Research Nester assesses the growth of the global blockchain market, which is anticipated to grow on account of the significantly increasing venture capital investment (VC) in blockchain technology across the globe.
New York, November 1, 2022, Research Nester’s recent market research analysis on “Blockchain Market: Global Demand Analysis and Opportunity Outlook 2035” delivers a detailed competitors’ analysis and a detailed overview of the global blockchain market in terms of market segmentation by type, component, deployment, application, end-user, and region.
Globally Growing Digital Transformation Spending to Drive Global Blockchain Market Growth
The global blockchain market is estimated to grow significantly on account of the increasing acceptance of transforming non-digital business procedures into completely digital systems via shifting data to cloud-based databases. For instance, around USD 1.15 trillion is predicted to be spent on global digitalization by 2022, with the same value projected to reach nearly USD 3 trillion by 2025. Furthermore, the increasing adoption of IoT throughout the world is also expected to drive the blockchain market’s growth over the forecast period.
The market research report also includes other growth factors and challenges that are associated with the growth of the global blockchain market. Some of the major growth indicators are:
- Surge in digital banking
- Rising count of identity and data theft activities
The deficit of cognizance concerned with data protection in developing countries and significantly increasing cyber-attacks are some of the major factors anticipated to hamper the growth of the global blockchain market. Despite the numerous restraint factors associated with the growth of the market, Research Nester’s analysis indicates robust growth for the market during the forecast period.
The global blockchain market research report includes an in-depth analysis of the industry’s growth indicators, restraints, supply and demand risks, and a detailed discussion of current and future market trends. These analyses help organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future. Additionally, the growth opportunities exposed by the market are poised to gain significant momentum in the next few years.
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By application, the global blockchain market is segmented into payments, digital identity, smart contracts, supply chain management, and others. The payments segment is expected to garner the highest revenue by the end of 2035, growing at a significant CAGR over the forecast period owing to the expanding online transactions and payment operations through the use of various cloud services. For instance, the overall worth of all digital payment transactions is expected to exceed almost USD 7.80 trillion in 2022.
By region, the North American blockchain market is expected to generate the highest revenue by the end of 2035. This growth is anticipated given the surge in the usage of cryptocurrency, the extensive use of blockchain technology, and the existence of significant vendors who are offering blockchain services in the region. For instance, in the United States, about 58 million people, or around 25% of the population, had at least one cryptocurrency in 2021.
The study is global in scope and includes an in-depth analysis of the blockchain market in North America (the United States and Canada), Europe (the United Kingdom, Germany, France, Italy, Spain, Hungary, Belgium, the Netherlands, and Luxembourg), Scandinavia (Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, and the Rest of Europe), Latin America (Brazil, Mexico, Argentina, and the Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, and the research report covers and displays analysis such as global blockchain market size, Y-o-Y growth and opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook, and so on.
This report also includes company profiles of Digital Asset Holdings, LLC, Global Arena Holding, Inc., Cegeka NV, Microsoft Corporation, Amazon Web Services, Inc., Oracle Corporation, Intel Corporation, Applied Blockchain Ltd., R3 Holding Co. LLC, Tata Consultancy Services Limited, and others in the global blockchain market. The profiling enfolds key information about the companies, which encompasses a business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global blockchain market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching for possibilities, and other stakeholders align their market-centric strategies according to the ongoing and expected trends in the future.