Financial Sector Disruption and Business Integration Drive 37.7% CAGR by 2031 | SkyQuest technology

WESTFORD, Mass., June 27, 2024 /PRNewswire/ — According to SkyQuest, the global system Blockchain Market The size has been valued at USD 6,565.28 million in 2022 and is expected to grow from USD 7,543.51 million in 2023 to reach USD 87,011.20 million by 2031, with a CAGR of 37.7% during the forecast period (2024-2031)

The need for blockchain technology is expected to increase across a wide range of businesses due to the rapidly expanding digital landscape. Likewise, it is expected that as this technology is adopted, digital payment methods will increase. As the market grows, many companies are spending large sums of money on this technology. The COVID-19 epidemic forced the closure of most production facilities, negatively impacting investments in digital technology and overall economic performance.

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Blockchain Market Overview:

Segments covered in The Blockchain market is as follows:

• Component
  • Platforms/software, hardware and services
• Guy
• Application
  • Supply chain management, cryptocurrencies, financial services, smart contracts and others
• Size of the organization
  • SMEs and Large Enterprises
• Vertical Sector
  • BFSI, Healthcare & Life Sciences, Media, Entertainment & Gaming, Retail, Manufacturing & Others

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Unstoppable Growth of Blockchain in Decentralized Finance

• The financial sector is the fastest growing among the different sub-segments that make up the blockchain market. The main reason for this trend is the increasing adoption of blockchain technology by financial institutions to reshape their operations, such as trade settlement, cross-border transaction execution, smart contract creation, and the development of decentralized finance systems (DeFi apps).
• Blockchain technology in the financial sector is witnessing a rapid pace, as it is replacing traditional financial procedures. By offering a decentralized ledger that all parties can access and thus eliminating the need for intermediaries and transaction fees, blockchain improves transparency.

Blockchain is revolutionizing business applications with immutable transparency

• In the end-user category of the blockchain market, enterprise applications are expected to be the largest and fastest-growing sub-segment. Companies in industries such as healthcare and banking are increasingly using blockchain to secure partner integrations, change the way they do business, and comply with regulations.
• Companies are interested in blockchain technology primarily because it can significantly change traditional business processes. Blockchain provides a decentralized, immutable record that improves traceability and transparency. This is important for supply chain management and other businesses where tracking items from point of origin to point of destination is critical.

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Complete platforms and solutions that shape digital infrastructure

• Blockchain platforms and solutions are expected to dominate the product sub-segment of the global blockchain market. These cover a broad spectrum of products and services, including open source blockchain frameworks such as Hyperledger and Ethereum, BaaS platforms from leading cloud providers, and specialized middleware for blending blockchain technology with current enterprise systems.
• There are multiple reasons for the rise of blockchain solutions and platforms. Initially, these platforms provide ready-made infrastructure and programming equipment, making it easier for businesses to use blockchain. This means that the initial expenses of any business using blockchain are reduced, while also simplifying how difficult it can be to implement blockchain technology.

Government initiatives and technology integration shaping the Asia Pacific market landscape

• In Asia Pacific, the blockchain market is experiencing significant growth due to the rapid adoption and investment in blockchain technology across various industries. Countries like South Korea, China, and Singapore are leading major initiatives as well as providing laws that support blockchain adoption across industries.
• The rapid development of blockchain technology in Asia Pacific could be attributed to various factors. For starters, governments in the region are actively supporting blockchain projects by providing funding, creating legal frameworks, and initiating pilot programs. China, for example, has been studying blockchain applications in digital currencies and supply chain management.

Revolutionizing the digital age with the meteoric rise of Blockchain

The blockchain market is growing like no other in the way it is rapidly accepted by the financial sector, business innovation, and notable improvements in the Asia Pacific region. In an increasingly digital world, companies and governments are investing in blockchain platforms and solutions to improve security, increase efficiency and transparency. This trend portends a revolution across multiple industries and a time when blockchain technology will be essential to conducting business internationally.

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Who we are:

SkyQuest is an intellectual property focused research and investment bank and technology and asset accelerator. We provide access to technologies, markets and finance across all sectors, namely Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation researchers, entrepreneurs, corporations and investors to leverage external sources of R&D. We also help them optimize the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach in North America, Europe, ASEAN and Asia Pacific.

Contact:
Mr. Jagraj Singh
Skyquest technology
1 Apache Street,
Westford,
Massachusetts 01886
United States of America (+1) 351-333-4748
E-mail: [email protected]
Visit our website: Italian: https://www.skyquestt.com/

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SOURCE SkyQuest Technology

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