DUBLIN, March 21, 2023 /PRNewswire/ — The “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” report has been added to ResearchAndMarkets.com’s offering.
The analyst forecasts that 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%. One of the factors driving the market growth is increasing government initiatives using blockchain technology.
By services, Development and integration service to account for highest market share during forecast period
Development and integration service providers provide tailored blockchain development services and enterprise-class integration services for blockchain platforms and protocols.
The service providers deliver cross-industry blockchain development services to streamline enterprise business operations with improved interoperability, enhanced security, and transparency. Blockchain development services fast-track peer-to-peer transactions.
These providers use distributed ledger technologies and popular blockchain frameworks such as Ethereum, Hyperledger, Stellar, IOTA, Steem, Ripple, and Multichain.
By provider, application providers to grow at highest CAGR during forecast period
A blockchain platform enables end users to build applications on a distributed network. Application providers are third-party entities that distribute and manage blockchain solutions for customers across applications. The blockchain technology is a shared, decentralized ledger, which is distributed across a business network that permanently records business transactions.
Companies such as AWS, Oracle, IBM, Intel, Huawei, Accenture, Wipro, and Infosys are some of the vendors operating in the global blockchain market. For instance, IBM’s blockchain platform helps speed up the process of universal cross-border payments. The blockchain solution provides businesses and consumers with an enhanced payment system that reduces the settlement time and lowers the cost of completing global payments.
Another example is Huawei Cloud’s Blockchain Service (BCS) that is a secure blockchain platform enabling enterprises and developers to conveniently create, deploy, and manage applications with Huawei Cloud. Blockchain applications are becoming more and more desirable, but they can be challenging to set up for smaller businesses with limited IT resources.
A combination of a managed platform with professional assistance can aid small organizations quickly deploy blockchain. For example, the SAP Cloud Platform Blockchain Service – SAP’s major offering in blockchain technology – is a blockchain-as-a-service (BaaS) offering which provides an easy and low risk approach to create blockchain-based applications in the cloud.
- Increasing Venture Capital Funding and Investments in Blockchain Technology
- Growing Demand in Retail, Scm, and Banking Applications for Secure and Transparent Transactions
- Simplification of Processes, Along with Transparency, Security, and Immutability
- High Adoption of Blockchain Solutions for Payments, Smart Contracts, and Digital Identities
- Lower Operational Costs
- Uncertain Regulatory and Compliance Environment
- High Costs of Implementing Blockchain Technology
- Increasing Government Initiatives to Boost Demand for Blockchain Platforms and Services
- Amalgamation of Blockchain, Iot, and AI
- Rising Demand for Real-Time Data Analysis, Enhanced Visibility, and Proactive Maintenance
- Potential of Blockchain Technology in Novel Industries
- Blockchain Gaming
- Seafood Tracking
- Security, Privacy, and Control of Blockchain Transactions
- Limited Availability of Technical Skillsets to Implement Blockchain Technology
- Opposition from Incumbents
- To Leverage Innovative Technologies Such as Blockchain, AI, and IoT to Transform Supply Chain Operations in Healthcare Industry
- To Reduce Wastage of Food by Improving Food Safety and Traceability, and Help Online and Offline Consumers Globally
- Blockchain Helps Rcs Global Trace Responsibly Produced Raw Materials
- Carrefour Sa Joined Ibm’s Blockchain-Based Food Trust Network
- Virgin Diamond Used Netobjex’s Digital Twin Platform
- Curry & Company Teamed with Intel’s Integrated Blockchain-Based IoT Solution to Track Perishable Goods
- Bumble Bee Seafoods Collaborated with Sap to Trace a Fish Supply Chain in Indonesian Village
- Group of Banks Leveraged Ibm’s Blockchain Platform for Ease in Making Global Payments
- Saudi Customs Used Blockchain Technology for Pilot Shipment
- Icici Bank and Emirates Nbd Partnered with Edgeverve Finacle to Pilot First Blockchain-Based Network
- Arab Jordan Investment Bank (Ajib) Leverages Oracle Blockchain Platform for Cross-Border Money Transfers
- Applied Blockchain
- Auxesis Group
- Blockchain Foundry
- NTT Data
For more information about this report visit http://www.researchandmarkets.com/r/x2rlm1
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SOURCE Research and Markets