DUBLIN–(BUSINESS WIRE)–The “Global Blockchain Market size, trends and growth opportunities, by type, by component, by company size, by end-user, by services, by application, by region and forecast to 2027” . report has been added to from ResearchAndMarkets.com offer.
Global Blockchain Market was valued at USD 4.9 Billion in 2021 and is projected to reach USD 68.7 by 2027 at a CAGR of 69.8% from 2022 to 2027.
Blockchain is a decentralized and immutable database that facilitates the tracking of assets and the recording of transactions in a corporate network. An asset can be physical (like a house, car, money or land) or intangible (intellectual property, patents, copyrights, brand image). Blockchain aims to enable the distribution and recording of digital information without its modification. Thus, a blockchain serves as the basis for immutable ledgers or transaction records that cannot be modified, deleted or destroyed.
Market factors
The expansion of the market can be attributed to the increase in venture capital investments in blockchain technology companies. The company used this money to grow both internally and externally. There will likely be new prospects for market expansion following the legalization of cryptocurrencies in countries like El Salvador and Ukraine.
Many companies are trying to combine blockchain technology and artificial intelligence (AI) capabilities to improve their services and unlock new potential for market expansion. The expansion of the market is mainly attributed to the growing demand for digital identity globally. Another significant factor that will help in the expansion of the market over the forecast period is the growing acceptance of blockchain technology-based identification platforms in several countries around the world. Moreover, the market is expected to grow over the next few years due to the increasing capitalization of market-related cryptocurrencies.
Market constraints
The complex onboarding process related to blockchain technology might limit the market expansion. Moreover, it is likely that a shortage of technical personnel may hamper the expansion of the market globally. One of the biggest barriers to blockchain adoption in most industries is the lack of rules and the uncertainties that come with it. Regulatory acceptance is one of the most challenging aspects of evolving trading systems. Regulators need to understand how all technical applications are impacted by current legislation in light of ongoing technological breakthroughs. Global financial organizations are trying to establish uniform rules for the blockchain market.
The global blockchain market is segmented into five regions North America, Latin America, Europe, Asia-Pacific, Middle East & Africa. In 2021, the North America regional market led the global market and generated more than 37.0% of global sales. The expansion of the regional market is boosted by the more frequent adoption of blockchain technology by businesses in the region. Blockchain technologies are becoming necessary due to the implementation of payment and wallet solutions, smart contracts, and digital identity detection solutions by industries such as government, retail, and BFSI. The Asia-Pacific market, on the other hand, is expected to grow at the fastest CAGR during the forecast period. The use of blockchain technology has been encouraged by the governments of countries like China, Japan, and India. This is mainly due to the advantages that this technology offers to many companies, including high transparency and increased efficiency.
Key players
This report includes a list of many 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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Apps and solutions
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Infrastructure & Protocols
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Middleware.
By business size
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Large companies
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Small and medium enterprises.
Per end user
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Financial services
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Government
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Health, Media and Entertainment
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Detail
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Logistic transport
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Travel
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Others
By Services
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Consulting and Technology Consulting
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Development and integration services
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Support and maintenance.
By request
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Numeric 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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Others.
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.
Main topics covered:
1. Introduction
2 Research methodology
3 Executive 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 cited
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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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Monax
For more information about this report visit https://www.researchandmarkets.com/r/hidoru
