DUBLIN–(BUSINESS WIRE)–The “Global Blockchain Market Size, Trends and Growth Opportunity, by Type, by Component, by Company Size, by End User, by Services, by Application, by Region and Forecast to 2027.” the report has been added ResearchAndMarkets.com’s Offering.
The global blockchain market was valued at USD 4.9 billion in 2021 and is expected to reach USD 68.7 by 2027 at a CAGR of 69.8% from 2022-2027.
Blockchain is a decentralized, immutable database that makes it easier to track assets and record transactions in a corporate network. An asset can be physical (such as a home, car, money or land) or intangible (intellectual property, patents, copyrights, branding). Blockchain aims to strengthen the distribution and recording of digital information without changes. So a blockchain serves as the basis for immutable ledgers, or records of transactions that cannot be altered, removed or destroyed.
Market drivers
The market expansion can be attributed to increasing venture capital investments in blockchain technology businesses. The company used this money to grow both internally and externally. There will likely be further prospects for market expansion as a result of the legalization of cryptocurrencies in nations such as El Salvador and Ukraine.
Many companies are trying to combine blockchain technology and artificial intelligence (AI) to improve their services and open up new potentials for market expansion. The expansion of the market is mainly due to the growing demand for digital identity on a global scale. Another important factor that will contribute to the market’s expansion over the forecast period is the growing acceptance of identification platforms based on blockchain technology in several nations across the globe. In addition, it is estimated that the market will develop over the next few years as a result of the increasing capitalization of market-related cryptocurrencies.
Market Restrictions
The complex integration process associated with blockchain technology may limit the market’s expansion. In addition, it is likely that a lack of technical personnel may hinder market expansion globally. One of the main barriers to adopting blockchain in most industries is the absence of regulations and the accompanying uncertainty. One of the most difficult aspects of changing transaction systems is regulatory acceptance. Regulatory agencies need to understand how the overall technical applications are affected by current legislation in light of the ongoing technological breakthroughs. Global financial organizations are trying to establish unified rules for the blockchain market.
Global blockchain market is segmented into five regions North America, Latin America, Europe, Asia Pacific and Middle East & Africa. In 2021, the North America regional market led the world market, generating more than 37.0% of worldwide sales. The expansion of the regional market is driven by the region’s businesses adopting blockchain technology more often. Blockchain technologies are becoming necessary as a result of the implementation of payment and wallet solutions, smart contracts and digital identity detection solutions by sectors such as government, retail and BFSI. The market in Asia Pacific, on the other hand, is expected to expand at the fastest CAGR during the forecast period. The use of blockchain technology has been encouraged by the governments of nations such as China, Japan and India. This is mainly a result of the benefits that this technology brings to many businesses, including high transparency and increased efficiency.
Key players
This report lists a number of key players; namely IBM Corp., Microsoft Corp., The Linux Foundation, BTL Group Ltd., Chain, Inc., Circle Internet Financial Ltd., Deloitte Touche Tohmatsu Ltd., Digital Asset Holdings, LLC, Global Arena Holding, Inc. (GAHI) , Monax.
Market Taxonomy
By component
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Application and solution
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Infrastructure and protocols
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Middleware.
By company size
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Large companies
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Small and medium-sized enterprises.
By end user
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Financial services
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The authorities
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Healthcare, media and entertainment
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Retail
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Transportation and logistics
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Travel
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Second
After services
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Technical advice and consultancy
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Development and integration services
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Support and maintenance.
Upon application
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Digital identity
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Exchanges
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Payments
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Smart contracts
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Supply chain
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Management
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Second.
By region
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North America
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Latin America
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Europe
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Asia Pacific
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Middle East and Africa.
Key topics covered:
1. Introduction
2 Research methodology
3 Summary
4 Global Blockchain Market Outlook
5 Global Blockchain Market, by Component
6 Global Blockchain Market, by Company Size
7 Global blockchain market, by end-user industry
8 Global blockchain market, by services
9 Global blockchain market, by application
12 Global Blockchain Market, by Region
11 North America Blockchain Market Analysis and Forecast (2022-2027)
12 Europe Blockchain Market Analysis and Forecast (2022-2027)
13 Asia Pacific Blockchain Market Analysis and Forecast (2022-2027)
14 Latin America Blockchain Market Analysis and Forecast (2022-2027)
15 Middle East Blockchain Market Analysis and Forecast (2022-2027)
16 Competitive analysis
17 Company profiles
Companies mentioned
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IBM Corp.
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Microsoft Corp.
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The Linux Foundation
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BTL Group Ltd.
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Chain Inc.
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Circle Internet Financial Ltd.
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Deloitte Touche Tohmatsu Ltd.
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Digital Asset Holdings LLC
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Global Arena Holding Inc.
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Monaco
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