About Blockchain Software
Blockchain technology is a decentralized solution for tracking, documenting, and facilitating transactions. These tools create a public ledger that relies on globally distributed historical transactions to prevent tampering and fraud. Every interaction is documented in a database, which relies on every previous transaction with a timestamp to verify and execute an exchange. Blockchain technology was first used for financial transactions, but it can be applied to a wide variety of industries such as e-commerce, supply chain management, and data integration. This self-sufficient database can be used by companies to document the exchange and eliminate fraudulent transactions. The blockchain is essentially a burgeoning set of records, known as blocks that are linked together or secured using cryptography. Public blockchains are readable for everyone and are widely used in cryptocurrencies. Private blockchains, on the other hand, are widespread in various industries and are becoming increasingly important in the business world. For most companies and organizations, the blockchain is often referred to as Distributed Ledger Technology (DLT). These software solutions provide the framework for building applications based on any type of transaction. There are a few things to understand when choosing a blockchain for any type of business. First, blockchain software solutions move quickly and act with minimal cost. Second, nearly permanent records are created for every single transaction. Regardless of which type of blockchain software a company chooses, the technology offers a multitude of advantages, from data security to minimized risk to more efficient business transactions. In addition, with functions such as smart contracts, participants in blockchain networks do not have to worry about authentication and tracking of ownership information.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Blockchain Software market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM (United States), Oracle (United States), Chainalysis Inc. (United States), ConsenSys (United States), TIBCO (United States), Salesforce (United States), SAP (Germany), Microsoft (United States), Coinbase (United States), Mastercard (United States) and Binance (Malta) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are SecureKey Technologies (Canada), Guardtime (Switzerland) and Modex (United Kingdom).
Segmentation Overview
AMA Research has segmented the market of Global Blockchain Software market by Type (Cryptocurrency Software, Blockchain Analysis Software, Blockchain Security Software, Blockchain Payments Software and Others), Application (Financial, Government, Healthcare, Retail and Others) and Region.
On the basis of geography, the market of Blockchain Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Organization Size, the sub-segment i.e. Large Enterprises will boost the Blockchain Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Platform, the sub-segment i.e. IoS will boost the Blockchain Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Device Used, the sub-segment i.e. Smartphones will boost the Blockchain Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
High Adoption of Blockchain Solutions for Payments, Smart Contracts, and Digital Identities, Rising Trend of Protection against Fraud, Misuse, and Noncompliance, Adoption of Distributed Ledger Technology (DLT) System and Need For Improving Transparency and Traceability in Supply Chains
Market Growth Drivers:
Growth in the Search for Information on a Blockchain or Distributed Ledger, Raising Venture Capital Funding and Investments in Blockchain Technology, Increasing Popularity of Blockchain Technology in Retail and Supply Chain Management, Simplification of Processes along with Transparency and Immutability and Analysis and Visual Representation of Data from a Blockchain
Challenges:
Lack of Skilled Professionals
Restraints:
High Cost of Implementation and Uncertain Regulatory and Compliance Environment
Opportunities:
Extensive use of Blockchain Solutions in IoT, Banking, and Cybersecurity and Increasing Demand for Real-time Data Analysis, Enhanced Visibility, and Proactive Maintenance
Market Leaders and their expansionary development strategies
In April 2020, Chainalysis, a Blockchain analysis firm partnered for a program to work with major infrastructure providers around the world. These partners include providers of compliance software, core banking infrastructure, cryptocurrency wallets, and others.
In February 2020, Microsoft integrated the Lition blockchain into Azure allows to Microsoft Azure’s worldwide enterprise clients can develop, test, and deploy Lition side chains and applications with ease on its platform.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Providers of Blockchain Software, Venture Capitalists and Private Equity Firms and End-Use Industry
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.