The global Blockchain Technology Market is estimated to be valued at US$ 3.76 Bn in 2022 and is expected to exhibit a CAGR of 54.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Software Content:
Blockchain technology utilizes distributed ledger software to facilitate secure and transparent transactions without the need for a central authority. Blockchain allows for real-time updates and exchanges with a high level of security and authentication. The technology finds applications in financial transactions, supply chain management, digital identity services, and more. Its advantages include enhanced security, higher transparency, reduced costs, increased efficiency and automation.
Market key trends
Content: One of the key trends in the blockchain technology market is the growing adoption of blockchain as a service (BaaS). BaaS refers to blockchain-based services provided by tech companies that help organizations leverage blockchain technology without having to develop or maintain their own infrastructure. BaaS platforms reduce the costs and complexity of maintaining blockchain networks, allowing companies of all sizes to utilize blockchain capabilities. This is driving increased adoption of blockchain across various industries for functions such as digital payments, record-keeping and more.
Segment Analysis
The global blockchain technology market is segmented by provider, application, industry vertical, organization size. Based on provider, the solution segment dominated the market in 2022 as companies are implementing blockchain solutions for various use cases such as supply chain management, digital identity, and others. The rapid adoption of blockchain solutions as a service is anticipated to propel the growth of this segment during the forecast period.
Key Takeaways
The global Blockchain Technology Market is expected to witness high growth, exhibiting CAGR of 54.7% over the forecast period, due to increasing demand for distributed ledger technologies from banking and financial services industries.
By region, North America dominated the market in 2022 and is expected to maintain its dominance over the forecast period. This is attributed to presence of major technology players and growing investments by venture capital firms in the region. Asia Pacific is expected to grow at the highest CAGR during the forecast period. This is owing to rapid development of blockchain services and solutions across countries like China and India.
Key players operating in the Blockchain Technology market are Accenture, Coinbase, Chain Inc., Deloitte Touche Tohmatsu Limited, Digital Asset Holdings, LLC, IBM Corporation, JP Morgan Chase & CO, Microsoft Corporation, Ripple, and R3. Accenture captured the largest market share in 2022 owing to its expertise in developing and implementing blockchain-based solutions for various industries. Microsoft Corporation has also made strong efforts towards adopting blockchain through Azure blockchain services and partnerships.
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