Blockchain
Financial Industry Disruption and Enterprise Integration Drives 37.7% CAGR by 2031 | SkyQuest Technology
WESTFORD, Mass., June 27, 2024 /PRNewswire/ — According to SkyQuest, the global system Blockchain Market the size was valued at $6,565.28 million in 2022 and is expected to grow from $7,543.51 million in 2023 to reach $87,011.20 million by 2031, at a CAGR of 37.7% during forecast period (2024-2031)
The need for blockchain technology is expected to increase in a number of businesses due to the rapidly expanding digital landscape. Similarly, it is expected that as this technology is adopted, digital payment methods will increase. With the growth of the market, many businesses are spending large amounts of money on this technology. The COVID-19 outbreak has forced the closure of most manufacturing plants, negatively impacting digital technology investments and overall economic performance.
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Blockchain Market Overview:
|
Report coverage |
Details |
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Market revenue in 2023 |
$7,543.51 million |
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Estimated value by 2031 |
$87,011.20 million |
|
Growth rate |
Poised to grow at a CAGR of 37.7% |
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Forecast period |
2024–2031 |
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Forecast unit |
Value (millions of dollars) |
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Report coverage |
Revenue forecast, competitive landscape, growth drivers and trends |
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Segments covered |
Component, type, application, organization size, and end user |
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Geographies covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
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Report the highlights |
Updated financial information/player product portfolio |
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Main market opportunities |
Increased demand for transparent and secure transactions |
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Main market drivers |
Reducing fraud cases and increasing real estate security |
Segments covered The Blockchain market is as follows:
- Component
- Platforms/software, hardware and services
- Guy
- Application
- Supply Chain Management, Cryptocurrencies, Financial Services, Smart Contracts and more
- Organization size
- SMEs and large companies
- Vertical Sector
- BFSI, Healthcare & Life Sciences, Media, Entertainment & Gaming, Retail, Manufacturing and others
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Blockchain’s Unstoppable Growth in Decentralized Finance
- The financial sector is the one that is expanding the fastest among the different subsegments that make up the blockchain market. The main cause of this trend is that financial institutions are increasingly adopting blockchain technology to reshape their operations such as settling trades, making international transactions, creating smart contracts, and developing decentralized financial systems (DeFi apps ).
- Blockchain technology in the financial sector is witnessing a rapid pace, as it is replacing traditional financial procedures. By offering a decentralized ledger that all parties can access and thus eliminating the need for intermediaries and transaction fees, blockchain improves transparency.
Blockchain is revolutionizing business applications with immutable transparency
- In the end-user category of the blockchain market, enterprise applications are expected to be the largest and fastest growing sub-segment. Companies in industries like healthcare and banking are increasingly using blockchain to secure partner integration, change the way they do business and comply with laws.
- Companies are interested in blockchain technology primarily because it can significantly change traditional business processes. Blockchain provides a decentralized and immutable record that improves traceability and transparency. This is important for supply chain management and other businesses where tracking items from point of origin to point of destination is critical.
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Complete platforms and solutions that shape digital infrastructure
- Blockchain platforms and solutions are expected to dominate the product sub-segment of the global blockchain market. These cover a broad spectrum of products and services, including open source blockchain frameworks such as Hyperledger and Ethereum, BaaS platforms from leading cloud providers, and specialized middleware for blending blockchain technology with current enterprise systems.
- There are multiple reasons for the rise of blockchain solutions and platforms. At the start, these platforms provide infrastructure and programming equipment already set up, making it easier for businesses that want to use blockchain. This means that the initial expenses of any business that uses blockchain are reduced, while also simplifying how difficult it can be to implement blockchain technology.
Government Initiatives and Technology Integration Shaping the Asia Pacific Market Landscape
- In the Asia-Pacific region, the blockchain market is witnessing notable growth due to rapid adoption and investment in blockchain technology across various industries. Countries such as South Korea, China and Singapore are leading major initiatives and providing legislation that supports blockchain adoption across all industries.
- The rapid development of blockchain technology in the Asia-Pacific region can be attributed to several factors. For starters, governments in the region are actively supporting blockchain projects by providing funding, creating legal frameworks, and launching pilot programs. China, for example, has been exploring blockchain applications in digital currencies and supply chain management.
Revolutionizing the digital age with the meteoric rise of blockchain
The blockchain market is growing like no other in the way it is rapidly accepted by the financial sector, business innovation, and notable improvements in the Asia Pacific region. In an increasingly digital world, companies and governments are investing in blockchain platforms and solutions to improve security, increase efficiency and transparency. This trend portends a revolution across multiple industries and a time when blockchain technology will be essential to conducting business internationally.
Related Report:
Blockchain as a Services Marketplace
Blockchain in the healthcare market
Blockchain in the manufacturing market
Who we are:
SkyQuest is an intellectual property-focused research and investment bank and a technology and asset accelerator. We provide access to technologies, markets and finance across all sectors, namely Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation researchers, entrepreneurs, companies and investors to leverage external sources of research and development. Furthermore, we help them optimize the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Mr Jagraj Singh
Skyquest technology
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United States of America (+1) 351-333-4748
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SOURCE SkyQuest Technology