About Blockchain Technology
Due to increasing applications of blockchain technology and growing automations across the globe, significant amount of demand will be generated over the forecasted period. The Block chain technology allows multiple participants to connect to the network, provides secured communication network. It works as a record keeping as well as electronic transaction processing. Growing digitalization of currency, online transactions as well as secure online payment gateways will create number of opportunities in the blockchain technology market.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Since the information technology in cryptocurrencies and blockchain boom, a number of global enterprises were either silent or negative towards cryptocurrencies and blockchains. But as a large number of people investing in the crypto market and the rapid growth of the industry is now undeniable, enterprises are facing the important decision to not lose time and get serious about cryptocurrencies. IBM's new head of Blockchain development, Jesse Lund has said that the company will see tons of demand for digital asset issuance across the board. This news indicates a lot of IBM's interest in the cryptocurrency market and the fact that there are central banks with plans of digitizing their monetary system. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Blockchain Technology 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.
International Business Machines Corporation (IBM) (United States), Intel Corporation (United States), Lenovo Group Ltd. (Hongkong), Eastman Kodak Company (United States), Facebook, Inc. (United States), Microsoft Corporation (United States), Ubisoft Entertainment SA (France), Samsung Group (South Korea), Steemit Inc. (United States), Cisco Systems Inc. (United States), Accenture (Ireland) and The Depository Trust & Clearing Corporation (DTCC) (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Citibank (United States), Wells Fargo & Company (United States), Mitsubishi Motors (Japan), Goldman Sachs Group, Inc. (United States), Line Corporation (Japan), Bitfury USA, Inc. (United States) and Ripple (United States).
Segmentation Overview
AMA Research has segmented the market of Global Blockchain Technology market by Type (Public, Private and Hybrid), Application (Payments, Exchanges, Clearing and settlement, Digital identity, Documentation, Smart contracts and Others) and Region.
On the basis of geography, the market of Blockchain Technology 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).
Influencing Trend:
Increased use of Smart Contracts using Blockchain Technology and Growing Adoption of Blockchain Technology in Content Streaming
Market Growth Drivers:
Use of Blockchain Technology Provides Enhanced Security and Transparency and Overall Operational Cost is minimized with increased Applications
Challenges:
Maximum Transaction Cost and Requirement of Skilled Workforce and Ample Chances for Public Disagreements between Different Community Sectors
Restraints:
Complex Signature Verification using a Public-Private Cryptography Scheme such as ECDSA and Consensus Mechanisms leading to Increased Operational Time
Opportunities:
Enormous Opportunities across Multiple Application Arenas such as Financial, Healthcare and Public Sector and Data Communication Irrespective of the Central Administrator or Parent Node
Market Leaders and their expansionary development strategies
In January 2023, OneSpan Inc., the digital agreements security company, has acquire ProvenDB, an Australia-based startup that delivers secure storage and vaulting for documents based on blockchain technology, to provide an industry-leading trust model for high assurance contracts and documents. ProvenDB will extend the capabilities of OneSpan’s Transaction Cloud Platform to both public and private blockchains and serve as a modern technological foundation for high assurance business processes for Web3.
In June 2023, Fujitsu has launched blockchain collaboration tech to build Web3 services. The effectiveness of Fujitsu's "ConnectionChain" technology for cross-border securities settlement demonstrated in Asian Development Bank’s field trials
Key Target Audience
Service providers and distributors, Blockchain application builders, Customer experience management professionals, Independent Software Vendors (ISVs), Analytics consulting companies, Enterprises and End-users
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.