Blockchain Technology Market Size to Surpass USD 3,273.83 billion by 2030, exhibiting a CAGR of 84%

"Blockchain Technology Market Size - Share, Trends, Forecast By 2033"

The Blockchain Technology Market is valued at around USD 7.36 billion in 2022 and is expected to reach USD 3,273.83 billion by 2030, registering a CAGR of 84% over the forecast period. A blockchain is a collection of records referred to as blocks that is associated with cryptography. Other names for it include distributed ledger technology (DLT).

Every block contains a timestamp and process data that is a cryptographic hash of the previous block. Blockchain technology is used to start online transactions across the financial services and non-financial industries because it is thought to be secure, quick, and affordable. Due to the decentralised nature of this technology, online transaction intermediaries are no longer necessary. Blockchain is used in a variety of industries, including factoring and mobile payments. The Blockchain Technology Market - Growth Factor The expansion of venture capital funding for blockchain technology companies is responsible for the market expansion. For instance, the blockchain technology provider Circle Internet Financial Ltd. announced in May 2021 that it had secured USD 440 million in funding from institutional and strategic investors. This money was used by the business to grow both internally and externally.

It is anticipated that the legalization of cryptocurrencies in nations like El Salvador and Ukraine will open up new prospects for market expansion. The acceptance of cryptocurrencies by the law motivates companies and investors to increase their blockchain technology investments. Additionally, it motivates market participants to work harder to enhance their services in order to stand out from the competition.

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The Blockchain Technology Market – Market Trends

• The market is expanding as a result of cryptocurrency's expanding global adoption.

• Blockchain technology is used by almost all commercial and central banks worldwide to start payments and issue their own digital currencies. In contrast to the conventional method of payment, this technology enables cheap and quick cross-border payments.

• Only temporarily will the ongoing COVID 19 pandemic have an effect on the blockchain industry.

• In this scenario, the digital transformation activities & initiatives will be led by blockchain technology.

The Blockchain Technology Market – Segmentation

The Blockchain Technology Market fragrance concentrates market has been sub-classified into type, component, application, enterprise size, end-user.

On the basis of type, the Blockchain Technology Market is bifurcated into:

• Public cloud

• Private cloud

• Hybrid cloud

• Others

On the basis of component, the market is segmented into:

• Application and solution

• Infrastructure and protocols

• Middleware

• Others

On the basis of application, the market is segmented into:

• Digital identity

• Exchanges

• Payments

• Smart contracts

• Supply chain management

• Others

On the basis of enterprise size, the market is segmented into:

• Large enterprises

• Small and medium enterprises

• Others

On the basis of end-user, the market is segmented into:

• Financial services

• Government

• Healthcare

• Media and entertainment

• Retail

• Transportation and logistics

• Travel

• Others

The Blockchain Technology Market –Regional Analysis

North America dominated the global Blockchain Technology Market, accounted for more than 37.0% of global sales. The growth of the regional market is being driven by the region's businesses adopting blockchain technology more frequently. Blockchain technologies are becoming necessary as a result of the implementation of payment and wallet solutions, smart contracts, and digital identity detection solutions by sectors like government, retail, and BFSI. Additionally, one of the key elements highlighting the expansion of the regional market is the rise in cryptocurrency use among North American consumers.

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The Blockchain Technology Market – Key Market players Global key players of Blockchain Technology Market include IBM Corporation, Microsoft Corporation, The Linux Foundation, BTL Group Ltd., Chain, Inc., Circle Internet Financial Limited, Deloitte Touche Tohmatsu Limited, Digital Asset Holdings, LLC, Global Arena Holding, Inc. (GAHI), Monax, Ripple, and others.

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