WESTFORD, Mass., June 27, 2024 /PRNewswire/ -- According
to SkyQuest, the global Blockchain Market size was valued
at USD 6,565.28 Million in 2022 and
is expected to grow from USD 7,543.51
Million in 2023 to reach USD
87,011.20 Million by 2031, at a CAGR of 37.7% during the
forecast period (2024-2031)
The need for blockchain technology is predicted to rise across a
range of businesses due to the fast-expanding digital landscape.
Similarly, it is anticipated that when this technology is adopted,
digital payment methods would increase. As the market grows, many
companies are spending large sums of money on this technology. The
COVID-19 epidemic forced the closure of the majority of
manufacturing facilities thereby negatively affecting investments
in digital technology and overall economic performance.
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Blockchain Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 7,543.51 Million
|
Estimated Value by
2031
|
$ 87,011.20 Million
|
Growth
Rate
|
Poised to grow at a
CAGR of 37.7%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Million)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and
Trends
|
Segments
Covered
|
Component, Type,
Application, Organization Size and End-user
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Increased Demand for
Transparent and Secure Transactions
|
Key Market
Drivers
|
Reduction in Fraud
Cases and Security Boost Property
|
Segments covered in Blockchain Market are as
follows:
- Component
- Platforms/software, Hardware, and Services
- Type
- Application
- Supply Chain Management, Cryptocurrencies, Financial
Services, Smart Contracts, and Others
- Organization Size
- SMEs, and Large Enterprises
- Industry Vertical
- BFSI, Healthcare & Lifesciences, Media, Entertainment &
Games, Retail, Manufacturing, and Others
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Unstoppable Growth of Blockchain in Decentralized
Finance
- The financial sector is the one that is expanding the fastest
among the different sub-segments that make up the blockchain
market. The primary cause of this trend is financial institutions
to increasingly adopted the blockchain technology to reshape their
operations such as settling trades, making international
transactions, creating smart contracts, and developing
decentralized financial systems (DeFi apps).
- A rapid pace is witnessed by Blockchain technology in the
financial sector as a direction in which it's replacing traditional
financial procedures. By offering a decentralized ledger that all
parties can access and so eliminating the need for middlemen and
transaction expenses, blockchain improves transparency.
Blockchain is Revolutionizing Enterprize Application with
Immutable Transparency
- Under the end-user category of the blockchain market,
enterprise applications are expected to be the largest and fastest
growing subsegment. Companies in such areas as healthcare and
banking are increasingly using blockchain to make partner
integration secure, change the way they do business and comply with
laws.
- Businesses are interested in blockchain technology mainly due
to it being able to significantly change traditional business
processes. Blockchain provides a decentralized, immutable record
that improves traceability and transparency. This is important for
supply chain management and other businesses where monitoring items
from point of origin to point of destination is critical.
View report summary and Table of Contents (TOC):
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Comprehensive Platforms and Solutions Shaping the Digital
Infrastructure
- It is anticipated that blockchain platforms and solutions would
rule the global blockchain market's product sub-segment. These
cover a broad spectrum of products and services, including open
source blockchain frameworks like Hyperledger and Ethereum, BaaS
platforms from leading cloud providers, and specialized middleware
for fusing blockchain technology with current enterprise
systems.
- There are multiple reasons for the rise in blockchain solutions
and platforms. In the beginning, these platforms give
infrastructure and programing equipment that is already set up,
making it easier for companies that want to use blockchain. It
means that the starting expenses of any business that is using
blockchain are reduced while simplifying how tough it may be to
implement blockchain technology.
Government Initiatives and Technological Integration Shaping
the Asia Pacific Market Landscape
- In Asia Pacific, the
blockchain market experiences notable growth thanks to the quick
adoption and investment in blockchain technology in various
industries. Countries such as South
Korea, China and
Singapore are leading major
initiatives as well as providing laws that support the adoption of
blockchain across all sectors.
- The swift development of blockchain technology in Asia Pacific might be attributed to various
factors. To start, governments in the region are actively
supporting blockchain projects by providing funds, creating legal
frameworks, and initiating pilot programmes. China, for example, has been investigating
blockchain applications in digital currencies and supply chain
management.
Revolutionizing the Digital Era with Blockchain's Meteoric
Rise
The blockchain market is growing unlike any other in the way it
is accepted quickly by the financial sector, corporate innovation,
and notable improvements in the Asia
Pacific region. In a growingly digital world, businesses and
governments invest in blockchain platforms and solutions for they
know about enhancing security, increasing efficiency, and
transparency. This tendency portends a revolution in several
industries and a time when blockchain technology will be essential
to conducting business internationally.
Related Report:
Blockchain IoT Market
Blockchain as a Service Market
Blockchain in Healthcare Market
Fintech Blockchain Market
Blockchain In Manufacturing Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj
Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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