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The global blockchain technology market stood at a value of USD 19.03 billion in 2023 and expected to grow at a CAGR of 82.8% in the forecast period of 2024-2032 to attain USD 4337.39 billion by 2032.
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Based on application, the payments segment is likely to account for a significant share in the market. Payments and transactions are an integral and one of the most important aspects of any enterprise. A company can bear a huge financial loss if payment transactions are faulty or unreliable. Therefore, in order to eradicate the risk of any financial loss, blockchain technology is used to make the payment system more efficient. It also minimises operational costs and offers transparency. Over the forecast period, the demand for blockchain technology is likely to be significant, owing to the fact that there is no middleman required in the payment process initiated by blockchain.
Furthermore, the payment processes initiated with the help of blockchain technology are quick and secure and can be made while sitting in the office or at home. Meanwhile, the smart contract blockchain segment is likely to account for a considerable share in the market. In a smart contract, a network of computers executes the actions when predetermined conditions have been met and verified. These statements cannot be altered, tampered or manipulated by any third party, which is a great advantage for any company. Furthermore, the contract agreements are stored in systems involving blockchain and cannot be hacked, which is expected to provide an impetus to the market growth in the forecast period.
On the basis of end use, the financial segment accounted for a significant share in the market and is likely to grow significantly in the forecast period. The growth can be attributed to the growing trend of cryptocurrencies, initial coin offerings (ICOs), and reduced total cost of ownership. The blockchain technology in financial systems initiated rapid transactions and is reliable. Meanwhile, the healthcare segment is likely to grow at a rapid pace in the forecast period. The COVID-19 pandemic was the most challenging phase for the healthcare sector, especially in developing economies. This fostered the need for enhancing the healthcare infrastructure and making the payment system more efficient. In developed economies of the world, data protection laws are being incorporated in the healthcare system in order to prevent data theft and breach. This is expected to aid the market growth in the forecast period.
The significant growth of the healthcare industry, growing investments in small and medium enterprises, and the rapid technological advancements are likely to be the key factors propelling the market growth in North America. The adoption of blockchain technology in the banking and financial services sector is anticipated to guide the growth of the market in the forecast period. In addition, the market is expected to be aided by the growing efforts by various institutions in the United States and Canada to enhance the customer experience and deploy advanced technology. Furthermore, the growing adoption of blockchain in various end use industries, including healthcare, government, media and entertainment, transportation and logistics, and retail, among others, is likely to propel the market growth in the forecast period.
Blockchain technology is defined as the system of recording information or data in a way that is impossible to manipulate or hack. Blockchain technology uses a shared and immutable ledger that can only be accessed by members with permission.
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Following are the types of blockchain technology:
On the basis of component, the market can be segmented into:
The significant applications of blockchain technology include:
Based of enterprise size, the market is divided into
The different end uses of the technology include:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The global blockchain technology industry is driven by the growing demand for digital payment systems by various institutions in order to secure their transactions. The transactions made through systems involving blockchain are rapid and improve performance by reducing the redundancy of information during transactions. The demand for this technology has also been triggered by the need for businesses to save time and money. Over the forecast period, the rising demand for smart contracts, security requirements in cross-border payments, and the necessity to stop third-party interference are some of the factors which are likely to provide an impetus to the market growth.
The report gives a detailed analysis of the following key players in the global blockchain technology market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Component |
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Breakup by Application |
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Breakup by Enterprise Size |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global blockchain technology market attained a value of nearly USD 19.03 billion.
The market is estimated to witness a healthy growth at a CAGR of 82.8% in the forecast period of 2024-2032.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific. Among these, North America accounts for the largest share in the market.
The major drivers of the market include the necessity to stop third-party interference, significant growth of the healthcare industry, growing investments in small and medium enterprises, rapid technological advancements, and growing adoption of blockchain in various end use industries.
The growing demand for digital payment systems and rising demand for smart contracts, security requirements in cross-border payments are the key industry trends propelling the market's growth.
Public, private, and hybrid are the major types of the blockchain technology.
Application and solution, infrastructure and protocols, and middleware, among others are the different components of the product.
Digital identity, exchanges, payments, smart contract, and supply chain management, among others are the significant applications of the product.
Large enterprises and small and medium enterprise are the different enterprise sizes in which the market has been segmented.
Financial services, government, healthcare, media and entertainment, retail and transportation and logistics, among others are the significant end-uses of the product.
The major players in the industry are BTL Group Ltd., Circle Internet Financial Limited, Digital Asset Holdings, LLC, Global Arena Holding, Inc., IBM Corporation, and Microsoft Corporation, Oracle Corporation, Huawei Services (Hong Kong) Co., Limited., Accenture plc, Bitfury Group Limited., SpinSys, Infosys Limited, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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