New York, April 06, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Blockchain Distributed Ledger Global Market Report 2023” report –
Ltd., Intel Corporation, International Business Machines Corporation, iXledger, NTT DATA Corporation, Accenture PLC, Eris Industries, Huawei Technologies Co. Ltd., Visa Inc., Microsoft Corporation, Chain Inc. and Blockchain Tech Ltd.
The global blockchain distributed ledger market grew from USD 8.85 billion in 2022 to USD 14.47 billion in 2023 at a compound annual growth rate (CAGR) of 63.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions against several countries, an increase in commodity prices and supply chain disruptions, causing inflation across goods and services and affecting many markets worldwide. The blockchain distributed ledger market is expected to grow to USD 102.61 billion by 2027 at a CAGR of 63.2%.
The blockchain distributed ledger market consists of revenue earned by entities by offering hybrid blockchain and consortium blockchain. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the producers or creators of the goods, either to other entities (including downstream producers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A blockchain distributed ledger refers to a database that is distributed among multiple computers, nodes, institutions, or nations that help increase data transfer speeds, reduce the need for a third party in business operations, and improve capital optimization. The distributed blockchain ledger is used to make payments, smart contracts, supply chain management, compliance management and trade finance.
North America will be the largest region in the blockchain distributed ledger market in 2022. Asia-Pacific is expected to be the fastest growing region during the forecast period.
The regions covered in this Blockchain Distributed Ledger market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of distributed blockchain ledger are private blockchain and public blockchain. A private blockchain refers to a network managed by a network administrator where members are given permission to join the network.
The components include solutions and services. These are used in payments, smart contracts, supply chain management, compliance management, trade finance and other applications.
The various end-user industries include BFSI, public sector, manufacturing, retail and e-commerce, media and entertainment, transport and logistics, healthcare and energy and utilities.
An increase in investments in private blockchain distributed ledger technology worldwide is expected to propel the growth of the blockchain distributed ledger market going forward. A blockchain distributed ledger is a digital ledger database of all transactions used in financial services spread across a number of nodes, computers, organizations or nations and is accessible and controlled by one or more businesses worldwide.
The private blockchain distributed ledger technology offers advantages such as blockchain access permission, complete data transaction privacy, centralized process, less energy, reduced transaction costs and data redundancies, simplified document management and getting rid of semi-manual compliance mechanisms. For example, in June 2022, Binance Labs, a UK-based venture capital firm, invested USD 500 million in funds for blockchain, Web3.0 startups and value-creating technologies. The investment is intended for initiatives to promote the adoption of blockchain technologies and expand the use of cryptocurrencies. Therefore, an increase in investments in private blockchain distributed ledger technology is driving the growth of the blockchain distributed ledger market.
Technological development is a key trend gaining popularity in the blockchain distributed ledger market. Major market players are concentrating their efforts on implementing the Internet of Things (IoT) and technologically advanced solutions in various end-use industries that help increase transparency and reduce costs by removing process costs.
For example, in February 2020, Hedera, a US-based developer of blockchain-alternative consensus data structures, developed a distributed ledger technology based on the Hedera Hashgraph consensus algorithm that provides organizations worldwide with the accessibility benefits of an open public network as well as the technological the possibilities to safely provide huge volumes of faster and cheaper transactions.
In May 2022, Route Ledger Technologies Private Limited, an India-based cloud communication platform service provider, acquired the artificial intelligence-based blockchain and DLT platform from Teledgers Technology Pvt. Ltd. for an undisclosed amount. The acquisition is aimed at providing mobile network operators with encrypted messaging and distributed ledger technology solutions. Teledgers Technology Private Limited is an India-based blockchain software company operating in the blockchain distributed ledger market.
The countries covered in Blockchain Distributed Finance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the income that enterprises receive from the sale of goods and/or services within a specified market and geography through sales, grants or donations in the form of currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, regardless of where they are produced. It does not include income from resale along the supply chain, either further down the supply chain or as part of other products.
Blockchain Distributed Ledger Market Research Report is one of a series of new reports that provide blockchain distributed ledger market statistics, including global market size, regional shares, competitors with a blockchain distributed ledger market share, detailed blockchain distributed ledger market segments, market trends and opportunities, and any additional data you may need to thrive in the blockchain distributed ledger industry. This Blockchain Distributed Ledger Market research report provides a complete perspective of everything you need with an in-depth analysis of current and future scenarios of the industry.
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