CHICAGO, July 25, 2024 (GLOBE NEWSWIRE) — The global blockchain market size is expected to grow from USD 20.1 billion in 2024 to USD 248.9 billion by 2029, growing at a compound annual growth rate (CAGR) of 65.5% during the forecast period, according to a new report by MarketsandMarkets™.
The integration of cloud-based solutions and advanced technologies such as AI, ML, etc. has led to rapid growth in blockchain adoption. Cloud-based blockchain solutions offer remote access and cost savings, while AI, ML, and integration are used for efficiency. These combined advancements in blockchain cater to organizations’ demands for scalable, cost-effective, and efficient security solutions, thus driving significant expansion of the blockchain market.
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Blockchain ensures simplification, transparency and security of processes, and has great potential in application areas such as payments, smart contracts and digital identity.
Blockchain market trends:
driver:
Increasing venture capital funding and investment in blockchain technology Growing demand for secure and transparent transactions in retail, SCM and banking applications Need for simplified processes, transparency, security and immutability High adoption rate of blockchain solutions for payments, smart contracts and digital identity Offering low operational costs
opportunity:
Increasing government initiatives to drive demand for blockchain platforms and services Convergence of blockchain, IoT and AIR Increasing demand for real-time data analytics, improved visibility and proactive maintenance Potential of blockchain technology in new industries
Restraints:
Uncertain regulatory and compliance environment High costs of implementing blockchain technology
List of blockchain companies:
AWS (USA)Oracle (USA)IBM (USA)Huawei (China)Accenture (Ireland)TCS (India)Google (USA)Alibaba (China)Microsoft (USA)OVHcloud (France)SAP (Germany)
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Trending: Web3
Web3 is the next generation of the internet, with a focus on decentralization and user control. Web3 leverages blockchain technology to enable a more open and democratic online experience. Users have more control over their data and online interactions. This shift in power requires a strong blockchain foundation to ensure safe and clear interactions. A strong blockchain infrastructure is needed to enable secure and scalable operations in Web3, leading to significant growth in the blockchain market.
Trend: Big Data Analytics
Big data analytics involves studying large, complex data sets that cannot be easily processed by traditional methods. This data can come from sources such as financial transactions and sensor networks. Using advanced technologies and powerful computers, big data analytics uncovers valuable insights hidden in vast amounts of information. These insights can help improve decision-making in many areas, including enhancing business operations and uncovering new trends in scientific research. As the volume and variety of data grows rapidly, big data analytics becomes even more important in harnessing the potential of this information to drive innovation in a variety of sectors.
Based on provider, the infrastructure providers segment is expected to grow at the second highest CAGR during the forecast period.
Blockchain infrastructure suppliers manage and regulate user access to the basic resources required to operate the system, such as data security and cloud storage, as well as the resources that enable blockchain, such as development tools and nodes. Blockchain technology providers are responsible for configuring, managing, and maintaining all activities related to infrastructure and hardware elements, such as nodes. Infrastructure suppliers provide scalable infrastructure for the creation, implementation, and management of enterprise-level blockchain applications. These suppliers help businesses adopt blockchain technology and create solutions that meet the growing demand for customer support. Vendors in the blockchain market provide the infrastructure and tools required for the development of blockchain-based applications.
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By type, the private segment is expected to grow at the highest CAGR during the forecast period.
A private blockchain is a shared database or ledger that is protected by traditional security techniques such as restricting user permissions. Security in a private blockchain is typically provided using a private key that is known only to the relevant organization. A private blockchain is a category of blockchain technology where write permissions are concentrated to a single organization. Read permissions may also be restricted based on organizational usability.
Private blockchains offer more opportunities for businesses to leverage blockchain technology for B2B use cases. Private blockchains can be used for a variety of use cases, including smart contracts, asset registries, digital identity, and more. The governing organization has the power to change the rules of a private blockchain and can also reject transactions based on established rules and regulations.
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