Rising Investments In Blockchain Distributed Ledger Technology Will Drive The Blockchain Distributed Ledger Market As Per The Business Research Company’s Blockchain Distributed Ledger Global Market Report 2022
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According to The Business Research Company’s research on the blockchain distributed ledger market, an increase in investments in private blockchain distributed ledger technology across the globe is expected to propel the growth of the blockchain distributed ledger market going forward. A blockchain distributed ledger is a digital ledger database of all transactions used in financial services spread across numerous nodes, computers, organizations, or nations and is accessible and controlled by one or more businesses all over the world. The private blockchain distributed ledger technology offers advantages such as permission blockchain access, full privacy for data transactions, centralised process, less energy, reduced transaction costs, and data redundancies, simplified document handling, and getting rid of semi-manual compliance mechanisms. For instance, in June 2022, Binance Labs, a UK-based venture capital firm, invested US $500 million in funds for blockchain, Web3.0 start-ups, and value-building technologies. The investment is intended for initiatives to advance the adoption of blockchain technologies and expand the use cases for cryptocurrencies. Therefore, an increase in investments in private blockchain distributed ledger technology is driving the growth of the blockchain distributed ledger industry.
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The global blockchain distributed ledger market size is expected to grow from $5.43 billion in 2021 to $8.84 billion in 2022 at a compound annual growth rate (CAGR) of 63.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The blockchain distributed ledger market share is expected to reach $62.21 billion in 2026 at a CAGR of 62.9%.
Technological developments are a key trend gaining popularity in the blockchain distributed ledger market. Major market players are concentrating their efforts on implementing the internet of things (IoT) and technologically advanced solutions in various end-use industries that aid in enhancing transparency and reducing costs by removing processing overheads. For instance, in February 2020, Hedera, a US-based developer of consensus data structures alternative to blockchain, developed a distributed ledger technology based on the Hedera Hashgraph consensus algorithm that provides organisations all around the world with the accessibility benefits of an open public network as well as the technological capabilities to safely provide enormous quantities of quicker and less expensive transactions.
Major players in the blockchain distributed ledger market are AlphaPoint, Amazon Web Services Inc., Auxesis Services And Technologies Ltd., Digital Asset Holdings LLC, Earthport, Huawei Technologies Co. Ltd., Intel Corporation, International Business Machines Corporation, iXledger, NTT DATA Corporation, Accenture PLC, Eris Industries, Huawei Technologies Co. Ltd., Visa Inc., Microsoft Corporation, Chain Inc., and Blockchain Tech Ltd.
The global blockchain distributed ledger market is segmented by type into private blockchain, public blockchain; by component into solution, service; by application into payments, smart contracts, supply chain management, compliance management, trade finance, other applications; by end-use industry into BFSI, government and public sector, manufacturing, retail and e-commerce, media and entertainment, transportation and logistics, healthcare, energy and utilities.
North America will be the largest region in the blockchain distributed ledger market in 2021. Asia-Pacific is expected to be the fastest-growing region in the blockchain distributed ledger market during the forecast period. The regions covered in this blockchain distributed ledger market research are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Blockchain Distributed Ledger Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide blockchain distributed ledger market forecast size and growth, blockchain distributed ledger market segments, blockchain distributed ledger market trends, blockchain distributed ledger market drivers and restraints, blockchain distributed ledger market leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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