Press release
Blockchain Technology Market Sales Revenue To Substantially Surge In Next Ten Years : Fact.MR
Fact.MR forecasts that the demand for blockchain technology is projected to expand at a CAGR of 84% in terms of value during the period of assessment. Moreover, the report estimates that the market for blockchain technology is likely to surpass US$ 3,273.83 Bn by end of 2032.The market growth can be attributed to the increasing digitalization across the BFSI sector. Furthermore, the growing use of contactless blockchain digital ticketing at various events is expected to drive the market. Growing use of cryptocurrency worldwide is also anticipated to drive market growth. This is because cryptocurrencies, such as Ethereum and bitcoin, operate on blockchain technology. The demand for cryptocurrency is increasing due to benefits, such as easy transactions, inflation hedge, and enhanced security.
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The DHS is funding startups to conduct research and development to explore new approaches to cyber security using blockchain technology. The COVID-19 pandemic is expected to positively impact the market growth over the forecast period. The growing online sales due to the COVID-19 pandemic are expected to create the demand for blockchain technology among e-commerce companies. E-commerce companies use this technology for the supply chain management.
Key Market Segments in Blockchain Technology Industry Research
By Type
Public Cloud
Private Cloud
Hybrid Cloud
By Component
Application & Solution
Infrastructure & Protocols
Middleware
By Application
Digital Identity
Exchanges
Payments
Smart Contracts
Supply Chain Management
Others
By Enterprise Size
Large Enterprises
Small & Medium Enterprises
By End Use
Financial Services
Government
Healthcare
Media & Entertainment
Retail
Transportation & Logistics
Travel
Others
Key Takeaways from the Market Study
Global market for blockchain technology to reach US$ 7.36 Bn by 2022-end.
Financial services to account for 39% of global blockchain technology market revenue
By enterprise size, over 3/5th of global revenue to be contributed by large enterprises
By application, payments to account for over 42% revenue share in 2022 and beyond
Based on cloud, public cloud to dominate the market, accumulating over 60% revenue
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Competitive Landscape
The competitive landscape of the blockchain technology market is shaped by product innovation and strategic mergers & acquisitions. Some prominent manufacturers of blockchain technology are IBM Corp., Microsoft Corp., The Linux Foundation, BTL Group Ltd., Chain, Inc., Circle Internet Financial Ltd., Deloitte Touche Tohmatsu Ltd., Digital Asset Holdings, LLC, and Global Arena Holding, Inc. (GAHI). Front Runners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies. Some notable developments are as follows:
In May 2021, Circle Internet Financial Ltd., a blockchain technology provider, announced that it raised USD 440 million in funding from strategic and institutional investors. The company used this funding for organizational development and market expansion. The legalization of cryptocurrency in countries, such as Ukraine and El Salvador, is expected to create new opportunities for market growth.
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More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the market providing historical data for the period of 2015-2021 and forecast statistics for the period of 2022-2032.
The study gives critical insights into the blockchain technology market on the basis of technology type (public cloud, private cloud and hybrid cloud), component (application & solution, infrastructure & protocols and middleware), application (digital identity, exchanges, payments, smart contracts, supply chain management and others), enterprise size (large enterprises and small & medium enterprises) and end use (financial services, government, healthcare, media & entertainment, retail, transportation & logistics, travel and others) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Source - https://www.factmr.com/report/blockchain-technology-market
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