Blockchain Industry worth $248.9 billion by 2029

(IT-NEWSWIRE.COM, August 12, 2024 ) According to a research report "Blockchain Market by Component (Platforms, Services (Managed, Professional)), Provider, Type (Public, Private, Hybrid, Consortium), Deployment Mode (Cloud, On-Premises), Organization Size, Vertical and Region - Global Forecast to 2029" published by MarketsandMarkets, the global blockchain market size is projected to grow from USD 20.1 billion in 2024 to USD 248.9 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 65.5% during the forecast period. The integration of cloud-based solutions and advanced technologies like AI, ML, has propelled the rapid growth of blockchain adoption. Cloud-based blockchain solutions offer remote accessibility and cost reductions, while AI, ML, and integration are used for efficiency. These combined advancements in blockchain cater to organizations' demands for scalable, cost-effective, and efficient security solutions, driving significant expansion in the blockchain market.

Browse 632 market data Tables and 62 Figures spread through 444 Pages and in-depth TOC on "Blockchain Market”

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Based on the components, platforms to accounts for the highest market size during the forecast period.

The blockchain platform is a decentralized solution used for tracking, documenting, and facilitating transactions. Financial transactions were the initial application of blockchain platforms. But now days, it may be used in many different sectors, such supply chain management and e-commerce. These software programs offer the foundation required to develop apps that depend on any form of transaction. Software programs known as blockchain platforms let companies create blockchain-based apps. The use of a distributed, immutable ledger to record activities, resource movements, and transactions over a network is known as blockchain technology. Businesses can employ a blockchain-based ledger system for any application where transactions are necessary. The blockchain platform operates as a development platform with an integrated distributed ledger-which is an encrypted storage space for all kinds of data. The integrated data is then used to help develop consensus mechanisms that are used to validate and approve transaction.

By vertical, banking and financial services accounts for the highest market size during the forecast period.

Blockchain technology transforms the financial industry by creating a decentralized database of distinct and digital assets. It is simpler to transfer assets using tokens that represent the assets "off-chain" when a distributed ledger is used. Blockchain technology has several advantages for banking, one of which is the creation of tokenized security, which can completely do away with middlemen and reduce asset exchange costs. The application space for banking and financial services has recognized the value of blockchain technology, which aid in the security of consumer transactions. In addition, new business models in payment, online banking, and financial transaction technologies are being made possible by the technological shift from centralized infrastructure management to the distributed ecosystem.

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By region, North America accounts for the highest market size.

North America is now the leading region in the global blockchain market due to its abundance of blockchain suppliers. Due to the presence of economically robust nations like the US and Canada, the region offers the most substantial and cutting-edge technological infrastructure. North America is one of the main geographic contributors to the global blockchain market, even when it comes to market size. One of the main factors driving the blockchain market's growth in North America is the existence of major regional players like IBM, AWS, and others. Businesses in this area are creating blockchain-based solutions to improve customer service. Government agencies are investigating blockchain technology on a number of fronts, including protocols, security assurances, cryptographic techniques, use cases, applications, and current services (National Institute of Standards and Technology, NIST). The study's conclusions have been documented in academic articles, experimentation software, and suggestions for next NIST projects in this field. Blockchain technology is not limited to manufacturing supply chains; it can also be applied to data registries, digital identities, and record management systems.

Key Players AWS (US), Oracle (US), IBM (US), Huawei (China), Accenture (Ireland), TCS (India), Google (US), Alibaba (China), Microsoft (US), OVHcloud (France), SAP (Germany), and HPE (US), T Tencent (China), Wipro (India), Infosys (India), Lumen (US), DigitalOcean (US), VMware (US), Applied Blockchain (UK), ConsenSys (US), Akamai (US), Contabo (Germany), Leewayhertz (US), Vultr (US), Cloudsigma (Switzerland), Mevspace (Poland), and Scaleway (France) are the key players and other players in the blockchain market.

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Blockchain Industry worth $248.9 billion by 2029