The Business Research Company’s Blockchain Services Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Blockchain Services Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
— The Business Research Company
LONDON, GREATER LONDON, UK, January 19, 2024 /EINPresswire.com/ — The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033.
The blockchain services market has witnessed an extraordinary surge in size, catapulting from $4.7 billion in 2023 to an anticipated $6.75 billion in 2024, reflecting an impressive Compound Annual Growth Rate (CAGR) of 43.6%. This robust growth is projected to continue, with expectations of exponential expansion to $27.39 billion by 2028, underlining a substantial CAGR of 41.9%.
The Rising Significance of Blockchain Services:
The increasing significance of blockchain services is propelled by heightened investments in blockchain technology, notably from both government entities and private sectors such as banks and financial institutions. Blockchain technology, with its decentralized applications, is fostering new business models in cross-border payments, remittance, internet banking, trade finance, Know Your Customers (KYC), and risk and compliance. Notably, the Italian Ministry of Economic Development’s allocation of up to $46 million in government subsidies for blockchain projects underscores the growing importance of blockchain services.
Vital Role in Supporting Bitcoin Operations:
Blockchain services play a pivotal role in supporting the burgeoning operations of Bitcoin. The decentralized digital cryptocurrency relies on blockchain services for core functions, facilitating secure and transparent transactions without central authority intervention. The substantial rise in bitcoin adoption, as evidenced by an 880% surge globally in one year, is a key driver propelling the growth of the blockchain services market.
Explore the Global Blockchain Services Market with a Detailed Sample Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=3221&type=smp
Quantum Computing Reshaping the Landscape:
Quantum computing is emerging as a transformative force in the blockchain space, addressing challenges faced in providing blockchain services. Leveraging quantum-mechanical phenomena, quantum computing utilizes qubits to process and store vast amounts of data exponentially faster and with lower energy consumption compared to conventional computers. IBM’s unveiling of the Next-Generation IBM Quantum System Two with a 400 Qubit-Plus Quantum Processor exemplifies the strides in quantum computing.
Enhancing Transaction Safety with ConnectionChain Technology:
Innovation is at the forefront of major companies in the blockchain market, with a focus on developing cutting-edge technology like ConnectionChain. This blockchain technology facilitates the automatic execution of a single-consistent transaction by connecting multiple blockchains with a smart contract extension. Fujitsu Limited’s launch of ConnectionChain technology exemplifies efforts to enhance the safety of cross-border transactions, providing secure connectivity across multiple economies.
Regional Dynamics and Market Segmentation:
Asia-Pacific leads the blockchain services market, with North America closely following as the second-largest region. The regions covered in the blockchain services market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Market Segmentation:
The blockchain services market covered in this report is segmented –
1) By Component: Tools, Services
2) By Application: Payments, Smart Contracts, Supply Chain Management, Governance, Risk, and Compliance Management, Identity Management, Other Applications
3) By End-use: BFSI, IT & Telecom, Healthcare, Retail, Manufacturing, Logistics, Government, Media & Entertainment, Energy and Utilities, Other End-Uses
Access the Complete Report for In-Depth Analysis:
https://www.thebusinessresearchcompany.com/report/blockchain-services-global-market-report
Blockchain Services Global Market Report 2024from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries:Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
TheBlockchain Services Global Market Report 2024byThe Business Research Company is the most comprehensive report that provides insights on blockchain services market size, blockchain services market drivers and trends, blockchain services market major players, blockchain services market competitors’ revenues, blockchain services market positioning, and blockchain services market growth across geographies.The blockchain services market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the blockchain services market report and tap into segments with the highest growth potential.
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