DUBLIN–(BUSINESS WIRE)–the “Global Blockchain Market Research and Forecast, 2022-2028” report has been added ResearchAndMarkets.com’s Offering.
The global blockchain market is growing at a significant CAGR of around 56.1% during the forecast period.
The key factors driving the market growth include the fact that blockchain technology has emerged as a transparent and secure mode of financial services with the benefit of encrypted transactions. Moreover, the increasing global demand for digital payment systems, increasing cases of hacking which includes unauthorized access to records, unauthorized disclosure of personal information and others in the financial sector are also driving the market growth.
Digital currencies are encouraged from both the demand side and the supply side. Several digital currencies are developed by the software companies that provide these services such as Ethereum, Litecoin, Dash and few others. Private banks are exploring opportunities in the form of digital currencies to offer services to their customers. After Bitcoin, Ethereum shares the highest market cap. Security is the key factor that encourages customers to transact through cryptocurrency. Despite positive nodes, many countries have banned the use of cryptocurrency and some are reluctant to implement the protocol for the application.
The market is segmented based on supplier, application and type. Based on the provider, the market is segmented into infrastructure providers, middleware providers and application providers. On the basis of application, the market is segmented into financial services, transportation and logistics, security and legal work application, healthcare and technical applications. Based on type, the market is segmented into private, public and hybrid.
The application provider segment is expected to grow significantly
Among the vendor segments, the application vendor is the fastest growing segment in the overall blockchain market due to government initiatives in the blockchain market. The suppliers offer infrastructure to develop in the blockchain-based platforms. Blockchain applications can be used for secure medical data sharing, NFT marketplaces, music royalty tracking, cross-border payments, real-time IoT operating systems, personal identity security, anti-money laundering tracking system, supply chain and logistics monitoring, and others.
Regional outlook
The global blockchain market is analyzed on the basis of the geographical regions that contribute significantly to the growth of the market. The market report covers the analysis of four main regions, including North America (US and Canada), Europe (UK, Germany, Italy, Spain, France and Rest of Europe), Asia-Pacific (China, Japan, India and Rest of Asia-Pacific) and Rest of the World (RoW).
North America is estimated to hold a significant share in the global blockchain market. Growth in the region is mainly due to the presence of large IT companies and their broad blockchain services in the US. These major players include Amazon Web Services, Microsoft, IBM Corp., Oracle Corp. and others. Well-developed IT infrastructure further strengthens regional growth in the market. Moreover, the significant use of Blockchain technology in various sectors such as healthcare, BFSI and others further contributes to the market share. The increasing patent approval for Blockchain technology for healthcare is further contributing to the growth of the market in the United States.
Market players Outlook
The global blockchain market is characterized by the presence of several market players who deliver blockchain solutions to a wide range of customers worldwide. Some of the key players in the market include Amazon Web Services, Inc., Bitfury Group LTD., BTL Group Ltd., Evernym Inc., IBM Corp., KYC-Chain LTD., Microsoft Corp., Netki, Oracle Corp., and Peer Ledger , Inc. among others. These players adopt different strategies to remain competitive in the market and gain a competitive advantage over other players operating in the market. Mergers and acquisitions, product launches, partnerships and collaborations and geographical expansion are some of the most important activities adopted by the market players.
The report covers
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Market value data analysis for 2020 and forecast to 2027.
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Annualized market revenue (millions of USD) for each market segment.
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Country-wise analysis of large geographical regions.
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Key companies operating in the global blockchain market. Based on the availability of data, information related to new product launches and relevant news is also available in the report.
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Analysis of business strategies by identifying the key market segments that are positioned for strong growth in the future.
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Analysis of market entry and market expansion strategies.
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Competitive strategies by identifying “who-stands-where” in the market.
Company Profiles
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Amazon Web Services, Inc.
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Bitfury Group, Ltd.
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BTL Group, Ltd.
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Cambridge Blockchain LLC
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Civic Technologies, Inc.
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Consensys Ag
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Edgesecure (Airbitz, Inc.)
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Evernym, Inc.
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Factom, Inc.
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IBM Corp.
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KYC-Chain, Ltd.
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Microsoft Corp.
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NEC Corp.
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Netki, Inc.
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Neuroware
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Oracle Corp.
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Peer Ledger
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