The global Blockchain Technology Market size is expected to reach USD 172.9 billion by 2028, registering a CAGR of 66% over the forecast period, according to the latest report by Reports and Data. Major factor driving market revenue growth is increasing global demand for transparent and secure payment systems in banking and financial institutions. Moreover, large scale adoption of blockchain in supply chain management is expected to drive market growth.
Blockchain technology is a network of peer-to-peer nodes that store transactional information of public in several databases. This form of storage is commonly referred to as a “digital ledger.” Because of this, blockchain is also known as Distributed Ledger Technology (DLT). It uses decentralization and cryptographic hashing to render the history of every digital object unalterable and transparent.
Over the forecast period, market growth is expected to be driven by rising demand for digital payment systems, growth in IT and telecommunications industries, and technological advancements in the industry.
Furthermore, government support for R&D activities in order to introduce security solutions in financial institutions will help the market expand. In addition, combining blockchain technology with IoT and Artificial Intelligence (AI) opens up new business opportunities. This will enable cross-border transfers to be made more quickly and at a lower cost. On the other hand, increasing demand for clear record-keeping processes as well as global crypto-currency developments are expected to drive market growth.
Furthermore, blockchain technology has been instrumental in the ongoing COVID-19 pandemic. This technology has enabled collection of real-time data about affected areas, tracking of infected patients, and reporting of direct combat efforts. In the goods supply chain, the application has proven to be extremely useful. Multiple organizations can share and maintain a shared database using blockchain technology.
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Prominent players in the market are IBM Corporation, Microsoft Corporation, Hewlett Packard, Cyber Infrastructure Pvt. Ltd, Enterprise Company, BTL Group Ltd., Infosys Limited, Accenture PLC, Deloitte Touche Tohmatsu Limited, Solulab Inc., Empirica S.A, The Linux Foundation, Oracle Corporation, Amazon Web Services, Inc., and Global Arena Holding, Inc. (GAHI)
Some Key Highlights in the Report:
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the global blockchain technology market on the basis of type, application, end user and region:
Type Outlook (Revenue, USD Billion; 2018 – 2028)
Component Outlook (Revenue, USD Billion; 2018 – 2028)
Application Outlook (Revenue, USD Billion; 2018 – 2028)
Enterprise Size Outlook (Revenue, USD Billion; 2018 – 2028)
End-use Outlook (Revenue, USD Billion; 2018 – 2028)
Region Outlook (Revenue, USD Billion; 2018 – 2028)
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Benefits of Purchasing Global Blockchain Technology Market Report:
Finally, all aspects of the Blockchain Technology market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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