Chicago, July 25, 2024 (GLOBE NEWSWIRE) -- The global Blockchain Market size is projected to grow from USD 20.1 billion in 2024 to USD 248.9 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 65.5% during the forecast period, according to a new report by MarketsandMarkets™.
The integration of cloud-based solutions and advanced technologies like AI, ML, has propelled the rapid growth of blockchain adoption. Cloud-based blockchain solutions offer remote accessibility and cost reductions, while AI, ML, and integration are used for efficiency. These combined advancements in blockchain cater to organizations' demands for scalable, cost-effective, and efficient security solutions, driving significant expansion in the blockchain market.
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Blockchain ensures simplification of processes, along with transparency, and security. It has a significant potential in application areas such as payments, smart contracts, and digital identities.
Blockchain Market Dynamics:
Drivers:
- Increasing venture capital funding and investments in blockchain technology
- Growing demand for secure and transparent transactions in retail, SCM, and banking applications
- Need for simplification, transparency, security, and immutability of processes
- High adoption of blockchain solutions for payments, smart contracts, and digital identities
- Low operational costs offered
Opportunities:
- Increasing government initiatives to boost demand for blockchain platforms and services
- Amalgamation of blockchain, IoT, and AI
- Rising demand for real-time data analysis, enhanced visibility, and proactive maintenance
- Potential of blockchain technology in novel industries
Restraints:
- Uncertain regulatory and compliance environment
- High cost of implementing blockchain technology
List of Blockchain Companies:
- AWS (US)
- Oracle (US)
- IBM (US)
- Huawei (China)
- Accenture (Ireland)
- TCS (India)
- Google (US)
- Alibaba (China)
- Microsoft (US)
- OVHcloud (France)
- SAP (Germany)
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Trend: Web3
Web3 represents the next generation of the internet, emphasizing decentralization and user control. Web3 leverages blockchain technology to create a more open and democratic online experience. Users have more control over their data and online interactions. This change in power needs a strong blockchain foundation to ensure secure and clear interactions. A strong blockchain infrastructure is required to enable safe and scalable operations with Web3 that will lead to a significant growth in the blockchain market.
Trend: Big Data Analytics
Big Data Analytics involves examining large and complex datasets that traditional methods can't easily handle. This data can come from sources such as financial transactions or sensor networks. Using advanced techniques and powerful computers, Big Data Analytics uncovers valuable insights hidden in the vast amounts of information. These insights help improve decision-making in many areas, such as enhancing business operations or spotting new trends in scientific research. As the volume and variety of data grow rapidly, Big Data Analytics becomes even more important in harnessing this information's potential, driving innovation across various fields.
By provider, infrastructure providers segment is expected to grow at second highest CAGR during the forecast period
Blockchain infrastructure suppliers manage and regulate user access to the foundational resources needed to operate their systems, like data security and cloud storage, as well as the resources that enable blockchains, like development tools and nodes. The provider of blockchain technology is responsible for configuring, managing and maintaining all activities related to the infrastructure and hardware elements, like nodes. Infrastructure suppliers provide scalable infrastructure for creating, implementing, and managing enterprise-level blockchain applications. These suppliers support businesses in adopting blockchain technology and creating solutions to meet the growing demand for customer support. Blockchain market vendors provide the necessary infrastructure and tools for developing blockchain-based applications.
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By type, private segment is expected to grow at highest CAGR during forecast period
A private blockchain is a shared database or ledger secured by traditional security techniques such as limited user rights. Generally, security is provided to a private blockchain using private keys known only to the related organization. A private blockchain is a category of blockchain technology where write permissions are kept centralized to a single organization. Read permissions might also be restricted based on the organization’s usability.
A private blockchain provides more opportunities to businesses in terms of leveraging blockchain technology for business-to-business use cases. Private blockchain can be utilized for various use cases, including smart contracts, asset registries, and digital identity. The organization in control has the power to change the rules of private blockchains and may also decline transactions based on these established rules and regulations.
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