(MENAFN – GetNews) The growing global demand for transparent and secure payment systems in banking and financial institutions along with the increasing adoption of blockchain in supply chain management will drive the growth of the market.
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 from Reports and Data. The main driver of market revenue growth is increasing global demand for transparent and secure payment systems in banking and financial institutions. Moreover, the large-scale adoption of blockchain in supply chain management is expected to drive the market growth.
Blockchain technology is a network of peer-to-peer nodes that store transactional information from the public in multiple databases. This form of storage is commonly referred to as a “digital ledger”. For this reason, the blockchain is also known as distributed ledger technology (DLT). It uses decentralization and cryptographic hashing to make the history of each digital object unalterable and transparent.
During the forecast period, the market growth is expected to be driven by the increasing demand for digital payment systems, the growth of computer and telecommunications industries, and the technological advancement of the industry.
In addition, government support for R & D activities to introduce security solutions in financial institutions will help the market to develop. In addition, the combination of blockchain technology with IoT and artificial intelligence (AI) opens up new business opportunities. This will allow cross-border transfers to be made faster and at lower cost. On the other hand, the increasing demand for clear record keeping processes along with the global cryptocurrency developments are expected to drive the market growth.
Additionally, blockchain technology has been instrumental in the current COVID-19 pandemic. This technology has made it possible to collect real-time data on affected areas, track infected patients and report direct combat efforts. In the commodity supply chain, the app has proven to be extremely useful. Multiple organizations can share and maintain a shared database using blockchain technology.
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The main 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 SA, The Linux Foundation, Oracle Corporation, Amazon Web Services, Inc. and Global Arena Holding, Inc. (GAHI )
Some highlights of the report:
- The private segment accounted for the largest share of revenue in the global market in 2020 due to the increasing adoption of private cloud by large, small and medium enterprises.
- The infrastructure and protocols segment accounted for the largest market share in 2020.
- The digital identity applications segment is expected to register a significant CAGR during the forecast period due to the increase in cyber attacks and the growing focus of the government on the digitization of all public transactions for transparency in the sectors. private and public.
- The large business segment accounted for the largest share of market revenue in 2020.
- The banking and financial services segment accounted for the largest revenue share among the end-user outlook in the global market in 2020 due to the growing trends in cryptocurrencies and digital payments around the world.
- The North America region is expected to account for the largest share of revenue during the forecast period due to the early adoption of blockchain technologies in the region.
- The revenue of the Asia-Pacific blockchain technology market is expected to grow at a considerably high rate owing to the increase in government initiatives and regulations on financial sector development in the region.
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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, Billions USD; 2018 – 2028)
Components Outlook (Revenue, USD Billion; 2018 – 2028)
- Application and solution
- Infrastructure and protocols
Application Outlook (Revenue, USD Billion; 2018 – 2028)
- Numeric identity
- Smart contracts
- Supply chain management
Company Size Outlook (Revenue, USD Billion; 2018 – 2028)
- Large companies
- Small and medium enterprises
End-use outlook (revenue, billion USD; 2018 – 2028)
- Financial services
- Health care
- Media and entertainment
- Logistic transport
- To travel
Outlook for the region (revenue, billion USD; 2018 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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ultimately , all aspects of the Blockchain Technology market are quantitatively and qualitatively assessed to study the global and regional market comparatively. This market research presents critical information and factual data about the market, providing an overall statistical study of this market on the basis of market drivers, its limitations and future prospects.
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