Blockchain Technology Market is set to grow by USD 11.05 billion from 2022-2027, Accenture Plc, Amazon.com Inc., Amcon Soft, Capgemini Service SAS among major players - Technavio
NEW YORK, Feb. 5, 2024 /PRNewswire/ -- The global blockchain technology market size is estimated to grow by USD 11.05 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 32.72% during the forecast period. Accenture Plc, Amazon.com Inc., Amcon Soft, Ara Soft Group LLC, Capgemini Service SAS, Cargoledger, ConsenSys Software Inc., Deloitte Touche Tohmatsu Ltd., HCL Technologies Ltd., Hewlett Packard Enterprise Co., Huawei Technologies Co. Ltd., Infosys Ltd., Intel Corp., International Business Machines Corp., OpenLedger, Oracle Corp., PixelPlex Ltd, SAP SE, Tata Sons Pvt. Ltd., and Wipro Ltd. are some of the major companies. Technavio has segmented the market based on End-user (BFSI, Government, Healthcare, and Others), Type (Private, Public, and Hybrid), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
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- Accenture Plc - The company offers blockchain technology such as The red string.
- Amazon.com Inc. - The company offers blockchain technology such as Amazon quantum ledger database.
- Capgemini Service SAS - The company offers blockchain technology such as service integration and agile prototyping.
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- The market share growth by the BFSI segment will be significant during the forecast period. In the BFSI sector, blockchain is used to reduce fraud, execute smart contracts, process payments, and perform know-your-customer (KYC) due diligence. Many enterprises are implementing blockchain in post-trade settlement, payments, reference data, and trade finance. Factors such as a rise in efficiency from operational and labor cost savings can have a significant impact on the BFSI industry in the coming years.
- North America, comprising the US and Canada, is poised to contribute 46% to the global growth.
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"Easier access to technology is a primary market driver, however security, privacy, and blockchain transaction concerns may impede market growth"
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What are the key data covered in this Blockchain Technology Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Blockchain Technology Market between 2023 and 2027
- Precise estimation of the Blockchain Technology Market size and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Blockchain Technology industry across North America, Europe, APAC, South America, and Middle East and Africa
- A thorough analysis of the competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Blockchain Technology Market vendors
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The blockchain technology industry, fueled by venture capital investments, drives innovation across various sectors like decentralized finance, computer security, and e-commerce. It offers secure, decentralized databases, facilitating cryptocurrency transactions and fostering economic growth. Startups and established companies alike explore its potential in web3, information technology, and service industries, emphasizing privacy and efficiency in transactions.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provides actionable insights to help businesses identify opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.
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Website: www.technavio.com
SOURCE Technavio
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