The blockchain technology market is estimated to grow at a 44.3% CAGR through 2033, reaching a valuation of US$ 4.6 billion in 2023 and US$ 181.1 billion by 2033.
Consumer Sensitivity to Online Data Theft Rises; Market Benefits
Product utility is currently increasing due to the increasing implementation of digital ledger technology. Online identity fraud and financial data loss have been a source of concern in the banking sector. Blockchain technology has the potential to be the key to protecting consumers’ financial information and identities. International transactions and digital banking platforms have become more dependent on technology. These factors are expected to contribute to market growth throughout the forecast period.
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Demands for Market Growth Key Players and Skilled Professionals Must Strategize
Organizations of varying sizes have been increasingly open to adopting blockchain technology as a result of technological improvement and increased awareness. However, one major impediment that firms face is the scarcity of trained workers. As a result, important companies must focus on expanding the network of experienced workers by offering on-site training and maintenance services. Key companies can ensure smooth market expansion during the forecast period by overcoming skilled labor-related obstacles.
As the market enters a period of significant acceleration, both new entrants and established players compete for the top spot.
FMI forecasts a positive time of growth for key businesses, aided by the wide usefulness and stealthy product acceptance rate. In addition, blockchain technology investment could be a profitable option for newer players. Globally, the start-up sector in this sector is thriving. New variations have yet to flood the market. As a result, there is a limitless amount of room for exploration and creativity. Existing market players must consistently develop fresh and innovative items in order to avoid becoming immersed in the ocean of new market players acquiring rapid momentum among customers.
Key Takeaways from the Report :
- From 2017 to 2022, the global blockchain technology market registered significant gains, experiencing an impressive CAGR worth 42.8%
- During the forecast period, the United States market is expected to record a CAGR of 46.1% to attain a valuation of US$ 97.7 billion by 2033.
- During the forecast period, the China blockchain market is anticipated to secure a CAGR of 33.9%.
- By solution, the middleware segment dominates the market and is expected to witness a CAGR of 49.4% between 2023 and 2033.
- By enterprise size, large enterprises dominate the market currently. It is predicted to capture a CAGR of 42.6% during the forecast period.
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Key Market Developments:
In October 2020, Accenture and Digital Ventures jointly launched the world’s first fully featured procure-to-pay blockchain. This product aims to aid Thai firms in easing buying, transactions, and funding acquisition processes.
In April 2021, Oracle Corporation launched its latest Enterprise distributed ledger technology (DLT). It is aimed for application across diverse sectors, including healthcare, finance as well as logistics.
In March 2021, Amazon Web Services (AWS) announced the wide-scale availability of Ethereum. Ethereum is a popular decentralized blockchain technology. It facilitates peer-to-peer networking, where members can easily transact, not hindered by a central authority.
Key Players:
- IBM
- Amazon Web Services, Inc.
- Microsoft
- SAP
- Oracle
- Bitfury Group Limited
- Cegeka
- Guardtime
- CONSENSYS
- PixelPlex
- LimeChain
- Accubits Technologies
- SoluLab
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Key Segments
By Solution:
- Applications
- Middleware
- Blockchain Platforms
By Use Case:
- Supply Chain Management
- Digital Identity
- Payments and Money
- Trading, Commerce, and Exchange
- Smart Contracts
- Decentralized Finance
- Others (Voting, Property Records, etc.)
By Enterprise Size:
- Large Enterprises
- SMEs
By Industry:
- BFSI
- Healthcare
- Retail and e-commerce
- Hospitality and Travel
- Government
- Media and Entertainment
- Transportation and Logistics
- Others (Food and Beverages, Real Estate, etc.)
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East & Africa (MEA)
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