The blockchain market is projected to increase from US$ 8.3 billion in 2022 to US$ 155 billion in 2032, with a CAGR of 34.1%. A global blockchain market assessment predicts that there will be a surge in the demand for cryptographic ledger solutions due to the increase in identity and data theft crimes. Digital ledger technologies are being used by BFSI organisations to protect end-user financial data and identity.
Among the technology applications gaining traction in the BFSI business are cross-border transactions, processing and settlements, trade finance networks, digital identity verification, and credit reporting. This is anticipated to aid in the growth of the blockchain market. Lack of qualified workers will impede the expansion of the blockchain market.
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As more industries have embraced digital change, threats and cyberattacks have increased. On the other side, organisations struggle with a lack of qualified experts to handle risk issues.
Due to this slow adoption of technologically sophisticated solutions, the future growth of the blockchain industry is anticipated to be affected. Additionally, developing nations like India, Peru, and Mexico, among others, struggle with a lack of awareness of the threats associated with data security.
As a result, it is anticipated that adoption patterns for blockchain technology will be stable for a while. The legalisation of bitcoin encourages more company and investor involvement in blockchain technology. Additionally, it encourages market participants in the blockchain to work harder to improve their offerings in order to gain a competitive edge.
Key Takeaways
- The BFSI industry is predicted to have a substantial market share due to the rising use of digital ledger solutions and services by financial institutions to streamline company processes and reduce operating expenses.
- In the blockchain industry, North America is expected to have the greatest market share. Early acceptance of blockchain and the presence of several producers offering privacy and blockchain solutions are projected to fuel the region’s market rise.
- The blockchain platform segment is expected to advance at a CAGR of 33.4% throughout the forecast period.
- The US blockchain market size is expected to reach a valuation of US$ 55.2 Bn by 2032.
- The payments segment is likely to command a higher share of the blockchain market. The technology improves the transparency, cost-effectiveness, and operational efficiency of payment systems.
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Competitive Landscape
The blockchain market’s competitive landscape is highly fragmented by nature. Companies are concentrating on tactics to strengthen their market positions, such as mergers and acquisitions.
Blockchain market participants are also concentrating on improving their product offerings in order to better respond to changing user wants and remain competitive. As a result, market participants are increasing their R&D spending in order to improve their product offers. In addition, the companies are partnering with institutions all around the world to encourage technological development, academic research, and innovation in the field of cryptocurrency and blockchain technology.
IBM, Blockcypher, AWS, Huawei, Intel, Oracle, Accenture, Guardtime, Wipro, Bitfury, Symbiont, SAP, Cegeka, and BigchainDB are some of the most creative blockchain vendors.
Recent Developments:
Amazon Web Services launched ethereum on its managed distributed ledger in March 2021. This approach aids developers in determining ethereum nodes without having to deal with the complexities of infrastructure operation and setup.
BIGG Digital Asset Inc. and Blockchain Foundry Inc. joined in June 2021. This collaboration is likely to let enterprises offer forensic and risk-scoring services to stablecoin and fractional NFT creators.
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Key Segments
By Component:
- Platform
- Service
By Provider:
- Application
- Middleware
- Infrastructure
By Organizational Size:
- Large Enterprise
- Small & Medium Sized Enterprise
By Type:
- Private
- Public
- Hybrid
By Application Area:
- Transportation and Logistics
- Agriculture and Food
- Manufacturing
- Energy & Utilities
- Healthcare and Life Science
- Media, Advertising and Entertainment
- Banking and Financial Services
- Insurance
- IT and Telecom
- Retail and E-Commerce
- Government
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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