Growing Investments to Support Blockchain Technology Market Growth, reaching US$ 3.2 Trillion - Fact.MR Report

Fact.MR's latest report on the blockchain technology market offers a 10-year forecast through 2022 & beyond. The report explicates vital dynamics, such as drivers, restraints, and emerging opportunities shaping the market dynamics. To present the information in a more vivid manner, the report has been segmented in terms of product type, by component, by application, by enterprise size, by end-use, and region.

NEW YORK, Feb. 28, 2022 /PRNewswire/ -- The global blockchain technology market to grow at a CAGR of 84% during the forecast period 2022-2032 and estimated the market valuation at US$ 7.36 billion in the assessment period 2022.

Governments across the globe are integrating cloud technology with conventional systems. As public clouds provide cost-competitiveness to businesses, they are highly sought after in the market. Growing innovation and consumer awareness concerning the benefits of using blockchain technology will catalyze the growth of the market in the near future.

Various events are expected to use contactless digital ticketing through the use of blockchain technology in order to increase revenue. Cryptocurrency's expansion across the globe is also expected to drive market growth in the coming years. Blockchain-based cryptocurrencies can avoid the need for central authority by operating across a network of computers. In addition to reducing risk, this also eliminates many of the transaction and processing fees.

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Customer experiences are being progressively enhanced by blockchain technology. Customer loyalty is expected to increase for retail and e-commerce businesses that offer a positive customer experience.

The implementation of blockchain technology improves the efficiency of payments systems, minimizes operating costs and enables transparency on the payment network. The benefits offered by this technology are leading to an increase in its use in payment solutions.

Regulations focusing on protecting consumer data increase the adoption of blockchain technology in the healthcare sector.

Key Takeaways:

• North America is expected to dominate the global market by 2022, and is expected to account for more than 36% of the market share the in global revenue.
• The large enterprise segment dominated the market in 2022, accounting for more than 65% of global revenues.
• The infrastructure & protocols segment accounts for more than 60% share of the global revenue forecast in 2022.
• The financial services segment is expected to dominate the market in 2022, generating over 39% of the total global revenue during the forecast period.
• Over three-fifths of global revenue will come from large enterprises

Growth Drivers:

• The increasing demand for digital identity has led to a substantial growth of blockchain technology in 2022.
• In addition to the growing need to streamline financial transactions, the demand to combat frauds, and the interest of large companies in adopting the blockchain technology market will enhance growth.

Key Restraints:

• The security and scalability of blockchain technology are expected to hamper the growth of the blockchain technology market.

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Competitive Landscape:

The various leading players in the blockchain technology market are focusing on offering various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations, and partnerships.

• In October 2021, Extreme Vehicle Battery Technologies Corp announced that it had entered into a Share Exchange Agreement to acquire CryptoPlug Technologies Inc. To generate revenue, Smart Command will continue to expand and develop the application and provide it free of charge. The company will charge a fee based on each transaction.
• In December 2021, Midpoint acquired Blockchain World Ltd. With the completion of the transaction, the company expects to incur no material liabilities and will not devote much of its working capital or resources towards the development of BWL.

Key Companies Profiled by Fact.MR

• IBM Corp.
• Microsoft Corp.
• The Linux Foundation
• BTL Group Ltd.
• Chain, Inc.
• Circle Internet Financial Ltd.
• Deloitte Touché Tohmatsu Ltd.
• Digital Asset Holdings, LLC
• Global Arena Holding, Inc. (GAHI)
• Monax
• Ripple

More valuable Insights on Blockchain Technology Market

Fact.MR, in its report, offers a market analysis of the global blockchain technology market analyzing the forecast period through 2022 and beyond. This survey reveals the growth of technology in the blockchain technology market with detailed segmentation as follows: -

• By Type
• Public Cloud
• Private Cloud
• Hybrid Cloud
• By Component
• Application & Solution
• Infrastructure & Protocols
• Middleware
• By Application
• Digital Identity
• Exchanges
• Payments
• Smart Contracts
• Supply Chain Management
• Others
• By Enterprise Size
• Large Enterprises
• Small & Medium Enterprises
• By End Use
• Financial Services
• Government
• Healthcare
• Media & Entertainment
• Retail
• Transportation & Logistics
• Travel
• Others
• By Region
• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

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Key Questions covered in the Blockchain Technology Market Report

• What is the global blockchain technology market scenario?
• How far is the global demand expected to reach over the forecasted period?
• What was the last 5-year CAGR for the demand in the demand in blockchain technology Market?
• Who are the prominent players in the global blockchain technology market?
• Which is the leading region in the blockchain technology market?

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