Industries 4.0 is increasing the demand for managed blockchain services
The global market for managed blockchain services is projected to exceed $6.7 billion by 2032, up from $2.2 billion in 2022, according to a new data report from Future Market Insights.
The managed blockchain services market size is likely to thrive at a CAGR of 11.8% during the forecast period (2022-2032), the report states. The market is expected to cross a market share of USD 6,764.2 million by 2032, while it is valued at USD 2,210.6 million in 2022.
According to the report, the increased use of components in Industries 4.0 along with the demand for safer media and trackers is driving the demand for managed blockchain services.
The growing businesses of SMEs are adopting the latest technology for faster and more secure transactions along with enhanced automation.
The buzz around blockchain has made it sound like a panacea. Supply chain enthusiasts are considering its true potential as a transactional technology.
While blockchain 1.0 was dedicated to helping cryptocurrency, transactions go through. The rise of cryptocurrencies further pushed blockchain technology as a separate entity.
Rapid acceleration in the market is due to the growing use of managed blockchain services in sectors such as banking, finance, manufacturing and R&D.
Cybersecurity advisory launched by governments is pushing brands to adopt managed blockchain technology for greater transparency.
Regional analysis
According to the report, North America is the largest market in the global managed blockchain services market with a market share of 32.9% while enjoying a CAGR of 15.1% during the forecast period.
Europe holds the second largest market share of 20.7% for the managed blockchain services market, while enjoying a CAGR of 16.4%.
The factors limiting the growth of the market are limited awareness and the high costs associated with the implementation, which have led to limited sales of managed blockchain services.
South Asia Pacific thrives at a robust CAGR of 22.5% during the forecast period. The growth is attributed to the presence of business giants and technological experts.
Challenging landscape
The managed blockchain market is new and is an addition to the already existing blockchain market. Therefore, the report says that brands are the major companies that deliver customized blockchain solutions to end users. Competition is high as each brand has its own USP. The largest companies in the market are SAP SE, IBM Corporation, Microsoft Corporation and VMware.
Recent market developments
Microsoft has its blockchain solution for supply chain tracking and tracing along with centralized systems for the banking and financial system to achieve true efficiency.
Meanwhile, IBM Corporation has introduced its enterprise blockchain services that keep track of transactions and integration with cloud systems for improved performance.
