According to a research report Blockchain Market by Component (Platforms and Services), Provider (Application, Middleware, and Infrastructure), Type (Public, Private, and Hybrid), Organization Size(SMEs and Large Organizations), Application, and Region – Global Forecast to 2027

The global Blockchain Market will grow from an estimated USD 7.4 billion in 2022 to USD 94.0 billion by 2027, at a compound annual growth rate (CAGR) of 66.2%, according to new research report by MarketsandMarkets™

High adoption of blockchain technologies for payments, smart contracts and digital identities is expected to boost the market. Moreover, opposition from incumbents may hinder the market growth.

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By component, platforms to hold highest market share during forecast period

Components are divided as platforms and services. The blockchain platform is a decentralized solution used for tracking, documenting, and facilitating transactions. The blockchain technology was first utilized for financial transactions but can be applied to a variety of industries such as e-commerce and for supply chain management. These software solutions provide the framework necessary to create applications that rely on any kind of transaction. Blockchain platforms are software solutions that enable businesses to build applications with the blockchain technology. The blockchain technology refers to the use of a distributed, immutable ledger that documents transactions, activities, and resource movement across a network. A blockchain-based ledger system can be used by companies for any application that relies on any kind of transaction. The blockchain platform operates as a development platform with an integrated distributed ledger – which is an encrypted storage space for all kinds of data. The integrated data is then used to help develop consensus mechanisms that are used to validate and approve transactions.

By organization size, SMEs to grow at highest CAGR during forecast period

Organizations with less than 1,000 employees are categorized as SMEs which face several disadvantages including high barriers to entry and lower protection from market conditions. the requirement of several intermediaries for trading across regions exceedes the cost of operation, which limits the growth in implementation in SMEs with limited resources. in such scenarios, The blockchain technology can prove beneficial. It can enable enterprises to reduce costs by eliminating these intermediaries. basic day-to-day operations is manual or semi-automatic processes including invoicing, inventory, and payroll are some of the areas where SMEs can utilize blockchain technology. For instance, SMEs streamline their operations cost-effectively with the help of smart contracts, a critical capability offered by the blockchain solution. It can prove to be more economical.

By region, Asia Pacific to grow at highest CAGR during forecast period

Due to increasing technological innovations and the growing presence of a large number of organizations, economies in the Asia Pacific are witnessing high growth. The blockchain market is in the nascent phase of exploration and adoption in the region. However, most technology and services providers are looking forward to the blockchain technology as a lucrative opportunity. The adoption of blockchain tools and services is expected to be driven by the growth of the financial sector. Growth in the blockchain startup ecosystem across countries like India and China is driving the blockchain market in the Asia Pacific. The region is exploring new opportunities and possible challenges to overcome with the help of blockchain technology. Supply chains in the Asia Pacific are often significantly more difficult to manage as compared to other regions of the world. The adoption of blockchain in the region is increasing to reduce these complexities. Singapore is the fastest growing market in the region. China is expected to hold the largest market share in forecast period. Chinese government is planning to leverage the blockchain in various initiatives like to advance the development of smart courts. This will drive the blockchain market in China.

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Key Players

The major vendors in the blockchain market are IBM (US), AWS (US), Oracle (US), Huawei (China), Accenture (Ireland), Wipro (India), Infosys (India), TCS (India), SAP (Germany), Intel (US), ConsenSys (US), NTT DATA (Japan), Bitfury (Netherlands), Guardtime (Estonia), Chain (Saint Kitts and Nevis), VMware (US), SpinSys (US), LeewayHertz (US), R3 (US), Cegeka (Netherlands), Symbiont (US), BigchainDB (Germany), Applied Blockchain (UK), RecordsKeeper (US), Blockpoint (US), Auxesis Group (India), Blockchain Foundry (Canada), Factom (US), Stratis (UK), Dragonchain (US).

Factors that Drive Blockchain Market

• Blockchain eliminates the need for a central authority by offering a distributed, decentralized ledger that increases member trust. Industries looking for security and transparency find appeal in the trustless character of blockchain transactions.
• Data stored on the distributed ledger is guaranteed to be secure and unchangeable by the cryptographic properties of blockchain technology. Because of its extreme resistance to fraud, hacking, and unauthorized changes, it is well-liked by sectors with strict security regulations.
• By automating and upholding contract requirements, smart contracts eliminate the need for middlemen. Contractual process automation lowers costs, increases accuracy, and enhances efficiency across a range of sectors.
• Blockchain streamlines procedures and lowers transaction costs by doing away with middlemen. By facilitating quicker and more effective cross-border transactions, it minimizes the delays that come with using conventional banking systems.

Regional Analysis for Blockchain Market

• North America: With a large number of blockchain efforts and startups, the US and Canada are major participants in the market. Financial services, supply chain, healthcare, and government applications have all found widespread adoption in the region. Clear regulations and an atmosphere that encourages innovation are factors in the blockchain ecosystem’s expansion.
• Europe: The United Kingdom, Germany, and Switzerland are among the European nations where blockchain technology is gaining popularity. Blockchain applications are being investigated by a number of industries, including healthcare, logistics, and finance. The European Union has launched initiatives to investigate blockchain’s possibilities for international trade and legal compliance.
• Asia-Pacific: In the Asia-Pacific area, China, Japan, South Korea, and Singapore are in the forefront of blockchain adoption. China has been aggressively investigating blockchain applications in a number of sectors, such as supply chain and finance. Singapore has established a strong legislative framework and positioned itself as a blockchain hub.
• Latin America: Countries in Latin America, including Brazil and Mexico, are progressively adopting blockchain technology. Applications include financial services, government use cases, and supply chain traceability. Blockchain is being investigated by some nations as a potential instrument for financial and social inclusion.
• Middle East and Africa: The Middle East has demonstrated interest in blockchain applications, particularly nations like Saudi Arabia and the United Arab Emirates. Blockchain technology is being investigated to enhance cross-border commerce, supply chain transparency, and government services. Blockchain technology is also being tested by African nations in an effort to strengthen the agricultural supply chain and promote financial inclusion.

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