Blockchain Market worth $94.0 billion by 2027

CHICAGO, March 8, 2023 /PRNewswire/ — The global The Blockchain Market will grow from projected USD 7.4 billion in 2022 to USD 94.0 billion by 2027, at a compound annual growth rate (CAGR) of 66.2%, according to a new report from MarketsandMarkets™. High adoption of blockchain technologies for payments, smart contracts and digital identities is expected to boost the market. Moreover, opposition from incumbents may hinder market growth.

Browse in-depth TOC on “Blockchain Market”
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By component, platforms to have the highest market share during the forecast period

Components are divided into platforms and services. The blockchain platform is a decentralized solution used to track, document and facilitate transactions. Blockchain technology was first used for financial transactions, but can be used for a variety of industries such as e-commerce and for supply chain management. These software solutions provide the framework needed to create applications that rely on any type of transaction. Blockchain platforms are software solutions that enable companies to build applications with the blockchain technology. Blockchain technology refers to the use of a distributed, immutable ledger that documents transactions, activities and resource movement across a network. A blockchain-based ledger system can be used by companies for any application that relies on any type of transaction. The blockchain platform acts as a development platform with an integrated distributed ledger – which is an encrypted storage space for all types of data. The integrated data is then used to develop consensus mechanisms used to validate and approve transactions.

By organization size, SMEs will grow at the highest CAGR during the forecast period

Organizations with fewer than 1,000 employees are categorized as SMEs which have several disadvantages, including high barriers to entry and lower protection against market conditions. The requirement for multiple intermediaries for cross-regional trade exceeds operating costs, which limits the growth of implementation in SMEs with limited resources. in such scenarios, blockchain technology can prove useful. It can enable companies to reduce costs by eliminating these intermediaries. basic day-to-day operations are manual or semi-automated processes, including invoicing, inventory and payroll are some of the areas where SMEs can use blockchain technology. For example, SMBs streamline operations cost-effectively using smart contracts, a critical feature offered by the blockchain solution. It may turn out to be more economical.

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By region, Asia Pacific to grow at the highest CAGR during the forecast period.

Due to increasing technological innovations and the increasing presence of a large number of organizations, economies i Asia Pacific is witnessing high growth. The blockchain market is in the nascent phase of exploration and adoption in the region. However, most technology and service providers are looking forward to the blockchain technology as a lucrative opportunity. The use of blockchain tools and services is expected to be driven by the growth of the financial sector. Growth in the blockchain startup ecosystem across countries that India and China is driving the Blockchain market in Asia Pacific. The region is exploring new opportunities and possible challenges to overcome using blockchain technology. Supply chains i Asia Pacific is often significantly more difficult to manage compared to other regions of the world. The use of blockchain in the region is increasing to reduce these complexities. Singapore is the fastest growing market in the region. China is expected to hold the largest market share during the forecast period. Chinese authorities plan to utilize the blockchain in various initiatives such as promoting the development of smart courts. This will drive the Blockchain market into China.

Key players

The largest suppliers in The Blockchain Market is IBM (USA), AWS (US)Oracle (USA), Huawei (China)Accenture (Ireland), Wipro (India), Infosys (India), TCS (India), SAP (Germany), Intel (USA), ConsenSys (USA), NTT DATA (Japan), Bitfury (The Netherlands), duty time (Estonia), chain (Saint Kitts and Nevis), VMware (US), SpinSys (US), LeewayHertz (US), R3 (US), Cegeka (The Netherlands), Symbiont (USA), BigchainDB (Germany), Applied Blockchain (UK), RecordsKeeper (US), Blockpoint (US), Auxesis Group (India), Blockchain Foundry (Canada), Factom (US), Stratis (UK), Dragonchain (US).

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