ROCKVILLE, Md., March 01, 2022 (GLOBE NEWSWIRE) — According to a recently released Fact.MR report, the global blockchain technology market is expected to grow at a compound annual rate (CAGR) of 84% between 2022 and 2032. The market is expected to reach $3,273.83 billion by the end of 2032.
DHS funds startups to conduct research and development to explore new approaches to cybersecurity using blockchain technology. The COVID-19 pandemic is expected to have a positive impact on the market growth over the forecast period. Growth in online sales due to the COVID-19 pandemic is expected to create the demand for blockchain technology among e-commerce companies. E-commerce companies use this technology for supply chain management.
The growth of the market can be attributed to the increasing digitalization in the BFSI sector. Also, the growing use of contactless blockchain digital ticketing at various events is expected to boost the market. The growing use of cryptocurrency around the world is also expected to drive the market growth. This is because cryptocurrencies, such as Ethereum and Bitcoin, run on blockchain technology. The demand for cryptocurrency is increasing due to benefits such as easy transactions, inflation hedge, and strong security.
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The legalization of cryptocurrency encourages businesses and investors to invest more in blockchain technology. Furthermore, it also inspires market players to put more effort into improving their services to gain a competitive edge. These efforts by companies are expected to make blockchain technology more effective and efficient in the near future.
What type of cloud is driving market growth?
The public cloud segment dominated the market in 2021 and accounted for more than 60% of global revenue. A public cloud blockchain is a multi-tenant environment where computing space is shared with multiple other customers.
Various government agencies around the world are currently integrating conventional systems with cloud technologies. The demand for public cloud is high as it provides cost competitiveness to businesses.
Blockchain technology improves the efficiency of the payment system, minimizes operating costs and provides transparency. These benefits provided by blockchain technology are increasing its usage in payment solutions, thereby driving the growth of the segment. Additionally, blockchain reduces the need for a middleman in payment processing, which is also a major growth driver for the segment.
To learn more about the Blockchain Technology Market, you can contact our analyst at https://www.factmr.com/connectus/sample?flag=AE&rep_id=7100
Key segments covered by the Blockchain technology industry survey
- By type
- public cloud
- Private cloud
- hybrid cloud
- By component
- Apps and solutions
- Infrastructure & Protocols
- By app
- Numeric identity
- Smart contracts
- Supply chain management
- By business size
- Large companies
- Small and medium enterprises
- By end use
- Financial services
- Health care
- Media and entertainment
- Logistic transport
The competitive landscape of the blockchain technology market is shaped by product innovation and strategic mergers and acquisitions. Front Runners is focused on capacity improvements and global footprint expansion to capitalize on lucrative prospects in developing economies. For example,
- In May 2021, Circle Internet Financial Ltd., a blockchain technology provider, announced that it had raised $440 million in funding from strategic and institutional investors. The company used this funding for organizational development and market expansion. The legalization of cryptocurrency in countries like Ukraine and El Salvador is expected to create new opportunities for market growth.
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Blockchain Technology Market Key Players
- IBM Corp.
- Microsoft Corp.
- The Linux Foundation
- BTL Group Ltd.
- Chain, Inc.
- Circle Internet Financial Ltd.
- Deloitte Touche Tohmatsu Ltd.
- Digital Asset Holdings, LLC
Key insights from market research
- The global blockchain technology market will reach US$7.36 billion by the end of 2022.
- Financial services will account for 39% of global blockchain technology market revenue
- By company size, more than 3/5th of global turnover must be contributed by large companies
- By application, payments will represent over 42% of revenue share in 2022 and beyond
- Cloud-based, public cloud dominates the market, accumulating over 60% in revenue
Explore Fact.MR’s Technology Coverage –
SAP Cloud Platform Services Market Growth – A complicated cloud environment has resulted from the growing number of solutions across the cloud ecosystem. In order to solve cloud problems, companies like SAP SE have developed advanced cloud platform services that provide simplified process control and improved workload management through a variety of SAP cloud platform services. According to Fact.MR analysis, the SAP cloud platform services market is expected to remain optimistic in the coming years, owing to significant growth opportunities, with growing small and large enterprises turning to cloud platform services SAP to improve their business performance.
Commerce Cloud Market Analysis – Brands can create a seamless commerce and shopping experience across many digital platforms, such as mobile, web, social media, and more, using a cloud-based commerce platform. Businesses can deliver a better customer experience to their connected shoppers by using cloud commerce. The need for cloud commerce solutions will increase at a high rate over the next 5 years as the global e-commerce industry grows. Applications such as smart wallets, mobile payments and digital banking will benefit from 5G wireless technology. Over the next few years, 5G wireless networks will fuel the demand for commercial cloud services.
Data Center Market Forecast – With the growing adoption of cloud technologies to support the internet economy, as well as the acceleration of digital content-driven consumption, third-party data centers have become more popular in recent years. The upward trend coincides with the expansion of the cloud managed services industry. Companies continue to introduce new software as a service (SaaS) and platform as a service (PaaS) as cloud adoption grows in key markets, while focusing on reducing costs and reliance on infrastructure as a service (IaaS) (IaaS). This will have a negative impact on the growth prospects of the data center market.
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