Global Blockchain Technology Market is valued at approximately USD 2.91 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 68.4 % over the forecast period 2022-2028.
Blockchain technology is a decentralised database that is shared among computer network nodes. A blockchain acts as a database, storing information in a digital format. Blockchains are well known for their critical role in keeping a secure and decentralised record of transactions in cryptocurrency systems like Bitcoin. Reduction in operating cost, process simplification, openness, security, and data integrity along with rising funding and investments in blockchain technology has driven the adoption of Blockchain Technology across the projected period.
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For Instance: Until August 2021, Digital Currency Group – a venture capital firm founded in 2015 that primarily invests in cryptocurrency, fintech, and blockchain companies – has completed over 197 blockchain and crypto deals; its most recent investments include Circle and Figure Technologies, both of which establish technology to facilitate financial transactions. Also, rising government initiatives, union of Blockchain, IoT and AI and rise in demand for blockchain technology in novel industries are most likely to boost the overall growth of the Blockchain Technology market. However, high deployment cost, risk of security and privacy in blockchain transactions and lack of technical expertise and skillsets can obstruct the market’s expansion over the projection period of 2022-2028.
The key regions considered for the global Blockchain Technology market study include Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world. The rapid adoption of new technologies and presence of vendors is driving the market growth in North America. Whereas, Asia Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2022-2028. The market is expected to grow during the projected period due to rising mergers and acquisitions between blockchain technology, AI and IoT.
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Major market players included in this report are:
- IBM
- Amazon Web Services
- SAP
- Intel
- Oracle
- Huawei
- Accenture
- Wipro
- Bitfury
- Chain
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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By Component:
Platform
Services
By Service:
Technology Advisory and Consulting
Development and Integration Services
Support and Maintenance
By Provider:
Application
Middleware
Infrastructure
By Type:
Pubic
Private
Hybrid
By Application Area:
Transportation and Logistics
Agriculture and Food
Manufacturing
Energy and Utilities
Healthcare and Life sciences
Media Advertising and Entertainment
Banking and Financial Services
Insurance
IT and Telecom
Retail and Ecommerce
Government
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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