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Blockchain Services Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | International Business Machines Corporation, Amazon.com Inc., Microsoft Corporation, Oracle Corporation, SAP SE, Stratis Platform Ltd., Baidu Inc.,
Blockchain Services Market Trends
The Business Research Company offers in-depth market insights through Blockchain Services Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The blockchain services market size has grown exponentially in recent years. It will grow from $4.7 billion in 2023 to $6.75 billion in 2024 at a compound annual growth rate (CAGR) of 43.6%. The growth in the historic period can be attributed to cryptocurrency adoption, data security concerns, supply chain transparency, smart contracts.
The blockchain services market size is expected to see exponential growth in the next few years. It will grow to $27.39 billion in 2028 at a compound annual growth rate (CAGR) of 41.9%. The growth in the forecast period can be attributed to decentralized finance (defi), nfts and digital assets, supply chain and logistics, healthcare data, government and identity. Major trends in the forecast period include enterprise blockchain adoption, interoperability solutions, blockchain as a service (baas), defi and web3.
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Market Segmentation:
The main component types of blockchain services are tools and services. The services are used for payments, smart contracts, supply chain management, governance, risk and compliance management, identity management, others by BFSI, IT and telecom, healthcare, retail, manufacturing, logistics, government, media and entertainment, energy and utilities and end use industries. Risk and compliance management is the practice of anticipating potential risks, analyzing them, and taking precautionary measures to reduce/curb the risk.
Major Driver - The Growing Significance Of Blockchain Services
There is a growing significance of blockchain services with increased investments in blockchain technology from both government and private entities like banks and financial institutions. The blockchain technology gives rise to new business models in various areas such as cross-border payments, remittance, exchanges, internet banking, trade finance, Know Your Customers (KYC), and risk and compliance with decentralized applications of this technology. For instance, in July 2022, the Italian Ministry of Economic Development has stated that starting in September, some blockchain projects will be eligible to apply for up to $46 million in government subsidies. As part of the Italian government's objectives for investments in technology, research, and innovation, the fund will have an initial budget of 45 million euros, or roughly $46 million at the time of publication, for expenses and costs ranging from 500 thousand euros ($512,150) to 2 million euros ($2,048,600). The increased use of blockchain technology in organizations will require services to manage the networks and infrastructure, which will increase the demand for blockchain services and boost blockchain services market growth.
Competitive Landscape:
Major companies operating in the blockchain services market include International Business Machines Corporation, Amazon.com Inc., Microsoft Corporation, Oracle Corporation, SAP SE, Stratis Platform Ltd., Baidu Inc., Huawei Technologies Co. Ltd., plc, Deloitte Touche Tohmatsu Limited, Infosys Limited, Hewlett Packard Enterprise Company, Waves Platform AG, Amazon Web Services Inc., KPMG International Cooperative, ConsenSys AG, Cognizant Technology Solutions Corporation, NTT Data Corporation, Capgemini SE, Wipro Limited, Mphasis Limited, PricewaterhouseCoopers International Limited (PwC), Tata Consultancy Services Limited, TO THE NEW Digital, Ernst & Young Global Limited, L&T Infotech Limited, Alibaba Group Holding Limited, OpenXcell Technolabs Pvt. Ltd., LTIMindtree Ltd., Ardor Nxt Group, BTC Korea.com Co. Ltd., Blockchain Luxembourg S.A., Dragonchain Inc., Inveniam LLC, Bloq Inc., Skuchain Inc., LeewayHertz Technologies Private Limited, Altoros Americas LLC, Appinventiv Technologies Pvt. Ltd.
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Top Trend - Quantum Computing Reshaping The Blockchain Services Landscape
Quantum computing is gaining popularity in the blockchain space that will help overcome the problems faced in providing blockchain services. Quantum computing is a process that uses quantum-mechanical phenomena like superposition and quantum entanglement for computing. Quantum computing utilizes qubits that help in the storage and processing of a large amount of data exponentially fast with less energy consumption, unlike conventional computers that use bits for the same process. For instance, in November 2022, International Business Machines Corporation, a US-based technology corporation unveiled Next-Generation IBM Quantum System Two with a 400 Qubit-Plus Quantum Processor. With more than triple the 127 qubits on the IBM Eagle processor, which was introduced in 2021, IBM Osprey has the most qubits of any IBM quantum processor. This processor has the ability to perform intricate quantum computations that are well beyond the capabilities of any classical computer.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Blockchain Services Market Characteristics
3. Blockchain Services Market Trends And Strategies
4. Blockchain Services Market - Macro Economic Scenario
5. Blockchain Services Market Size And Growth
…..
27. Blockchain Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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