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The Latin America blockchain technology market reached a value of approximately USD 0.80 billion in 2023. The market is projected to grow at a CAGR of 54.30 % between 2024 and 2032, reaching a value of around USD 39.78 billion by 2032.
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Blockchain technology is divided into components including application and solution, infrastructure and protocols, middleware, and others. Remittances are a significant source of income for many families in Latin America.
Blockchain technology facilitates faster, cheaper, and more transparent cross-border payments, reducing the reliance on expensive traditional remittance services.
The Brazilian Digital Transformation Strategy pointed out that the digital economy accounted for approximately 22% of the Brazilian GDP in 2016 and reached 25.1% of GDP in 2021.
Supply chain transparency, government support and regulatory clarity, startup growth, and digital identity solutions are the major trends impacting the Latin America blockchain technology market growth.
June 2024
Nodle and Vivendi forged a pioneering partnership, elevating business communication security. Combining blockchain expertise with Vivendi's global influence, they advanced press release reliability, shaping a new era of trust in media.
January 2024
Telefónica employed blockchain technology to cut infrastructure expenses and enhance mobile coverage in Mexico. Collaborating with Nova Labs, creator of the Helium Network, Telefónica integrated Helium Mobile Hotspots to expand coverage in Mexico City and Oaxaca.
September 2024
Brazil introduced a new national identity card, enhancing security with a blockchain network linking the Federal Revenue Service and civil identification bodies. Serpro developed the platform, supporting the shared registry b-Cadastros for ID and tax registration management.
October 2023
Brazil launched its newest national digital ID program, utilising blockchain technology. The government's groundbreaking announcement disclosed plans to implement blockchain for a digital ID system covering over 214 million citizens.
Supply Chain Transparency
Blockchain enables transparency and traceability in supply chains, which is crucial for agriculture and manufacturing in Latin America. By tracking the movement of goods on a blockchain, companies can ensure the authenticity and integrity of their products.
Government Support and Regulatory Clarity
Many Latin American countries have shown openness to blockchain technology and cryptocurrencies, providing regulatory frameworks to support their development. Clear regulations create a conducive environment for blockchain startups and enterprises to operate and innovate.
Startup Growth
Latin America has seen a rise in blockchain startups across various sectors, including finance, healthcare, and agriculture. These startups are developing innovative solutions to local challenges, attracting investment, and driving growth in the blockchain market.
Digital Identity Solutions
Blockchain-based digital identity solutions offer secure and verifiable identity management, addressing fraud and identity theft issues. These solutions have applications in healthcare, government services and voting systems.
The usage of blockchain technology in the form of courses is increasing by the universities and educational institutions in Latin America which contributes to the development of a skilled workforce and fosters innovation in the blockchain ecosystem.
With growing awareness of environmental issues, there is a demand for sustainable blockchain solutions in Latin America. Projects focusing on energy-efficient consensus mechanisms and carbon offsetting through blockchain are gaining traction.
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“Latin America Blockchain Technology Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Component
Market Breakup by Application
Market Breakup by Enterprise Size
Market Breakup by End User
Market Breakup by Country
Hybrid blockchains contribute to the Latin America blockchain technology market growth as they promote interoperability between public and private networks, facilitating seamless data exchange and collaboration between different stakeholders.
Hybrid blockchains offer enhanced security and privacy features by combining the transparency of public blockchains with the controlled access of private blockchains. Moreover, hybrid blockchains provide customisation options that allow businesses in Latin America to tailor blockchain solutions to their specific needs and requirements.
Public blockchains operate in a decentralized manner, meaning no single entity has control over the network. By leveraging public blockchains, businesses and governments can create more resilient and tamper-resistant systems.
Large enterprises drive growth in the Latin America blockchain technology market share by collaborating with blockchain startups, technology providers, and industry consortia to develop and implement blockchain solutions.
Some large enterprises are investing in the development of blockchain infrastructure, such as blockchain networks, protocols, and platforms. Large financial institutions in Latin America are exploring blockchain solutions for improving payment systems, cross-border transactions, trade finance, and other financial services.
Small and medium enterprises can benefit from the cost-effectiveness of blockchain technology, which allows for streamlined processes, reduced intermediary fees, and improved operational efficiency. By investing in employee training and skill development, small and medium enterprises in Latin America can build internal expertise in blockchain technology.
The corporation offers software systems for personal computers, specializes in technology solutions, and manufactures hybrid tablet computers, smart devices, and others.
Microsoft Corporation: Founded in 1975, Washington-based, the company excels in personal computer software. It extends its portfolio with computer peripherals, hybrid tablets, electronic gaming systems, and more, marking its multifaceted technological prowess.
Amazon Web Services, Inc.: An Amazon subsidiary, AWS offers on-demand cloud computing platforms and APIs worldwide with 200+ services. Founded in 2006, and headquartered in Washington, it ensures uninterrupted service through global data centres.
IBM Corporation: IBM, or International Business Machines Corporation, headquartered in New York, USA, since 1911, specializes in technology solutions, including AI, analytics, automation, storage, networks, and DevOps.
Huawei Technologies Co. Ltd.: Founded in 1987 and is headquartered in Shenzhen, Guangdong. The company is the global provider of smart devices and information and communications technology (ICT) infrastructure.
Other Latin America blockchain technology market key players are SAP SE, Bitso, Buda.com SpA, Koibanx Ltd., Tradewind Markets, Inc., and KuCoin, among others.
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Argentina and Brazil are leading the adoption of blockchain technology in Latin America due to economic instability, a large unbanked population, high crypto adoption, government support through regulatory frameworks and tech-savvy populations. These factors drive innovation and growth in the region's blockchain market.
According to ITA, by 2022, 86% of public services have been digitised, aiming for 95% by 2025 and complete digitisation by 2035.
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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Latin America Blockchain Technology Market Size
Latin America Blockchain Technology Market Growth
Latin America Blockchain Technology Market Trends
Latin America Blockchain Technology Market Share
Latin America Blockchain Technology Manufacturers
Latin America Blockchain Technology Market Regional Analysis
*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.
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
The market was valued at USD 0.80 billion in 2023.
The market is projected to grow at a CAGR of 54.30 % between 2024 and 2032.
The revenue generated from the Latin America blockchain technology market is expected to reach USD 39.78 billion in 2032.
The market is categorised according to the type, which includes private, public, and hybrid.
The market key players are Microsoft Corporation, IBM Corporation, Amazon Web Services, Inc., Huawei Technologies Co. Ltd., SAP SE, Bitso, Buda.com SpA, Koibanx Ltd., Tradewind Markets, Inc., and KuCoin, among others.
Based on the application, the market is divided into digital identity, exchanges, payments, smart contracts, supply chain management, and others.
Based on the components, the market is divided into application and solution, infrastructure and protocols, middleware, and others.
Based on the enterprise size, the market is divided into large, small, and medium enterprises.
The market is broken down into Brazil, Argentina, Mexico, Chile, Colombia, and others.
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