According to Markntel Advisors Report, Blockchain Market is expected to grow at a significant growth rate, and the analysis period is 2023-2028, considering the base year as 2022.Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.

Blockchain, also known as DLT (Distributed Ledger Technology), allows for different types of digital information to be stored & distributed but not deleted or edited. Initially, it was related only to cryptocurrencies but has acquired extensive popularity in several other applications over the past few years. Globally, numerous businesses & government authorities are increasingly adopting blockchain technology to make their daily operations more efficient, accurate, secure, & economical, which projects a pool of lucrative prospects for the blockchain industry in the coming years.

 

Global Blockchain Market Research Report & Summary:

The Global Blockchain Market is rapidly expanding and expects a whopping 73.1% CAGR during the forecast period, i.e., 2023-28.                      

Time Period Captured in the Report:

• Historical Years: 2018-21
• Base Years: 2022
• Forecast Years: 2023-28

Who are the Key Players Operating in the Blockchain Market?

The top companies of the Blockchain Market ruling the industry are: 

IBM, Amazon Web Services, Inc., Microsoft, SAP, Intel, Oracle, NTT Data, Accenture, Deloitte Touche Tohmatsu Limited, Consensys Systems, Huawei, Monax, Blockchain Tech LTD, R3, Others

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What is Included in Blockchain Market Segmentation?

The Blockchain Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.  The further bifurcations are as follows:

• By Component
  • Services- Market Size & Forecast 2018-2028F, USD Million
    • Consultation- Market Size & Forecast 2018-2028F, USD Million
    • Development & Integration- Market Size & Forecast 2018-2028F, USD Million
    • Support & Maintenance- Market Size & Forecast 2018-2028F, USD Million
  • Platform- Market Size & Forecast 2018-2028F, USD Million
• By Provider
  • Application Provider- Market Size & Forecast 2018-2028F, USD Million
  • Infrastructure Provider- Market Size & Forecast 2018-2028F, USD Million
  • Middleware Provider- Market Size & Forecast 2018-2028F, USD Million
• By Type
  • Private- Market Size & Forecast 2018-2028F, USD Million
  • Public- Market Size & Forecast 2018-2028F, USD Million
  • Hybrid- Market Size & Forecast 2018-2028F, USD Million
• By Organization
  • Small- Market Size & Forecast 2018-2028F, USD Million
  • Medium- Market Size & Forecast 2018-2028F, USD Million
  • Large- Market Size & Forecast 2018-2028F, USD Million
• By Application
  • Payment- Market Size & Forecast 2018-2028F, USD Million
  • Documentation- Market Size & Forecast 2018-2028F, USD Million
  • Exchanges- Market Size & Forecast 2018-2028F, USD Million
  • Supply Chain Management- Market Size & Forecast 2018-2028F, USD Million
  • Digital Identity- Market Size & Forecast 2018-2028F, USD Million
  • Others (Advertising insights, Smart Contracts, etc.) – Market Size & Forecast 2018-2028F, USD Million
• By End User
  • BFSI- Market Size & Forecast 2018-2028F, USD Million
  • Government- Market Size & Forecast 2018-2028F, USD Million
  • Logistics- Market Size & Forecast 2018-2028F, USD Million
  • Healthcare- Market Size & Forecast 2018-2028F, USD Million
  • Energy & Utilities- Market Size & Forecast 2018-2028F, USD Million
  • Media & Entertainment- Market Size & Forecast 2018-2028F, USD Million
  • IT & Telecom- Market Size & Forecast 2018-2028F, USD Million
  • Retail & E-commerce- Market Size & Forecast 2018-2028F, USD Million
  • Others (Agriculture, Manufacturing, etc.)- Market Size & Forecast 2018-2028F, USD Million
• By Region
  • North America
  • South America
  • Europe
  • Middle East & Africa
  • Asia-Pacific

 

Explore the Complete Blockchain Market Analysis Report – https://www.marknteladvisors.com/research-library/global-blockchain-market.html

Global Blockchain Market Dynamics:

Key Driver: Massive Venture Capital Investments due to Rapidly Rising Market Value of Cryptocurrencies

Cryptocurrencies incur lower transaction fees than other payment methods, as they are based on blockchain technology. As a result, many individuals & businesses are increasingly adopting the technology for cross-border payments & remittances since the latter involves high transaction costs. Moreover, since cryptocurrencies are immutable, regulatory authorities cannot impose any restrictions on cross-border transactions. All these aspects have resulted in a significant surge in the market value of cryptocurrencies, i.e., attracting massive venture capital funding in blockchain startups, which projects lucrative prospects for the Global Blockchain Market during 2023-28.

Growth Restraint: Lack of Consumer Awareness about the Significance of Blockchain Technology

The primary growth restraint to the Global Blockchain Market during 2023-28 is less awareness of the significance & benefits of blockchain technology, especially across sectors other than BFSI, coupled with the lack of knowledge among people about its implementation. It, in turn, is restricting its scalability and R&D investments associated with it. Besides, uncertain regulations, security & privacy concerns with blockchain transactions, and high energy consumption during crypto mining are a few other aspects restricting the adoption of blockchain technology among organizations, which could hinder the growth of the global market in the years to come.

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