Distributed Ledger Technology Market: Size, Share, Outlook, and Global Opportunity Analysis, 2021-2027 | IBM Corporation, Microsoft Corporation, Amazon.com Inc., SAP SE, Intel Corporation
Distributed ledger is a technology where the transactions of assets are recorded digitally and therefore they are easier to track as well as update. The benefits of using this technology are several. First of all, it is less time-consuming than the traditional method of keeping an inventory of physical assets. This system also provides flexibility in the sense that you can add or remove parts of the network without affecting the other parts.
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Major Key players in this Market:
Key Market Drivers:
Increasing awareness regarding distributed ledger is expected to propel growth of the global distributed ledger technology market over the forecast period. For instance, in August 2021, SEBI, a market regulator in India, asked depositories to use distributed ledger or blockchain technology to record and monitor security creation as well as covenants of non-convertible securities.
Moreover, increasing adoption of distributed ledger is also expected to propel growth of the global distributed ledger technology market over the forecast period. For instance, in August 2021, Broadridge Financial Solutions, Inc. an international Fintech operation, announced that UBS, an investment banking company, officially joined its distributed ledger repo platform.
Covid-19 Impact Analysis
In the U.S., from 3 January 2020 to 5:51pm CEST, 26 August 2021, there have been 37,969,371 confirmed cases of COVID-19 with 626,163 deaths, reported to WHO. As of 20 August 2021, a total of 361,192,198 vaccine doses have been administered. Decentralised public ledger system in distributed ledger technology can be used to verify authenticity of vaccine certificates, thus helping to curb the proliferation of fake ones. Distributed ledger technology can also help improve supply chains in the pharmaceutical sector.
The primary regions covered in the study report include North America, Europe, Asia Pacific, Central and South America, as well as the Middle East and Africa. The specialists who worked on this area of the study looked at a variety of industries that are driving development and might give manufacturers with profitable expansion prospects in the future years. The study also contains sales and revenue prediction data by region and nation for the years 2021-2027.
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The distributed ledger technology market is expected to exhibit a CAGR of XX % over the forecast period, owing to increasing adoption of distributed ledger in various sectors. For instance, in April 2020, U.S.-based Dole Food Company, an agricultural multinational corporation, introduced a five-year plan to integrate distributed ledger technology for managing supply chain processes.
Among regions, Europe is expected to witness significant growth in the distributed ledger technology market, owing to increasing funding for distributed ledger technology in the region. For instance, in March 2020, Billon Group, a startup developing distributed ledger technology to process national currency and business documents, raised over US$ 16 million.
Europe is also expected to witness significant growth in the distributed ledger technology market, owing to initiatives to develop commercial applications on distributed ledger technology. For instance, in February 2020, IOTA Foundation, a non-profit foundation focused on distributed ledger technology, collaborated with the Eclipse Foundation, an open-source software foundation for commercial innovation and collaboration, to launch their Tangle EE Working Group to develop commercial applications on distributed ledger technology.
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