- Steady increase in funding, and multiple agreements in
blockchain start-ups is likely to aid businesses in developing
blockchain services and solutions that is anticipated to drive the
global market
- Private blockchain technology demand is projected to
increase as more companies implement private blockchain
technologies to protect and expedite the transfer of sensitive
data
WILMINGTON, Del., Sept. 29,
2022 /PRNewswire/ -- In 2021, the value of global
industrial blockchain technology market stood at US$ 3.80 Bn. The global market is anticipated to
rise at 80.3% CAGR during the forecast period, from 2022 to 2031.
By 2031, the global industrial blockchain technology market is
likely to touch US$ 1.3 Trn. The
numerous benefits provided by blockchain technology exert a
favorable influence on the global industrial blockchain
technology market. Industry-specific blockchain technology
deployment is anticipated to overcome typical constraints including
distribution channel access and product differentiation, which is
expected to present growth opportunities to the leading companies
in blockchain technology.
Additionally, the blockchain industry applications in the supply
chain, industry 4.0, energy industry, and automotive
industry is expected to be driven by the growing tendency
toward digital transformation across industries. There has
been an increasing use of blockchain technology solutions for
industries, including financial industry. It is mostly being driven
by the rising usage of cloud services in transaction
and payment processes globally.
Due to their well-established financial and banking insurance
industries, nations like the U.K. and the U.S. have a
disproportionately large portion of the global
market. Additionally, using the enterprise blockchain platform
guarantees data dependability and offers undeniable safety to
improve internal procedures. Additionally, recent developments in
blockchain technology, such as emergence of
blockchain-as-a-service and metaverse, as well as the growing
acceptance of non-fungible tokens (NFTs), are anticipated to drive
the global market.
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Key Findings of Market Report
- Investors are more likely to put money into blockchain
technology now that cryptocurrencies are legalized. Additionally,
this is expected to motivate market participants to work harder to
improve their services to stand out in the competition. The
industry is also growing since blockchain technology is
increasingly being used in commercial applications including
digital identification, payments, smart contracts, and exchanges.
Blockchain technology in manufacturing industry is also expected to
gain traction in the near future.
- Over the past three to four years, blockchain technology has
gained popularity in a variety of applications. The use of
blockchain technology is also being driven by rising consumer and
institutional demand for cryptocurrencies. As a result, a number of
startups have emerged and are working on developing blockchain
technology solutions.
- The surge in projects is mostly attributable to the advantages
that platforms and blockchain-as-a-service provide, such as
improved efficiency, higher transparency, and a diversified supply
of technology across many end-user sectors. This is expected to
accelerate usage of blockchain industry at a high rate in
developing countries in the years to come.
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Global Industrial Blockchain Technology Market: Growth
Drivers
- Due to the increasing use of blockchain technologies by
different companies in the region, North
America is predicted to hold a significant market share for
industrial blockchain technology in the years to come.
Global Industrial Blockchain Technology Market: Key
Players
Some of the key market players are
- Hewlett Packard Enterprise Development LP
- Digital Asset Holdings, LLC
- Amazon Web Services, Inc.
- IBM Corporation
- Oracle Corporation
- Ernst & Young Global Limited
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Global Industrial Blockchain Technology Market:
Segmentation
Component
Enterprise Size
Type
- Public
- Private
- Consortium
Application
- Payments
- Smart Contracts
- Digital Identity
- Supply Chain Management
- Others
End User
- BFSI
- Healthcare
- Government
- Travel, Transport & Logistics
- Retail
- Media & Entertainment
- Manufacturing
- Others
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