Research Nester’s recent market research analysis on “Blockchain Market: Global Demand Analysis & 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 by region.
Worldwide Growing Spending for Digital Transformation to Drive Growth of Global Blockchain Market
The global blockchain market is estimated to grow majorly on account of the increasing acceptance for 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, increasing drift of IoT throughout the world is also expected to drive the blockchain market 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 the 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 of the numerous restraint factors associated with the growth of the market, Research Nester’s analysis indicates a robust growth for the market during the forecast period
The market research report on global blockchain encompasses an in-depth analysis of the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on 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 is poised to gain significant momentum in the next few years.
By application, the global blockchain market is segmented into payments, digital identity, smart contracts, supply chain management, and others. The payments segment is to garner a highest revenue by the end of 2035 by 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 payments transactions is expected to exceed almost USD 7.80 trillion in 2022.
By region, the North America blockchain market is to generate the highest revenue by the end of 2035. This growth is anticipated by surge in the usage of cryptocurrency, extensive use of blockchain technology, and 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 research is global in nature and covers detailed analysis on the blockchain market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising of global blockchain market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
This report also provides the existing competitive scenario of some of the key players of the global blockchain market which includes company profiling 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 HoldCo LLC, Tata Consultancy Services Limited, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global blockchain market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.