Blockchain Service Market Research Report, Key Insights, Growth Strategies, Major Players Forecast To 2032: IBM Corporation, Amazon.com, Microsoft Corporation, Oracle Corporation, SAP, Stratis, Baidu, Inc
As per the blockchain services market report by The Business Research Company, 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.
The global blockchain services market size will grow from $3.28 billion in 2022 to $4.7 billion in 2023 at a compound annual growth rate (CAGR) of 43.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global blockchain services market size is expected to grow to $19.76 billion in 2027 at a CAGR of 43.2%.
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Major competitors in the blockchain services market include IBM Corporation, Amazon.com, Microsoft Corporation, Oracle Corporation, SAP, Stratis, Baidu, Inc., Huawei Technologies Co. Ltd., Deloitte, Infosys, Hewlett-Packard Enterprise, Waves Platform, HPE, AWS, KPMG, ConsenSys, Cognizant, NTT Data, Capgemini, Wipro, Mphasis, PwC, TCS, TO THE NEW, EY, L&T Infotech, Alibaba, OpenXcell, lntinfotech and Ardor Nxt Group.
The blockchain services market is segmented -
• By Component: Tools, Services
• By End-use: BFSI, IT & Telecom, Healthcare, Retail, Manufacturing, Logistics, Government, Media & Entertainment, Energy and Utilities, Other End-Uses
• By Application: Payments, Smart Contracts, Supply Chain Management, Governance, Risk, and Compliance Management, Identity Management, Other Applications. Asia-Pacifica was the largest region in the blockchain services market.
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Blockchain is a technology that involves the implementation of a distributed database that is accessible to all the users over a network. Each user can add a new data record (block), with a timestamp that cannot be altered. Each new block forms a part of the universally acceptable depository. The blockchain technology maintains the authentication of data by restricting changes in the older data blocks while allowing the users to continue adding new data blocks thus, making the manipulation of data such as faking documents or transactions and other information, impossible.
The Table Of Content For The Blockchain Services Market 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 Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Blockchain Services Market
29. Blockchain Services Market Future Outlook and Potential Analysis
The "Global Blockchain Services Market Report 2023" from The Business Research Company is a comprehensive report that covers every facet of a market covering over 60 geographies and over 2500 market segments. The regional and country breakdowns section analyzes the market in each geography and the market size by region and country. Furthermore, it assesses the market's historical and projected growth and identifies significant trends and strategies that companies can leverage for business expansion.
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