Global Blockchain Market is growing owing to rising application in healthcare sector by 2028.
Growing use of AI and NLP
technologies has enabled to drive the market of the Global Blockchain Market in
the forecast period of 2024-2028.
According to
TechSci Research report, “Blockchain Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018–2028”, the Global Blockchain
Market is anticipated to register a robust growth during the forecast period,
2024-2028. Global Blockchain Market is expanding as it is one of
the most significant technological advances in which is gaining traction. The
use of blockchain by users could be significantly impacted by trends that
emerge throughout the pandemic. One of the main factors fueling the growth of
the blockchain industry is the increasing acceptance of blockchain in a variety
of industries. In the second quarter of 2021, there were more than 70 million
blockchain wallets that had been registered. Every single year, the growth pace
of blockchain technology significantly accelerates. While in the corporate
world, more than 50% of companies consider blockchain to be a strategic
priority. In recent years, the adoption of blockchain has significantly
revolutionized the global economy.
Moreover, since
the launch of Bitcoin, blockchain technology thrived and is now being adopted
by many financial organizations. In the last two to three years, blockchain
technology has been increasingly popular for usage in a variety of commercial applications,
including payments, exchanges, smart contracts, documentation, and digital
identification. Blockchain-based solutions are now being developed by many
startups like Auxesis Group, Blockpoint, SpinSys, Symbiont, Bitfury, Confirm,
Genomes, Neufund, Fetch.AI, CiveQ, and QubiTech. Venture investors raised their
blockchain technology investments in 2018. For instance, Digital Currency
Group, which primarily invests in cryptocurrency, fintech, and blockchain
firms, has executed more than 197 blockchain and cryptocurrency agreements as
of August 2021. Recent investments are Circle and Figure Technologies both of
which create software to make financial transactions easier. As a result, the
global blockchain market size is escalating due to rising venture capital
funding and investments in blockchain technology.
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The Blockchain market
is segmented into based on type, provider, organization size, and vertical .
Based on type, the market is segmented into public, hybrid, and private. Based
on provider, the market is segmented into infrastructure & protocols
provider, application & solution provider, and middleware provider. On the
Basis ofBy organization size, the market is segmented into Small & Medium
Enterprises, and Large Enterprises. Based on vertical, the market is segmented
into Healthcare & Life Sciences, Retail & Ecommerce, BFSI, Government
& Public Sector, Automotive, Media & Entertainment, and Others. Due to
the demand for open-source, decentralised platforms that allow anybody to
engage as users, developers, miners, and community members, the public segment
is anticipated to have consistent revenue growth over the course of the projection
period. Public blockchains offer the highest level of security. Online hacking
assaults are a typical issue for shared networks, so public blockchains make a
lot of effort to maintain high security standards. A secure open platform that
enables transactions to be completed properly and effectively without revealing
users' real names or identities, public deployment provides anonymity.
The
Global Blockchain Market has been divided into application providers,
middleware providers, and infrastructure providers based on the kind of
provider. Due to the expanding demand for more transparency, speed, and
security, the application provider segment had the biggest revenue share during
the forecasted period. Application providers offer enterprise clients
capabilities for creating, hosting, deploying, and sustaining business
solutions through a framework other than Hyperledger fabric. Permitted networks
that improve transparency, trust, and transaction agility can be advantageous
to businesses. Platform providers can assist businesses in managing
applications on the platform. Also, customers can alter the blockchain platform
to suit their tastes.
Key market
players in the Blockchain market:
- Accenture Plc
- Alibaba Group Holding Ltd
- Amazon.com Inc
- International Business Machines Corp
- Infosys Ltd
- Microsoft Corp
- Oracle Corp
- Salesforce Inc
- Tencent Holdings Ltd
- Wipro Ltd.
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“The market in North
America represented the greatest revenue share in the global market throughout
the forecast period, according to geographical analysis. The region's market
revenue is anticipated to be aided by rising internet usage and the uptake of digital
payment methods including cryptocurrency, cashless payments, credit and debit
cards, and card-based payment methods, etc. Also, the existence of major
corporations with established IT infrastructures and the rising need for swift
and secure online payments have prompted businesses to engage in blockchain
systems” said, Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Segmented By Type (Public, Hybrid, Private); By Provider
(Infrastructure & Protocols Provider, Application & Solution Provider,
Middleware Provider); By Organization Size (Small & Medium Enterprises,
Large Enterprises), By Vertical (Healthcare & Life Sciences, Retail &
Ecommerce, BFSI, Government & Public Sector, Automotive, Media &
Entertainment, Others), By Region, Competition has evaluated the future growth potential of Blockchain Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Blockchain Market.
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