to improve traceability and transparency in retail supply chains, improve consumer confidence and minimize fraud.
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According to GlobalData’s market opportunity forecasts, the global blockchain market is estimated at US$6.1 billion in 2021 and is expected to reach US$508.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 62.4% over the period. The introduction of blockchain in retail will act as an important driver during the forecast period. The technology will help retailers better trace the origin of stock, give them greater control over what they sell, and provide food safety guarantees. The technology is particularly useful for controlling supply chains since every change to data such as production dates and locations can be tracked.
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Blockchain Market Report Highlights
• The global blockchain market is estimated to witness a CAGR of 62.4% from 2022 to 2030, reaching a value of $508.10 billion.
• Aside from the financial sector, blockchain is increasingly being adopted across multiple industries and applications. Supply chain-related industries such as logistics, retail and healthcare have prominent positions. These industries will use blockchain for transactions or tracking of assets and goods, with supply chain quality and provenance control among the most important use cases.
• BFSI and transport and logistics remain the dominant verticals in the implementation of blockchain technologies, accounting for more than 50% of blockchain revenues in 2021. Blockchain technology automates a wide range of tasks that makes it possible to optimize many of the manual procedures that until now has been carried out by human resources.
• While blockchain applications exist across industries today, the cross-border payments and settlement industry is the focus of much of the hype that attracted people to the technology. The blockchain market for cross-border payments and settlements is expected to reach more than USD 70 billion by 2030.
• On a regional demand front, in 2021, the North American and Asia Pacific countries together took over 50% of the total market value.
• The key players analyzed as part of this report include Accenture, Alibaba, Amazon, IBM, Infosys, Microsoft, Oracle, Salesforce, Tencent, Wipro, Ping An Insurance and JPMorgan Chase & Co, among others.
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GlobalData Plc has segmented the Blockchain market report by Application, Vertical and Region:
Blockchain Application Outlook (Revenue, Million USD, 2020-2030)
• Supply Chain Management
• Cross-border payments and settlements
• Lot family/origin
• Trade financing and settlement after trade
• Identity management
• Property management
• Energy settlement
• Second
Blockchain Vertical Outlook (Revenue, Million USD, 2020-2030)
• BFSI
• Transportation and logistics
• Cross sector
• Retail trade
• Health Service
• The authorities
• Second
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Blockchain Regional Outlook (Revenue, Million USD, 2020-2030)
• North America
o the United States
o Canada
• Europe
o Germany
o Great Britain
o Italy
o France
o Spain
o The Netherlands
o The rest of Europe
• Asia Pacific
o South Korea
o Japan
o Singapore
o China
o Australia
o India
o Rest of APAC
• South and Central America
o Brazil
o Mexico
o Argentina
o The rest of South and Central America
• The Middle East and Africa
o South Africa
o UAE
o Saudi Arabia
o The rest of the Middle East and Africa
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