A blockchain is a distributed, decentralized and public digital ledger that is used to record communications across computers so that the record cannot be transformed retroactively without the modification of all subsequent blocks. This permits the contributors to audit and verify transactions inexpensively. A blockchain database is managed autonomously using distributed time-stamping server and peer-to-peer network. The use of a blockchain eliminates the characteristic of infinite generation of data from a digital asset. It approves that, each unit of value is transmitted only once, thus resolving the long-standing problem of double capital expenditure. Global blockchain market was valued, in 2022 USD XX million and in 2030 is expected to reach at USD XX million with growing CAGR of XX%.
The driving factors for the growth of his market are reduced total cost of ownership and growing demand for distributed ledger technology. Growing demand for simplified business processes, increasing cryptocurrencies market cap and initial coin offerings, and creating transparency and immutability are also some of the factors also driving growth of this market.
However, high adoption of blockchain for payments, smart contracts, the transformation of international trade and supply chain management, digital identities are anticipated to boost the growth of blockchain market in upcoming years. In addition, adoption of blockchain technology and increasing importance for communication service providers, and a new breed of programmable blockchain platforms would create beneficial market opportunities.
Some of the key players offering blockchain solutions include Amazon Web Services, Inc., BTL Group Ltd., Chain, Inc., Coinbase, Digital Asset Holdings LLC., Earthport PLC, Factom, International Business Machines Corporation, Microsoft Corporation, Ripple, Abra, AlphaPoint, and Bitfury Group Limited.
The global block chain market is segmented into application, organization size, provider, industry vertical and geography. The application segment for the blockchain market is sub-segmented into payments, exchanges, smart contracts, documentation, digital identity, supply chain management, governance, risk and compliance management and others. Based on provider, the market is classified into application and solution provider, middleware provider and infrastructure and protocol provider. On the basis of organization size the market is bifurcated into small and medium-sized enterprises (SMEs) and large enterprises. Furthermore, based on industry vertical, the market is classified as banking, financial services, and insurance (BFSI), government and public sector, healthcare and life sciences, media and entertainment, retail and e-commerce, travel and hospitality, transportation and logistics, real estate, it and telecommunications and others.
Market segmented based on application:
- Smart Contracts
- Digital Identity
- Supply Chain Management
- Risk and Compliance Management
Market segmented based on provider:
- application and solution provider,
- Middleware provider
- Infrastructure and protocol provider
Market segmented based on region:
- North America
• Rest of Europe
• Rest of Asia-Pacific
- Latin America
• Rest of Latin America
- Middle East and Africa (MEA)
• South Africa
• Saudi Arabia
• Rest of MEA