New York, USA, May 24, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), "Blockchain Technology Market Information by Service Provider, Organization Size, Application, End Users, and Region - Forecast till 2030”, Blockchain Technology Market could thrive at a rate of 67.57% between 2022 and 2030. The market size will be reaching around USD 137.8 Billion by the end of the year 2030
Market Synopsis:
Blockchain technology has emerged as a game-changer in the digital world, providing a secure and transparent platform for recording transactions. It is a decentralized digital ledger that allows for secure, transparent, and tamper-proof storage and transfer of data. Blockchain technology offers a range of benefits, including security, transparency, immutability, efficiency, and cost-effectiveness.
The uses and applications of blockchain technology are diverse and far-reaching. It is commonly used in finance and banking for secure and transparent transactions. It is also used in supply chain management to track the movement of goods, and in healthcare for secure and transparent storage and sharing of patient data. Other applications include identity verification, voting systems, and digital asset management.
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Market Competitive Landscape:
The affluent companies in the Blockchain Technology industry include
- Microsoft Corporation
- IBM Corporation
- Coinbase
- Blockchain Tech LTD
- Eathport
- BitFury Group Ltd
- Ripple Labs Inc
- Deloitte
- Touche Tohmatsu Limited
- Abra Inc
- Chain Inc
- Digital Asset Holdings
- Antier Solutions
Latest Industry Updates (December 2020) - PayPal announced that it would enable its customers to buy, hold and sell cryptocurrencies using their PayPal accounts. This move is seen as a major endorsement of blockchain technology and cryptocurrencies and is expected to increase mainstream adoption of these technologies.
Scope of the Report - Blockchain Technology Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 137.8 Billion |
| CAGR during 2022-2030 | 67.5% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Key Market Opportunities | Rising demand for digital identity |
| Key Market Dynamics | Increasing capitalization of market-related cryptocurrencies The low transaction fees |
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Market Segmentation:
- By Service Provider - The Service Providers in the market include Application and Solution Providers, Middleware Providers, and Infrastructure & Protocol Providers.
- By Organization Size - The Organization Size in the market includes Large enterprises, Small & Medium enterprises.
- By Application - The Application in the market includes Payment and Transaction, Smart Contract, Digital Identity, Documentation, and Exchanges.
- By End Users - The End Users in the market include Healthcare, Life Sciences, BFSI, IT and telecommunication, Travel and Hospitality, and Real & Construction.
Market USP Covered:
Market Drivers:
One of the main market driving factors for the Blockchain Technology market is the growing demand for clean and sustainable energy sources. As concerns about climate change and the environmental impact of fossil fuels increase, governments and industries are turning to hydrogen as a cleaner and more sustainable alternative. Another driving factor is the increasing use of hydrogen in transportation, particularly in fuel cell vehicles, as governments implement policies to reduce carbon emissions from the transportation sector.
Another market driver is the increasing use of hydrogen in industrial processes. Hydrogen is a versatile fuel that can be used in a wide range of industrial processes, such as metal production, chemical manufacturing, and food processing. The use of hydrogen in these processes can reduce carbon emissions and improve energy efficiency.
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Market Restraints:
The market for blockchain technology faces several restraints. One major challenge is the lack of standardization and interoperability of blockchain systems. This makes it difficult for different systems to work together seamlessly, limiting the adoption of blockchain technology in some industries. Other challenges include the lack of understanding of the technology and regulatory uncertainties.
COVID 19 Analysis:
The COVID-19 pandemic has had a profound impact on the global economy, and the blockchain technology market has not been immune. The pandemic has disrupted supply chains, created economic uncertainty, and resulted in a slowdown in investment in emerging technologies such as blockchain. However, the pandemic has also highlighted the importance of secure and transparent digital transactions, which are crucial in times of crisis.
As businesses and governments seek to digitize their operations and increase efficiency in the post-COVID-19 scenario, the demand for blockchain technology is expected to grow. The pandemic has accelerated the adoption of digital technologies, and blockchain technology is expected to play a key role in the digitization of various industries. Blockchain technology can help to streamline supply chain management, improve data security, and increase transparency in transactions.
The pandemic has increased awareness of the importance of decentralized systems, which can operate without a central authority or intermediary. Blockchain technology is inherently decentralized and can provide a secure and transparent platform for transactions without the need for a central authority. This feature is particularly relevant in times of crisis, when trust in centralized authorities may be eroded.
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Regional Insights:
The market for blockchain technology is expected to grow significantly in the coming years, with North America, Europe, and Asia-Pacific being the top three regions driving growth. North America is the largest market for blockchain technology, driven by the presence of key market players and favorable government policies. Europe is expected to see significant growth due to the increasing adoption of blockchain technology in the banking and financial sector. Asia-Pacific is expected to grow rapidly due to the increasing adoption of blockchain technology in supply chain management and the rise of digital currencies.
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