Blockchain Testing Services Market is projected to reach the value of $52.18 billion by 2030

According to the report published by Virtue Market Research, the Global Blockchain Testing Services Market was valued at $4.96 billion in 2022 and is projected to reach a market capitalization of $52.18 billion by 2030. Over the forecast period of 2023-2030, the market is estimated to grow at a CAGR of 34.2%. The market for blockchain as a service is being driven by demands for supply chain transparency across industries, a desire to lessen risk and complexity, and the efficacy of blockchain solutions. Due to developments in blockchain technology, the Internet of Things, and encouraging government initiatives, the service industry is anticipated to expand.

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Blockchain services are becoming increasingly important, which can be attributed to the significant investments made in blockchain technology by public and private organizations, particularly banks and financial institutions. Several industries, including cross-border payments, remittances, internet banking, trade finance, KYC, risk management, and compliance, stand to benefit significantly from the advancement of blockchain technology. Governments notably that of South Korea, have reacted by making significant financial contributions to the development of blockchain technology. The expanding usage of blockchain technology in industries has also increased the demand for blockchain services, prominently in the area of testing. Blockchain testing ensures that every entity connected to a blockchain network has passed a thorough evaluation, providing businesses with a safe and efficient infrastructure, including services, particularly those associated with testing. In decentralized systems involving money, flaws can be eliminated and the risk of financial loss reduced, which boosts customer satisfaction and the production of high-quality goods. In other words, demand for blockchain has increased as a result of the technology's growing significance and its potential to revolutionize a variety of industries, particularly testing.

Due to the digital transformation sweeping numerous industries, the market for blockchain testing is anticipated to expand rapidly over the next six to seven years. Businesses are looking for new ways to streamline their operations and improve their data management and security as a result of the introduction of 5G technology, the Internet of Things, and other cutting-edge technologies. The COVID-19 pandemic has boosted demand for blockchain services even more, particularly for e-commerce as businesses look to lessen their reliance on manual transactions. Blockchain technology is anticipated to have significant benefits for the pharmaceutical business, particularly for the delivery of COVID-19 vaccinations. Blockchain's decentralized, secure, and encrypted properties make it perfect for keeping precise records of vaccine storage and upkeep, hence eliminating the logistical challenges.

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Segmentation Analysis:
The global Blockchain Testing Services Market segmentation includes:

By Enterprise Size:
• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises.

Large Enterprises and Small and Medium-sized Enterprises are the two market segments that can be separated for blockchain testing services (SMEs). Because cloud-based networking solutions are more adaptable and affordable, the demand for these services among SMEs is anticipated to increase more quickly. SMEs also frequently manage their IT infrastructure using a pay-as-you-go model, which is anticipated to hasten the adoption of blockchain testing services among these companies. The demand for blockchain testing services in this market is also being driven by SMEs' desire for efficient customer data protection, cost savings, and a competitive edge. In contrast, large businesses, which in 2022 have generated more than 68% of global revenue, are already implementing blockchain technology for a variety of operations in sectors like supply chain, financial services, healthcare, and insurance. Blockchain technology is being used by large corporations like BBVA, Intesa Sanpaolo, Barclays, and HSBC to enhance their KYC and finance operations. These big businesses have the means and money to start implementing new technology as soon as it hits the market.

By End-Use:
• Government
• Transportation & Logistics
• Financial Services
• Media & Entertainment
• Healthcare
• Retail
• Travel
• Others

The financial services unit controlled the largest portion of the market in 2022 and produced a sizable amount of income. This is due to the financial services industry's extensive adoption of blockchain technology to effectively manage business transactions. The technology is now more widely used in this sector due to its capacity for fast and safe transactions. Additionally, cryptocurrencies are a promising technology for the financial services industry due to their rising popularity, high interoperability with industrial ecosystems, quick transactions, Initial Coin Offerings (ICOs), and cheaper overall cost of ownership.

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Regional Analysis:
Geographically, there are six regions that make up the market for blockchain testing services: North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Due to the rise of blockchain projects in that region, North America held the largest market share in 2022. There were more than 2,000 active blockchain projects in the US, and more than 500 businesses were providing blockchain services there. Incorporating blockchain services into their public utilities is a priority for the governments of the US and Canada as well.

The Asia Pacific region is anticipated to experience the highest CAGR growth due to the presence of major players such as BitSE and Huawei Service (Hong Kong) Co., Limited. Around 298 businesses in China are currently using blockchain technology and services. The growth in this region is also driven by increasing government and corporate funding for blockchain services. Europe maintained a dominant position in the market due to the presence of key players and investment in the development of blockchain technology. The UK alone committed nearly USD 19 million in January 2018 to the development of blockchain-based goods and services. Latin America and the Middle East and Africa are anticipated to see rapid growth due to the growing number of government initiatives to invest in the creation of blockchain services and recent technological advancements in these regions.

Latest Industry Developments:
• In January 2023, LambdaTest is a top continuous quality testing cloud platform that enables developers and testers to deliver code more quickly. Through the partnership, Cigniti will have access to LambdaTest's cutting-edge Hyper Execute platform, which offers clients at various stages of their DevOps (CI/CD) lifecycle secure, scalable, and insightful test orchestration.

• In May 2022, Aparaa Digital, a top provider of AI/ML, data engineering, analytics, and blockchain services and owner of the RoundSqr brand, is being acquired by Cigniti Technologies, the world's biggest supplier of digital assurance and top-quality engineering services. The strategic ambition of Cigniti to offer functional digital engineering and assurance services has been strengthened by this conclusive move.

• In November 2022, the new technological hub for Qualitest in Sderot, Israel, was formally opened by the Minister of Economy, underscoring the business's adherence to cutting-edge technology. This state-of-the- art facility contributes to Qualitest's standing as a global leader in software testing and quality assurance.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.