Blockchain Market is set for a Potential Growth Worldwide

According to the latest research report published by Market Data Forecast, the global blockchain market is anticipated to be worth USD 16.22 billion in 2023 and to reach USD 152 billion by 2029, growing at a CAGR of 45.2% during the forecast period.

Blockchain is a growing list of records in a digital system, ledger, database or other online system. It is chronologically kept up to date and maintained across multiple computers. These are connected by cryptography in a peer-to-peer network and can be used and shared simultaneously within a sizable and decentralized network that is open to the public.

Global Blockchain Market Report Scope:
• Market Size (2029): USD 152 Billion
• Market Size (2023): USD 16.22 Billion
• CAGR (2024 to 2029): 45.2%
• Base Year: 2023
• Forecast Period: 2024 to 2029
• Segments Analysed: By Component, Type, Deployment, Application, Industry, Region
• Geographies Covered: North America, Europe, APAC, Latin America, and Middle East & Africa
• Key Market Players Profiled: IBM (US), AWS (US), Intel (US), SAP (Germany), TCS (India), Infosys (India), Acenture (Ireland), Bitfury (Netherlands), Cegeka (Netherlands), Applied Blockchain (UK), and others

Market Drivers:

The enhanced protection from manipulation, attacks and failures is driving the blockchain market forward. It provides upgraded data security levels which is due to its decentralized nature. In addition, it can democratize society by transferring power away from centralized authority and towards individuals. Thus, boosting trust and transparency, expanding access and inclusivity and promoting collaborative governance.
Moreover, the rising significance and need for e-identity is propelling the blockchain market growth. The countries with poor identification procedures and methods along with weak legal frameworks have immense applications of platforms based on this technology. Apart from this, many governments have implemented industry demand-based identity systems utilising blockchain technology at the national level. This is done to encourage safe transactions in both the public and private sectors. In the past few years, several countries have integrated this into their e-citizenship initiatives.
Furthermore, the rising value of market-linked cryptocurrencies has increased the risk associated with international capital investments. Also, the blockchain market size enables this currency innovation in payment circumstances. It offers lower transaction fees and attracts cross-border paying methods for businesses and individuals.

Market Restraints:

The scalability and regulatory acceptability of blockchain technology remain obstacles as it continues to develop. In addition, the cryptocurrency market and other financial asset classes are known for their market volatility and are often associated with bitcoin. This perception is also restricting the market growth rate.
Another factor hindering the blockchain market expansion is regulatory uncertainty. One of the key things preventing adoption in most verticals is the absence of rules and the ensuing ambiguity. Moreover, the main obstacle to changing the trading system is regulatory acceptance. So, regulators must bit by bit understand the gaps in the current legal framework and its effect on technological applications. Also, financial institutions worldwide are encountering difficulties in establishing shared benchmarks for the blockchain industry.
Furthermore, the lack of skilled professionals is restricting the market reach. Blockchain technology's difficulty in onboarding procedure is its main weakness. Additionally, businesses struggle to find technical personnel with this technology's competence.

Browse full details of the report @ https://www.marketdataforecast.com/market-reports/blockchain-market

Key Insights from The Report:
•Based on Component, the Platform/Solution segment led the market and accounted for a large share of the global market in 2023.
•Based on Type, the public type segment captured the largest share of the global market in 2023.
•Based on Deployment, Production segment is anticipated to dominate the market during the forecast period in 2023.
•Based on Application, the Digital Identity segment is expected to lead the market in the forecast period in 2023.
•Based on Industry, the BFSI segmented is expected to dominate the market, during the forecast period.
•North America dominated the Blockchain Market in 2023. Europe accounted for the second-highest share of the global market in 2023, and the Asia Pacific region is estimated to grow over the forecast period.

SEGMENTATION INCLUDED IN THIS REPORT:

By Component
•Blockchain-as-a-Service
•Platform/Solution
By Type
•Public
•Private
•Consortium

By Deployment
•Pilot
•Production
•Proof of Concept

By Application
•Payments
•Digital Identity
•Supply Chain Management
•Smart Contracts
•Others

By Industry
•BFSI
•Government
•Energy & Utilities
•Manufacturing
•Healthcare and Life Sciences
•Travel and Transportation
•Telecom
•Retail & Consumer Goods
•Media & Entertainment
•Others

By Region:
•North America
•Europe
•Asia-Pacific
•Middle East & Africa
•Latin America

TABLE OF CONTENTS:

1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year, and Forecast Periods

2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline

3. Report Overview
3.1 Executive Summary
3.2 Key Inferences

4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends

5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market Share Analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations

6. Market Segmentation
6.1 Blockchain Market, By Component
6.1.1 B-a-a-S
6.1.2 Platform/Solution
6.1.3 Market Size Estimations & Forecasts (2024 to 2029)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Blockchain Market, By Type
6.2.1 Public
6.2.2 Private
6.2.3 Consortium
6.2.4 Market Size Estimations & Forecasts (2024 to 2029)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Blockchain Market, By Deployment
6.3.1 Pilot
6.3.2 Production
6.3.3 Proof of Concept
6.3.4 Market Size Estimations & Forecasts (2024 to 2029)
6.3.5 Y-o-Y Growth Rate Analysis
6.3.6 Market Attractiveness Index
6.4 Blockchain Market, By Application
6.4.1 Payments
6.4.2 Digital Identity
6.4.3 Supply Chain Management
6.4.4 Smart Contracts
6.4.5 Others
6.4.6 Market Size Estimations & Forecasts (2024 to 2029)
6.4.7 Y-o-Y Growth Rate Analysis
6.4.8 Market Attractiveness Index
6.5 Blockchain Market, By Industry
6.5.1 BFSI
6.5.2 Government
6.5.3 Energy & Utilities
6.5.4 Manufacturing
6.5.5 Healthcare and Life Sciences
6.5.6 Travel and Transportation
6.5.7 Telecom
6.5.8 Retail & Consumer Goods
6.5.9 Media & Entertainment
6.5.10 Others
6.5.11 Market Size Estimations & Forecasts (2024 to 2029)
6.5.12 Y-o-Y Growth Rate Analysis
6.5.13 Market Attractiveness Index

7. Geographical Landscape
7.1 Global Blockchain Market, by Region
7.2 North America - Market Analysis (2024 to 2029)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Component
7.2.3 By Type
7.2.4 By Deployment
7.2.5 By Application
7.2.6 By Industry
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Component
7.3.3 By Type
7.3.4 By Deployment
7.3.5 By Application
7.3.6 By Industry
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Component
7.4.3 By Type
7.4.4 By Deployment
7.4.5 By Application
7.4.6 By Industry
7.5 Latin America
7.5.1 By Country
7.5.1.1 brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Component
7.5.3 By Type
7.5.4 By Deployment
7.5.5 By Application
7.5.6 By Industry
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Component
7.6.3 By Type
7.6.4 By Deployment
7.6.5 By Application
7.6.6 By Industry

8. Key Player Analysis
8.1 IBM
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 AWS
8.3 Intel
8.4 SAP
8.5 TCS
8.6 Infosys
8.7 Acenture
8.8 Bitfury
8.9 Cegeka
8.10 Applied Blockchain

9. Market Outlook & Investment Opportunities

10. Appendix
List of Tables
List of Figures

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