New York, USA, May 24, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “The Blockchain Technology Market Information by Service Provider, Organization Size, Application, End-Users, and Region – Forecast to 2030”, the Blockchain Technology market can thrive at a rate of 67.57% between 2022 and 2030. The market size will reach around USD 137.8 billion by the end of the year 2030
Market Summary:
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 enables secure, transparent and tamper-proof storage and transfer of data. Blockchain technology offers a number of advantages, including security, transparency, immutability, efficiency and cost-effectiveness.
The uses and applications of blockchain technology are diverse and far-reaching. It is often 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 the healthcare system for secure and transparent storage and sharing of patient data. Other applications include identity verification, voting systems and digital wealth management.
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Market Competitive Landscape:
The prosperous companies in the Blockchain Technology industry include
- Microsoft Corporation
- IBM Corporation
- Coin base
- 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 an important endorsement of blockchain technology and cryptocurrencies and is expected to increase the mainstream adoption of these technologies.
Scope of the Report – Blockchain Technology Market:
| Report calculations | Details |
| Market size by 2030 | USD 137.8 billion |
| CAGR during 2022-2030 | 67.5% |
| Foundation year | 2021 |
| Forecast | 2022-2030 |
| Important market opportunities | Increasing 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 and protocol providers.
- By organization size – The organization size in the market includes large enterprises, small and medium enterprises.
- Upon application – The application in the market includes payment and transaction, smart contract, digital identity, documentation and exchange.
- By end users – The end users in the market include Healthcare, Life Sciences, BFSI, IT and Telecommunications, Travel and Hospitality, and Real & Construction.
Market USP covered:
Market drivers:
One of the most important market driving factors for 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 transport, particularly in fuel cell vehicles, as governments implement policies to reduce carbon emissions from the transport 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 production and food processing. Using hydrogen in these processes can reduce carbon emissions and improve energy efficiency.
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Market restrictions:
The market for blockchain technology faces several limitations. A major challenge is the lack of standardization and interoperability of blockchain systems. This makes it difficult for different systems to collaborate seamlessly, and limits the use of blockchain technology in certain industries. Other challenges include a 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 decline in investment in new 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 increase. 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 streamline the supply chain, improve data security and increase transparency in transactions.
The pandemic has raised 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 function is particularly relevant in times of crisis, when trust in centralized authorities can be weakened.
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Regional insights:
The blockchain technology market is expected to grow significantly in the coming years, with North America, Europe, and Asia Pacific being the top three regions driving the 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 use of blockchain technology in the banking and finance sector. Asia-Pacific is expected to grow rapidly due to the increasing use of blockchain technology in supply chain management and the rise of digital currencies.
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At Market Research Future (MRFR), we enable our clients to uncover the complexities of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research ( CFR) ), and market research and consulting services.
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