Industrial Blockchain Technology Market Size Worth $1.3 Billion by 2031, TMR Study
- A steady increase in funding and multiple deals in blockchain start-ups are likely to help companies develop blockchain services and solutions that are expected to drive the global market
- The demand for private blockchain technology is expected to increase as more companies implement private blockchain technologies to protect and accelerate the transfer of sensitive data
WILMINGTON, Del., September 29, 2022 /PRNewswire/ — In 2021, the value of the global industrial blockchain technology market was $3.80 billion. The global market is expected to grow at 80.3% CAGR during the forecast period, 2022 to 2031. By 2031, the global market industrial blockchain technology market is likely to affect US$1.3,000,000. The numerous advantages offered by blockchain technology exert a favorable influence on the global industrial blockchain technology market. The deployment of industry-specific blockchain technology is expected to overcome typical constraints, including access to distribution channels and product differentiation, which should present growth opportunities for leading blockchain technology companies.
Additionally, blockchain industry applications in supply chain, industry 4.0, energy industry, and automotive industry are expected to be driven by the growing trend of digital transformation in all industries. sectors. There has been an increasing use of blockchain technology solutions for industries including the financial industry. It is mainly due to the growing use of cloud services in transaction and payment processes globally.
Due to their well-established financial and banking insurance sectors, countries like the UK and the US hold a disproportionate share of the global market. Moreover, the use of the enterprise blockchain platform guarantees data reliability and provides undeniable security to improve internal procedures. Additionally, recent developments in blockchain technology, such as the emergence of blockchain as a service and the metaverse, as well as the growing acceptance of non-fungible tokens (NFTs), are expected to boost the global market.
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Key Findings of the Market Report
- Investors are more likely to invest in blockchain technology now that cryptocurrencies are legalized. Moreover, it should motivate market players to work harder to improve their services to stand out from the competition. The industry is also growing as blockchain technology is increasingly used in business applications including digital ID, payments, smart contracts, and exchanges. Blockchain technology in the manufacturing industry is also expected to gain traction in the near future.
- Over the past three to four years, blockchain technology has grown in popularity in a variety of applications. The use of blockchain technology is also driven by growing consumer and institutional demand for cryptocurrencies. As a result, a number of startups have sprung up and are working on developing blockchain technology solutions.
- The increase in the number of projects is mainly attributable to the advantages offered by platforms and blockchain as a service, such as improved efficiency, greater transparency and a diversified technological offer in many end-user sectors. . This is expected to accelerate the use of the blockchain industry at a high rate in developing countries in the coming years.
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Global Industrial Blockchain Technology Market: Growth Drivers
- Due to the increasing use of blockchain technologies by different companies in the region, North America is expected to hold a major market share for industrial blockchain technology in the coming years.
Global Industrial Blockchain Technology Market: Key Players
Some of the major players in the market are
- Hewlett Packard Enterprise Development LP
- Digital Asset Holdings, LLC
- Amazon Web Services, Inc.
- IBM Corporation
- Oracle Corporation
- Ernst & Young Global Limited
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Global Industrial Blockchain Technology Market: Segmentation
size of the company
- Smart contracts
- Numeric identity
- Supply chain management
- Health care
- Travel, Transport & Logistics
- Media and entertainment
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