New York, United States, Oct. 16, 2023 (GLOBE NEWSWIRE) -- A distributed ledger is a database that can be used by many people and is freely shared and synchronized between many places, businesses, or geographical areas. Contrary to typical databases, distributed ledgers don't have a centralized database storage system, so financial authorities can check for and fix mistakes. “The global blockchain distributed ledger market size is presumed to reach USD 3,50,712 million, expanding at a CAGR of 63% during the forecast period.,” states the Research Manager at Straits Research P. Ltd.
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Key Drivers
The market is growing due to a rise in the use of blockchain distributed ledger technology among large and medium-sized organizations due to an increase in the global capital market share. Due to several benefits, including lower operational costs, better liquidity, decreased counterparty risk, and a streamlined regulatory reporting method, several small and medium-sized businesses are also using blockchain-distributed ledgers. The blockchain distributed ledger also helps customers, employees, and organizations protect their most important data from security breaches by eliminating the need for a reliable intermediary when transmitting essential organizational information.
Blockchain distributed ledger technology helps enterprises in three areas of data security: preventing identity theft, avoiding data tampering, and combating denial-of-service attacks. As the potential of a backdoor transaction and unauthorized meddling rises, the market is also expanding due to banks and other financial institutions adopting blockchain distributed ledger technology more quickly.
Growth Opportunities
Service providers may enhance decision-making, deliver better customer service, and add value to their enterprises by integrating cutting-edge technologies like IoT into blockchain distributed ledgers. Blockchain distributed ledger powered by the Internet of Things reduces operational expenses and complexity while promoting the growth of better business insights. Several insurance companies are currently implementing blockchain distributed ledger technology based on the Internet of Things, which lowers administrative costs through automated claims data validation and aids in confirming the legitimacy of policies, transactions, and consumers by providing historical records.
Regional Insights
North America will command the market with the largest market share while expanding at a CAGR of 59.3%. North America is the region that contributes the most to the global blockchain distributed ledger market because of developments in the automotive and media & entertainment industries for the adoption of cutting-edge technologies. The market for blockchain distributed ledgers is also predicted to grow due to the proliferation of blockchain technology firms in the region, which are backed by sizeable venture capital investments.
The Asia Pacific will expand at a CAGR of 69.3%. Blockchain is quickly gaining popularity in the Asia Pacific. Chinese banks are recruiting blockchain specialists as the Chinese government encourages the use of bitcoin technology to improve accountability and eliminate fraud in the country's financial sector. A collection of Japanese banks plans to use distributed ledger technology developed by a FinTech firm with support from Google to conduct domestic and international payments. Additionally, blockchain technology has been successfully tested for use in business by the Reserve Bank of India.
Several top industry players, including Antier Solutions, Debut Infotech, and Ionixx Technologies, have developed user-friendly, affordable, and energy-efficient cryptocurrencies that present lucrative opportunities to promote the growth of the blockchain distributed ledger market in the Asia-Pacific region.
Key Highlights
- The supply chain management section is projected to advance at a CAGR of 62.5% and hold the largest market share.
- Based on the component, the solution section is projected to advance at a CAGR of 62% and hold the largest market share.
- Based on type, the private section is projected to advance at a CAGR of 60.1% and hold the largest market share.
- Based on enterprise size, the large enterprise section is projected to advance at a CAGR of 61.6% and hold the largest market share.
Competitive Players in the Market
- AlphaPoint
- Amazon Web Services, Inc.
- Auxesis Services & Technologies (P) Ltd.
- Digital Asset Holdings, LLC
- Huawei Technologies Co., Ltd.
- Intel Corporation
- International Business Machines Corporation
- iXledger
- NTT DATA Corporation
- Visa Inc.
Market News
- In 2022, Digital Asset Holdings, LLC entered a strategic partnership with SBI Holdings, Japan. The investment made is to accelerate the growth in Japan.
- In 2022, Digital Asset Holdings, LLC announced the release of Daml 2.0. This is the most upgraded version of the multiparty application platform from Digital Asset. This edition makes it easier to develop and deploy multiparty apps of the highest quality.
Global Blockchain Distributed Ledger Market: Segmentation
By Component
- Solution
- Service
By Type
- Private
- Public
- Hybrid
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
By Application
- Payments
- Smart Contracts
- Supply Chain Management
- Compliance Management
- Trade Finance
- Others
By Industry Vertical
- BFSI
- Government & Public
- Manufacturing
- Retail & E-Commerce
- Media & Entertainment
- Transportation & Logistics
- Healthcare
- Energy & Utilities
- Others
By Region
- North America
- Europe
- Asia Pacific
- LAMEA
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