Blockchain Market: Meticulous Research® Reveals Why this Market is Expected to Reach $403.36 Billion by 2030, at a CAGR of 67.7%

Blockchain is a decentralized, distributed digital ledger that is used to record transactions and store data in a secure and transparent way. It is based on a network of computers that work together to validate and record transactions in a way that cannot be altered or deleted without consensus from the network. Each block in the blockchain contains a unique digital signature, called a "hash," that links it to the previous block, creating an unbreakable chain of transactions. This process makes the blockchain a tamper-proof and highly secure system for storing and transmitting data.

Meticulous Research®, in its latest publication on the global blockchain market, states that the global blockchain market is projected to reach $403.36 billion by 2030, at a CAGR of 67.7% from 2023 to 2030.

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The growth of this market is attributed to the rising demand for secure and transparent payments in the BFSI sector, the increasing need to prevent data tampering in the healthcare sector, and the growing popularity of cryptocurrency. Furthermore, the increasing adoption of blockchain among SMEs and retailers is expected to create significant opportunities for this market.

However, the high implementation costs hamper the growth of this market. In addition, regulatory uncertainty and lack of interoperability between blockchain ecosystems are major challenges to the growth of this market.

In this study, the market is segmented based on type, platform, organization size, application, sector and geography, including its subsegments and geography. The report has considered five major geographies: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.

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Based on geography, in 2023, North America is expected to account for the largest share of the global blockchain market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America's major market share is attributed to the well-established financial service sector, the preference for digital payment systems among millennials, the adoption of blockchain technology in banking and financial services, and the increasing acceptance of cryptocurrencies in the region.

Based on type, in 2023, the public segment is expected to account for the largest share of the blockchain technology market. The large market share of this segment is attributed to its open-source network, which encourages new participants to join and validate transactions, provides complete decentralization and transparency, and enhances user control over their works and ideas due to the absence of a central authority maintaining the network.

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Based on platform, in 2023, the Ethereum segment is expected to account for the largest share of the global blockchain market. The large market share of this segment is attributed to its smart contract capabilities, which enable the development of decentralized applications on the blockchain, reduced programming time, the quick launch of projects, and increased application in various industries, including finance and gaming.

Based on sector, in 2023, the BFSI segment is expected to account for the largest share of the global blockchain market. The large market share of this segment is attributed to the growing need for faster & cheaper cross-border payment systems, the rising need for regulated trading platforms, and the surge in demand for KYC on blockchain platforms.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/blockchain-market-5526

The key players operating in the global blockchain market include International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Infosys Limited (India), Wipro Limited (India), Blockchain.com (U.K.), Circle Internet Financial Limited (U.S.), Ripple (U.S.), Tata Consultancy Services Limited (India), Intel Corporation (U.S.), Chainalysis Inc. (U.S.), Coinbase (U.S.), and BitGo (U.S.).

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Content Source: https://www.meticulousresearch.com/pressrelease/540/industrial-cybersecurity-market-2030

This release was published on openPR.