Global Blockchain Market Report 2023: Rise of Decentralized Applications and Services is Fueling the Need for Blockchain Solutions

Dublin, Nov. 20, 2023 (GLOBE NEWSWIRE) — The “Global Blockchain Market: Analysis by Component, By Type, By Enterprise Size, By Application, By Industry Vertical, By Region Size and Trends And Forecast To 2028” report has been added to ResearchAndMarkets.com’s offering.

Blockchain technology has been gaining immense traction in recent years due to its potential to enhance security, transparency, and efficiency across various industries. The global blockchain market, valued at US$11.02 billion in 2022, is expected to surge to a staggering US$265.01 billion by 2028, reflecting the growing demand for blockchain solutions and services.

Several key factors are driving this surge in demand for blockchain technology:

1. Digitalization: As industries continue to digitize their operations, blockchain is emerging as a crucial tool for enhancing data security and efficiency.
2. Favorable Government Initiatives: Governments worldwide are recognizing blockchain’s potential to improve transparency and security in sectors like land registration, identity management, and voting.
3. Diverse Industry Adoption: Blockchain is finding applications across various sectors, including BFSI, retail, healthcare, and more, driving its widespread adoption.
4. Decentralized Applications: The rise of decentralized applications and services is fueling the need for blockchain solutions.
5. Cryptocurrency Usage: The increasing use of cryptocurrencies is boosting blockchain’s significance.
6. Data Protection Awareness: Growing awareness of data protection and the need to safeguard against cyber threats like malware is contributing to blockchain’s growth.

Additionally, notable trends such as the integration of artificial intelligence (AI) with blockchain, Blockchain as a Service (BaaS), the Non-Fungible Token (NFT) boom, and the growth of DeFi (Decentralized Finance) are shaping the blockchain landscape.

Market Segmentation Highlights:

• Component: The global blockchain market comprises two main components: Solutions and Services. Solutions, offering essential technological infrastructure, customization options, and security features, claimed the majority of market share in 2022. Services, which provide specialized expertise for navigating blockchain complexities, are the fastest-growing segment.
• Type: Blockchain is classified into three types: Public, Private, and Hybrid. Public blockchains, known for decentralization, transparency, and open access, dominated the market in 2022. Private blockchains, offering faster transactions and scalability, are the fastest-growing segment.
• Enterprise Size: Large enterprises, with their complex processes and data management needs, held the majority of the market share in 2022. Small and medium enterprises (SMEs) are the fastest-growing segment, attracted by blockchain’s scalability, accessibility, and potential for process optimization.
• Application: Blockchain applications span seven segments: Payments, Exchange, Smart Contracts, Documentation, Digital Identification, Governance, and Others. Payments, revolutionizing cross-border transactions and remittances, accounted for the majority of market share in 2022 and are the fastest-growing segment.
• Industry Vertical: Seven industry verticals are served by blockchain technology: BFSI, Government, Travel, Healthcare, Retail, Telecom, and Others. BFSI, aligning strongly with blockchain’s principles, leads in market share and is also the fastest-growing segment.

Regional Insights:

• North America: The region, with a vibrant blockchain startup ecosystem, recorded the highest market share in 2022. The U.S., home to major players like IBM, Microsoft, and Amazon, holds a competitive advantage.
• Asia-Pacific: Rapid growth in this region is attributed to government support, a burgeoning financial sector, and a tech-savvy population. China, with nationwide digital transformation and heavy tech investments, leads in the Asia-Pacific region.

Competitive Landscape and Recent Developments:

Key players in the global Blockchain market are:

• International Business Machines Corporation
• Oracle Corporation
• Infosys
• Intel Corporation
• Wipro Ltd
• NTT DATA
• Huawei Investment & Holding Co. Ltd.
• Hewlett Packard Enterprise
• Amazon.com, Inc. (Amazon Web Services, Inc.)
• Accenture
• ConsenSys
• LeewayHertz
• Bitfury
• ScienceSoft

As blockchain continues to evolve and disrupt industries, it is poised for exceptional growth with a projected CAGR of 69.9% during the forecast period of 2023-2028. Blockchain technology’s blend with AI, coupled with its diverse applications, makes it a key driver of innovation in the digital age.

For more information about this report visit https://www.researchandmarkets.com/r/aicvv4

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