The global blockchain market is expected to expand from USD 20.1 billion in 2024 to USD 248.9 billion by 2029, registering a remarkable Compound Annual Growth Rate (CAGR) of 65.5% during the forecast period. This rapid growth is driven by rising venture capital investments and increased funding in blockchain technology. Furthermore, the growing adoption of blockchain across industries such as retail, supply chain management, and banking is fueling demand for secure and transparent transactions.
Download PDF Brochure@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=90100890
Based on the components, platforms to accounts for the highest market size during the forecast period.
The blockchain platform is a decentralized solution used for tracking, documenting, and facilitating transactions. Financial transactions were the initial application of blockchain platforms. But now days, it may be used in many different sectors, such supply chain management and e-commerce. These software programs offer the foundation required to develop apps that depend on any form of transaction. Software programs known as blockchain platforms let companies create blockchain-based apps. The use of a distributed, immutable ledger to record activities, resource movements, and transactions over a network is known as blockchain technology. Businesses can employ a blockchain-based ledger system for any application where transactions are necessary. The blockchain platform operates as a development platform with an integrated distributed ledger-which is an encrypted storage space for all kinds of data. The integrated data is then used to help develop consensus mechanisms that are used to validate and approve transaction.
By vertical, banking and financial services accounts for the highest market size during the forecast period.
Blockchain technology transforms the financial industry by creating a decentralized database of distinct and digital assets. It is simpler to transfer assets using tokens that represent the assets “off-chain” when a distributed ledger is used. Blockchain technology has several advantages for banking, one of which is the creation of tokenized security, which can completely do away with middlemen and reduce asset exchange costs. The application space for banking and financial services has recognized the value of blockchain technology, which aid in the security of consumer transactions. In addition, new business models in payment, online banking, and financial transaction technologies are being made possible by the technological shift from centralized infrastructure management to the distributed ecosystem..
By region, North America accounts for the highest market size.
North America is now the leading region in the global blockchain market due to its abundance of blockchain suppliers. Due to the presence of economically robust nations like the US and Canada, the region offers the most substantial and cutting-edge technological infrastructure. North America is one of the main geographic contributors to the global blockchain market, even when it comes to market size. One of the main factors driving the blockchain market’s growth in North America is the existence of major regional players like IBM, AWS, and others. Businesses in this area are creating blockchain-based solutions to improve customer service. Government agencies are investigating blockchain technology on a number of fronts, including protocols, security assurances, cryptographic techniques, use cases, applications, and current services (National Institute of Standards and Technology, NIST). The study’s conclusions have been documented in academic articles, experimentation software, and suggestions for next NIST projects in this field. Blockchain technology is not limited to manufacturing supply chains; it can also be applied to data registries, digital identities, and record management systems.
Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=90100890
Unique Features in the Blockchain Market
One of the most defining features of blockchain technology is its decentralized nature. Unlike traditional centralized systems, blockchain operates on a distributed ledger where multiple participants (nodes) validate and record transactions, eliminating the need for a central authority. This enhances security, reduces risks of single points of failure, and increases transparency.
Blockchain ensures that once a transaction is recorded on the ledger, it cannot be altered or deleted. This immutability provides a tamper-proof system that enhances trust among users. Additionally, transactions are transparent and can be audited by participants, making blockchain ideal for applications requiring accountability, such as supply chain tracking and financial transactions.
Smart contracts are self-executing agreements with predefined conditions written into code. These contracts automatically execute actions when conditions are met, reducing the need for intermediaries and increasing efficiency in industries such as finance, real estate, and legal services.
Blockchain uses advanced cryptographic techniques to secure data, making it highly resistant to hacking and fraud. Each block is linked to the previous one through a cryptographic hash, ensuring data integrity. This security feature is particularly valuable for industries handling sensitive information, such as healthcare and banking.
Blockchain enables the tokenization of real-world assets, including real estate, art, and commodities. These digital tokens represent ownership or value and can be traded on blockchain networks, increasing liquidity and accessibility for investors.
Major Highlights of the Blockchain Market
Venture capital firms and institutional investors are significantly funding blockchain startups and projects, accelerating innovation and adoption. These investments are fostering the development of new blockchain applications across various industries, enhancing the market’s growth potential.
Blockchain technology is being increasingly integrated into industries such as finance, supply chain management, healthcare, retail, and government services. Its ability to ensure secure, transparent, and tamper-proof transactions makes it a valuable asset for businesses looking to streamline operations and enhance security.
The rapid growth of DeFi platforms, which offer financial services without intermediaries, is one of the key drivers of the blockchain market. DeFi applications leverage smart contracts to facilitate lending, borrowing, trading, and asset management, providing users with greater financial autonomy.
The popularity of NFTs and tokenized digital assets continues to grow, transforming industries such as gaming, art, music, and entertainment. Blockchain enables secure ownership verification and transfer of digital assets, driving further adoption in creative and commercial sectors.
Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=90100890
Top Companies in the Blockchain Market
Key Players AWS (US), Oracle (US), IBM (US), Huawei (China), Accenture (Ireland), TCS (India), Google (US), Alibaba (China), Microsoft (US), OVHcloud (France), SAP (Germany), and HPE (US), T Tencent (China), Wipro (India), Infosys (India), Lumen (US), DigitalOcean (US), VMware (US), Applied Blockchain (UK), ConsenSys (US), Akamai (US), Contabo (Germany), Leewayhertz (US), Vultr (US), Cloudsigma (Switzerland), Mevspace (Poland), and Scaleway (France) are the key players and other players in the blockchain market.
Amazon Web Services (AWS)
Amazon Web Services is a subsidiary of Amazon which provides on-demand cloud computing platforms to individuals, governments, and companies. AWS offers services such storage, computing, networking, database, analytics, application services, deployment, mobile, developer tools, and IoT tools. In blockchain, AWS offers Amazon Managed Blockchain (AMB) Query is a fully managed service that enables organizations to set up and manage a scalable blockchain network smoothly. Amazon Quantum Ledger Database (QLDB) is a fully managed ledger database which enables organizations to easily analyze network activity outside the network and gain insights into trends. The company operates globally with a strong foothold in the Americas, Europe, Middle East & Africa, and Asia Pacific. AWS focuses on expanding its reach in the emerging markets by offering products through regional distributors, channel partners, resellers, service partners, and technology partners.
Oracle
Oracle, is a global provider of enterprise software and cloud solutions. The company provides a comprehensive suite of products and services, including database management, cloud applications, and enterprise software. Oracle’s solutions portfolio extends to ERP, CRM, and supply chain management systems, catering to diverse industries such as finance, healthcare, retail, and manufacturing. Oracle’s Blockchain Platform provides secure, scalable solutions for managing business transactions. With a global presence, Oracle delivers solutions to clients worldwide, driving operational efficiency across various sectors such as automotive, consumer goods, construction and engineering among others.
Huawei
Founded in 1987 by Ren Zhengfei, Huawei is a Chinese multinational corporation headquartered in Shenzhen, Guangdong. The company specializes in designing, developing, and manufacturing a wide range of products, including telecommunications equipment, consumer electronics, smart devices, distributed operating systems, electric vehicle autonomous driving systems, and rooftop solar products. Initially focusing on manufacturing phone switches, Huawei has expanded its operations to over 170 countries, serving more than three billion people worldwide. The company is committed to bringing digital technology to every person, home, and organization for a fully connected, intelligent world. As of 2023, Huawei employed approximately 207,000 people, with 55% of its workforce dedicated to research and development. In 2023, the company invested CNY164.7 billion in R&D, accounting for 23.4% of its total revenue.
Media ContactCompany Name: MarketsandMarkets™ Research Private Ltd.Contact Person: Mr. Rohan SalgarkarEmail: Send EmailPhone: 18886006441Address:1615 South Congress Ave. Suite 103, Delray Beach, FL 33445City: FloridaState: FloridaCountry: United StatesWebsite: https://www.marketsandmarkets.com/Market-Reports/blockchain-technology-market-90100890.html
