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Latin America Blockchain Technology Market Analysis, Size: By Type: Public, Private, Hybrid; By Component: Application and Solution, Infrastructure and Protocols, Middleware, Others; By Application: Digital Identity, Exchanges, Payments, Others; By Enterprise Size; By End User; Regional Analysis; Competitive Landscape; 2024-2032
Latin America Blockchain Technology Market Outlook
The Latin America blockchain technology market size attained a value of USD 0.80 billion in 2023. The market is further expected to grow at a CAGR of 54.30% between 2024 and 2032, to reach a value of USD 39.78 billion by 2032.
Key Trends in the Market
Blockchain technology refers to an advanced database mechanism which enables transparent trading of information in an organisational setting. This technology restricts unauthorised transaction initiations which improves safety and operational efficiency of users. Blockchain technology maintains a digital database which secures and decentralises transactional records.
- Blockchain technology is emerging as a disruptive technology in the Latin America region for the improvement of international trading infrastructure. International trade in Latin America faces errors, information time lags, delays, and inefficiencies, among other issues, which can be avoided with the use of blockchain technology.
- The growing transportation and logistics sector in Latin America is resulting in increased complexity during operations. Automated solutions and blockchain help facilitate advance cargo documentation management, certificate traceability, detection of product originality, and bolstered trade financing which is providing growth opportunities for the Latin America blockchain technology market.
- Favourable initiatives of the governments in the region aimed towards encouraging automation and digitalisation across various sectors, are providing impetus to the Latin America blockchain technology market. The emergence of advanced technologies, such as internet of things (IoT), artificial intelligence (AI), and mobilised cloud computing solutions are improving the strategic valuation of blockchain technology.
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Market Analysis
Based on type, the market is segmented into public, private, and hybrid. On the basis of component, the market is classified into application and solution, infrastructure and protocols, and middleware, among others. By application, the market is segmented into digital identity, exchanges, payments, smart contracts, and supply chain management, among others. Based on enterprise size, the market is bifurcated into large enterprises and small and medium enterprises. By end user, the market is divided into financial services, government, healthcare, media and entertainment, retail, and transportation and logistics, among others. The major countries in the Latin America blockchain technology market are Brazil, Argentina, Mexico, Chile, and Colombia, among others.
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. The report gives a detailed analysis of the following key players in the Latin America blockchain technology market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- Microsoft Corporation
- IBM Corporation
- Amazon Web Services, Inc.
- SAP SE
- Huawei Technologies Co. Ltd.
- Bitso
- Buda.com SpA
- Koibanx Ltd.
- Tradewind Markets, Inc.
- KuCoin
- Others
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Market Share by Application
The smart contracts segment, based on application, accounts for a healthy share of the Latin America blockchain technology market. Smart contracts bring redundance to third-party mediators which eradicates the associated costs, while saving time during processing of the documents. In addition, smart contracts are purely automated and fully secure which brings speed, accuracy, efficiency, and safety, leading to a heightened application of this technology in government voting systems, healthcare, logistics, financial services, and residential leasing, among other sectors. The increasing digitalisation in administrative payments and billing related services, and in real estate and crowdfunding, across Latin America, is expected to improve the growth of the smart contracts applications of blockchain technology in the forecast period.
Market Share by End User
Based on end user, the government segment accounts for a significant share in the Latin America blockchain technology market. This can be attributed to the increasing emphasis on blockchain technology by the governments of countries in Latin America. Governments in this region are using blockchain technology to enhance traceability and transparency to reduce corruption and spearhead the efficiency of operations. Moreover, blockchain technology can reduce the burden of government by automating documentation and administrative work. Increasing adoption of self-executing contracts and patent protection blockchain solutions are expected to bolster the application of this technology in the government sector in the forecast period.
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Competitive Landscape
Microsoft Corporation, founded in 1975 and currently headquartered in Washington, United States, is a global technology corporation and leading developer of software systems for personal computers and applications. The company also has its own line of computer peripherals, hybrid tablet computers, electronic game systems, and e-mail services, as well as popular applications such as Microsoft 365, Teams, and Windows.
IBM Corporation, also known as the International Business Machines Corporation (IBM) is a multiple national technology corporation that is based out of New York, United States. Founded in 1911, the company specialises in bringing together latest technologies and services that help their clients solve business problems. Its product line ranges from AI and machine learning and analytics to business automation, storage, networks, and DevOps.
Amazon Web Services, Inc., a subsidiary of online retailer Amazon, specialises in providing on-demand platforms for cloud computing and APIs to companies and individuals worldwide, with 200+ featured services. Established in 2006 with headquarters in Washington in the United States, Amazon Web Services, also known as AWS, has date centres located worldwide with multiple layers of protection for uninterrupted service.
Other market players include SAP SE, Huawei Technologies Co. Ltd., Bitso, Buda.com SpA, Koibanx Ltd., Tradewind Markets, Inc., and KuCoin, among others.
Key Highlights of the Report
| 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 User |
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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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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Market Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Latin America Blockchain Technology Market Analysis
8.1 Key Industry Highlights
8.2 Latin America Blockchain Technology Historical Market (2018-2023)
8.3 Latin America Blockchain Technology Market Forecast (2024-2032)
9 Latin America Blockchain Technology Market by Type
9.1 Public
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Private
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.3 Hybrid
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
10 Latin America Blockchain Technology Market by Component
10.1 Application and Solution
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Infrastructure and Protocols
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Middleware
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Others
11 Latin America Blockchain Technology Market by Application
11.1 Digital Identity
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Exchanges
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Payments
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Smart Contracts
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Supply Chain Management
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Blockchain Technology Market by Enterprise Size
12.1 Large Enterprises
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Small and Medium Enterprises
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Latin America Blockchain Technology Market by End User
13.1 Financial Services
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Government
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Healthcare
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Media and Entertainment
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Retail
13.5.1 Historical Trend (2018-2023)
13.5.2 Forecast Trend (2024-2032)
13.6 Transportation and Logistics
13.6.1 Historical Trend (2018-2023)
13.6.2 Forecast Trend (2024-2032)
13.7 Others
14 Latin America Blockchain Technology Market by Country
14.1 Brazil
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Argentina
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
14.3 Mexico
14.3.1 Historical Trend (2018-2023)
14.3.2 Forecast Trend (2024-2032)
14.4 Chile
14.4.1 Historical Trend (2018-2023)
14.4.2 Forecast Trend (2024-2032)
14.5 Colombia
14.5.1 Historical Trend (2018-2023)
14.5.2 Forecast Trend (2024-2032)
14.6 Others
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter’s Five Forces Analysis
15.2.1 Supplier’s Power
15.2.2 Buyers Powers
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Microsoft Corporation
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 IBM Corporation
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Amazon Web Services, Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 SAP SE
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Huawei Technologies Co. Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Bitso
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Buda.com SpA
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Koibanx Ltd.
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Tradewind Markets, Inc.
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 KuCoin
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Latin America Blockchain Technology Market: Key Industry Highlights, 2018 and 2032
2. Latin America Blockchain Technology Historical Market: Breakup by Type (USD Million), 2018-2023
3. Latin America Blockchain Technology Market Forecast: Breakup by Type (USD Million), 2024-2032
4. Latin America Blockchain Technology Historical Market: Breakup by Component (USD Million), 2018-2023
5. Latin America Blockchain Technology Market Forecast: Breakup by Component (USD Million), 2024-2032
6. Latin America Blockchain Technology Historical Market: Breakup by Enterprise Size (USD Million), 2018-2023
7. Latin America Blockchain Technology Market Forecast: Breakup by Enterprise Size (USD Million), 2024-2032
8. Latin America Blockchain Technology Historical Market: Breakup by End User (USD Million), 2018-2023
9. Latin America Blockchain Technology Market Forecast: Breakup by End User (USD Million), 2024-2032
10. Latin America Blockchain Technology Historical Market: Breakup by Country (USD Million), 2018-2023
11. Latin America Blockchain Technology Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Latin America Blockchain Technology Market Structure
Key Questions Answered in the Report
The market reached a value of USD 0.80 billion in 2023.
The market is estimated to grow at a CAGR of 54.30% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of USD 39.78 billion by 2032.
The heightening usage of blockchain technology in international trading services, increasing demand from the logistics sector, and rapid adoption of smart contracts across end users are the major drivers of the market.
The key trends in the market include the emerging advanced technologies such as internet of things (IoT) and artificial intelligence, and favourable initiatives of the governments in the region.
Public, private, and hybrid are the different types of blockchain technology in the market.
Application and solution, infrastructure and protocols, and middleware, among others are the various components in the market.
Large enterprises and small and medium enterprises are the major enterprise sizes in the market.
Financial services, government, healthcare, media and entertainment, retail, and transportation and logistics, among others, are the major end users of blockchain technology in the market.
Brazil, Argentina, Mexico, Chile, and Colombia, among others are the major countries in the Latin America market for blockchain technology.
The key players in the Latin America blockchain technology market, according to the report are Microsoft Corporation, IBM Corporation, Amazon Web Services, Inc., SAP SE, Huawei Technologies Co. Ltd., Bitso, Buda.com SpA, Koibanx Ltd., Tradewind Markets, Inc., and KuCoin, among others.
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