(EMAILWIRE.COM, April 14, 2023 ) According to a research report “Blockchain Market by Component (Platforms and Services), Provider (Application, Middleware, and Infrastructure), Type (Public, Private, and Hybrid), Organization Size(SMEs and Large Organizations), Application, and Region – Global Forecast to 2027″ published by MarketsandMarkets, the global blockchain market will grow from an estimated USD 7.4 billion in 2022 to USD 94.0 billion by 2027, at a compound annual growth rate (CAGR) of 66.2%. High adoption of blockchain technologies for payments, smart contracts and digital identities is expected to boost the market. Moreover, opposition from incumbents may hinder the market growth.
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By component, platforms to hold highest market share during forecast period
Components are divided as platforms and services. The blockchain platform is a decentralized solution used for tracking, documenting, and facilitating transactions. The blockchain technology was first utilized for financial transactions but can be applied to a variety of industries such as e-commerce and for supply chain management. These software solutions provide the framework necessary to create applications that rely on any kind of transaction. Blockchain platforms are software solutions that enable businesses to build applications with the blockchain technology. The blockchain technology refers to the use of a distributed, immutable ledger that documents transactions, activities, and resource movement across a network. A blockchain-based ledger system can be used by companies for any application that relies on any kind of transaction. The blockchain platform operates as a development platform with an integrated distributed ledger which is an encrypted storage space for all kinds of data. The integrated data is then used to help develop consensus mechanisms that are used to validate and approve transactions.
By organization size, SMEs to grow at highest CAGR during forecast period
Organizations with less than 1,000 employees are categorized as SMEs which face several disadvantages including high barriers to entry and lower protection from market conditions. the requirement of several intermediaries for trading across regions exceedes the cost of operation, which limits the growth in implementation in SMEs with limited resources. in such scenarios, The blockchain technology can prove beneficial. It can enable enterprises to reduce costs by eliminating these intermediaries. basic day-to-day operations is manual or semi-automatic processes including invoicing, inventory, and payroll are some of the areas where SMEs can utilize blockchain technology. For instance, SMEs streamline their operations cost-effectively with the help of smart contracts, a critical capability offered by the blockchain solution. It can prove to be more economical.
By region, Asia Pacific to grow at highest CAGR during forecast period
Due to increasing technological innovations and the growing presence of a large number of organizations, economies in the Asia Pacific are witnessing high growth. The blockchain market is in the nascent phase of exploration and adoption in the region. However, most technology and services providers are looking forward to the blockchain technology as a lucrative opportunity. The adoption of blockchain tools and services is expected to be driven by the growth of the financial sector. Growth in the blockchain startup ecosystem across countries like India and China is driving the blockchain market in the Asia Pacific. The region is exploring new opportunities and possible challenges to overcome with the help of blockchain technology. Supply chains in the Asia Pacific are often significantly more difficult to manage as compared to other regions of the world. The adoption of blockchain in the region is increasing to reduce these complexities. Singapore is the fastest growing market in the region. China is expected to hold the largest market share in forecast period. Chinese government is planning to leverage the blockchain in various initiatives like to advance the development of smart courts. This will drive the blockchain market in China.
The major vendors in the blockchain market are IBM (US), AWS (US), Oracle (US), Huawei (China), Accenture (Ireland), Wipro (India), Infosys (India), TCS (India), SAP (Germany), Intel (US), ConsenSys (US), NTT DATA (Japan), Bitfury (Netherlands), Guardtime (Estonia), Chain (Saint Kitts and Nevis), VMware (US), SpinSys (US), LeewayHertz (US), R3 (US), Cegeka (Netherlands), Symbiont (US), BigchainDB (Germany), Applied Blockchain (UK), RecordsKeeper (US), Blockpoint (US), Auxesis Group (India), Blockchain Foundry (Canada), Factom (US), Stratis (UK), Dragonchain (US).
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