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Blockchain In Enterprise Resource Planning (ERP) Market Poised to Hit $60.4 Billion by 2029 with Accelerating Growth Trends
Blockchain In Enterprise Resource Planning (ERP)
What Is the Expected CAGR for the Blockchain In Enterprise Resource Planning (ERP) Market Through 2025?
The enterprise resource planning (ERP) market, utilizing blockchain technology, has experienced dramatic growth in recent years. This market is projected to expand from $5.05 billion in 2024 to $8.3 billion in 2025, boasting a compound annual growth rate (CAGR) of 64.4%. Factors such as increased adoption of blockchain technology, heightened demand for decentralized applications, the emergence of novel blockchain systems and protocols, along with increased adoption of cloud services, have fueled growth during the historic period.
What's the Projected Size of the Global Blockchain In Enterprise Resource Planning (ERP) Market by 2029?
The market for blockchain in enterprise resource planning (ERP) is anticipated to experience significant expansion in the coming years, with its net worth surging to $60.4 billion in 2029, facilitated by a compound annual growth rate (CAGR) of 64.2%. Several factors driving growth during the forecast period include mounting prevention of identity fraud, heightened focus on safeguarding data, growing demand for digital identification, and substantial usage of cloud services. Future trends over the forecast period are expected to encompass the enhancements in blockchain adoption, amalgamation of artificial intelligence with blockchain, progressive innovations in non-fungible tokens, and the integration of AI and machine learning within ERP.
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Top Growth Drivers in the Blockchain In Enterprise Resource Planning (ERP) Industry: What's Accelerating the Market?
The escalation in fraudulent losses is anticipated to boost the expansion of the blockchain within the enterprise resource planning (ERP) market. Financial damage resulting from deceitful actions such as sca*ms, identity theft, or dishonest transactions contribute to these losses. Cybercriminals adopting sophisticated techniques like AI-driven attacks or deepfakes, which can sidestep traditional security measures, are causing the spike in fraud losses. ERP blockchains can counter these losses by offering an unalterable, transparent, and decentralized transaction register. This guarantees that data is safe from tampering, rendering it almost impossible for fraudsters to modify or meddle with financial documents. For example, the Federal Trade Commission, a government agency in the US, reported in February 2024 that fraud losses crossed the $10 billion mark for the first time in 2023, showing a 14% surge compared to 2022. It was also noted that investment sca*ms accounted for more than $4.6 billion in losses borne by consumers in 2023, indicating a rise of 21% from 2022 and emerging as the most prevalent fraud category. Hence, the surge in fraud losses is predicted to stimulate the development of the blockchain in the ERP market.
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What Trends Will Shape the Blockchain In Enterprise Resource Planning (ERP) Market Through 2029 and Beyond?
Key players in the blockchain within the enterprise resource planning (ERP) market are concentrating their efforts on the creation of sophisticated systems such as the post-quantum cryptography-based ERP systems. These cutting-edge systems are designed to guard data against looming quantum risks, thereby enhancing business operations' overall robustness. Advanced encryption techniques protect post-quantum cryptography-based ERP systems from quantum computing threats. They guarantee data security and privacy by employing cryptographic methods impervious to potential quantum decoding abilities. As an example, in April 2023, Wakuu Enterprises Inc., a company based in the US specializing in IT services and consulting, introduced Muvor, an ERP system powered by blockchain. Muvor aims to revolutionize the world of business by supplying a reliable and efficient platform guaranteeing data accuracy, transparency, and efficiency. The system includes diverse features, such as point of sale, customer relations management, equipment management, payroll, and product lifecycle management, along with tracking every transaction within the supply chain.
What Are the Main Segments in the Blockchain In Enterprise Resource Planning (ERP) Market?
The blockchain in enterprise resource planning (erp)market covered in this report is segmented -
1) By Component: Platform, Services
2) By Type: Public, Private, Hybrid
3) By Enterprise Size: Small And Medium-Sized Enterprises, Large Enterprises
4) By Application: Supply Chain And Logistics Management, Financial Management And Auditing, Smart Contracts In Enterprise Resource Planning (ERP) Automation, Identity And Access Management, Payment System, Other Applications
5) By Industry Vertical: Banking, Financial Services, And Insurance, Retail And E-Commerce, Manufacturing, Supply Chain And Logistics, Healthcare, Other Industry Verticals
Subsegments:
1) By Platform: Blockchain-As-A-Service (BaaS), Smart Contract Platforms, Distributed Ledger Platforms, Permissioned Blockchain Platforms, Permissionless Blockchain Platforms
2) By Services: Consulting Services, Integration Services, Support And Maintenance Services, Managed Services
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Which Top Companies are Driving Growth in the Blockchain In Enterprise Resource Planning (ERP) Market?
Major companies operating in the blockchain in enterprise resource planning (ERP) market are Microsoft Corporation, Verizon Communications Inc., Huawei Technologies Co. Ltd., accenture* Plc, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, Oracle Corporation, SAP SE, Infosys Limited, Inetum Group, Synergix Technologies Pte Ltd, Vechain Ltd, Sage Software Solutions Pvt Ltd., ConsenSys Software Inc., Chainstack, Monax Industries Inc., Geoprise Technologies Corporation, Wakuu Enterprises Inc, JAMALI TECHNOLOGIES Inc.
Which Regions Will Dominate the Blockchain In Enterprise Resource Planning (ERP) Market Through 2029?
North America was the largest region in the blockchain in enterprise resource planning (ERP) market in 2024. The regions covered in the blockchain in enterprise resource planning (ERP) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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