Supply chain management is estimated to hold a 28.4% share in the blockchain technology market. Increasing acceptance of cryptocurrencies by merchants and increasing interest in blockchain among financial institutions are two key aspects driving the growth of the blockchain technology market.
DUBAI, United Arab Emirates, November 13, 2022 (GLOBE NEWSWIRE) — Global blockchain technology market Projected to reach a USD 59.5 billion valuation in 2030, demand is growing at a staggering CAGR of 43.5% from 2022 to 2030. The increasing adoption of blockchain solutions for digital identities, payments, and smart contracts has increased the demand for blockchain technology. Increased emphasis by the BFSI and retail sector will further support the growth of the blockchain technology market during the forecast period.
Increased venture capital funding and investment in blockchain technology, widespread implementation of blockchain solutions in banking and cybersecurity, mass adoption of blockchain solutions for payments, smart contracts, and digital identity, and government factors such as the increasing number of initiatives in the blockchain market.
Over the next decade, the blockchain demand opportunity is likely to skyrocket due to physical transaction limits and an increase in virtual transactions over the past two years. Growing demand from sectors such as BFSI and the retail sector will further complement the demand for blockchain. Moreover, the prevalence of smartphones and affordable internet prices will increase the global sales of the blockchain technology market in the coming years.
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Again, the need for safe and secure trading drives the growth of the target market. Due to its distinctive feature of “append only”, the blockchain is immutable and tamper-proof. This makes the technology a safe and secure way to record transactions. The retail sector, especially brands that trade in luxury goods, have the potential to adopt this technology and transform it into an effective business model.Therefore, the target market is expected to thrive in the coming years
“High demand for safe and secure transactions will supplement the global growth of the blockchain technology market during the forecast period,” says an FMI analyst.
Regulatory uncertainty could hamper the growth of the global blockchain technology market.
The Asia Pacific blockchain technology market will experience significant growth by the end of 2030.
Massive government investment in blockchain network development projects is boosting the growth of China’s target market.
By industry, the BFSI segment is expected to occupy a large share due to the adoption of digital ledgers.
Based on the use case, supply chain management records rising demand.
IBM, Amazon Web Services, SAP, Microsoft, Bitfury Group Limited, Cegeka, Guardtime, CONSENSYS, PixelPlex, LimeChain, Accubits Technologies, SoluLab, Oracle, etc. are some of the major players profiled in the full blockchain technology market. department. report.
Leading market players are capitalizing on the opportunities available in the current market scenario. These organizations employ tactics such as product innovation, strategic partnerships and collaborations to strengthen their market position.
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Main segment oWhat blockchain technology industry survey
By use case:
supply chain management
payment and money
Transactions, Commerce and Exchange
Others (exercising voting rights, property records, etc.)
By company size:
retail and e-commerce
hospitality and travel
media and entertainment
Others (restaurants, real estate, etc.)
more insight blockchain technology market report
In its latest report, FMI provides an unbiased analysis of the global blockchain technology market, providing historical data from 2015-2021 and forecast statistics from 2022-2030. In order to understand the potential, growth, and scope of the global market, the market is divided into solution fundamentals (applications, middleware, blockchain platforms), company sizes (large enterprises, small and medium enterprises (SMEs)), use cases (supply chain management , Digital Identity, Payments and Money, Transactions, Commerce and Exchange, Smart Contracts), Decentralized Finance, Others (Voting, Property Records, etc.), Industries (Transportation and Logistics, BFSI, Healthcare, Media and Entertainment, Hospitality and Travel , Retail & E-Commerce, Government, Others (Food & Beverage, Real Estate), etc.)), and Regional.
According to the latest FMI report based on segmentation, the supply chain management use case will contribute significantly to the growth of the overall market. This segment will hold around 28.4% of the overall market share in 2022 and will continue to perform well over the forecast period owing to the clarity, decentralization, and immutability capabilities of blockchain technology. In terms of industry, the BFSI sector will hold the largest market share due to the increasing adoption of digital ledger solutions.
Based on region, the US blockchain technology market will show substantial market growth between 2022 and 2030. The presence of several major market players, heavy investment in research and development activities, and a thriving IT sector complement the demand for digital ledger technology in the country. Growing demand from healthcare, BFSI, and transportation sectors will further assist the growth of the region’s target market. Apart from the United States, China is likely to show the greatest growth in the blockchain technology market during the forecast period.
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explore trends Technical report:
blockchain Market size: global Ask blockchain expected to rise at an annual growth rate of 34.1% year-on-year US$155 billion 2032. Ask blockchain For banking and financial sector expected to increase sharply at 34.1% CAGR.
blockchain in the growth of the banking market: Global demand for blockchain in banking is expected to grow at a CAGR of around 28% during the forecast period 2021-2031. Blockchain-enabled transactions eliminate third-party payment gateways to enable fast-paced financial communications.
blockchain AI market outlook: Blockchain AI transactions in 2021 estimated at US$285.7 million. In 2022 he is expected to reach US$358 million. According to the analysis, the global blockchain AI market will grow at a CAGR of 22.9% from 2022 to 2032.
Overview of the cryptocurrency market: The global cryptocurrency market is growing by the day and lucrative opportunities for companies dealing with cryptocurrencies are on the horizon. The question of whether Bitcoin will continue to dominate the cryptocurrency market is still up for debate, but bitcoin mining could create a niche and make the cryptocurrency market an oligopoly.
Crypto Asset Management Market Analysis: Increasing technological advancements in asset security solutions have also increased the demand for cryptocurrency and blockchain solutions across various industries. Blockchain technology will continue to grow in the financial and other sectors, increasing demand in the crypto asset management market. Cryptocurrencies will become more leveraged as an uncorrelated funding opportunity.
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