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The Rise of the Blockchain Market: A $248.9 Billion Industry Dominated by Tech Giants
Market Research & Markets Pvt. Ltd.
Chicago, July 25, 2024 (GLOBE NEWSWIRE) — The global Blockchain The market size is expected 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, according to a new report from MarketsandMarkets™.
The integration of cloud-based solutions and advanced technologies such as AI, ML, has driven the rapid growth of blockchain adoption. Cloud-based blockchain solutions provide remote accessibility and cost reduction, while AI, ML, and integration are used for efficiency. These combined advances in blockchain meet organizations’ demands for scalable, cost-effective, and efficient security solutions, driving significant expansion in the blockchain market.
Browse the detailed index on “Blockchain Market”
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Blockchain ensures process simplification, along with transparency and security. It has significant potential in application areas such as payments, smart contracts and digital identities.
Blockchain Market Dynamics:
Drivers:
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Increase in venture capital funding and investment in blockchain technology
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Growing demand for secure and transparent transactions in retail, SCM and banking applications
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Need for simplification, transparency, security and immutability of processes
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High adoption of blockchain solutions for payments, smart contracts and digital identities
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Low operating costs offered
Opportunity:
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Increase government initiatives to increase demand for blockchain platforms and services
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Merging Blockchain, IoT and AI
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Growing demand for real-time data analytics, greater visibility and proactive maintenance
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Potential of blockchain technology in new sectors
Limitations:
List of Blockchain Companies:
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AWS (United States)
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Oracle (United States)
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IBM (United States)
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Huawei (China)
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Accenture (Ireland)
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TCS (India)
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Google (United States)
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Alibaba (China)
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Microsoft (United States)
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OVHcloud (France)
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SAP (Germany)
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Trend: Web3
Web3 represents the next generation of the Internet, emphasizing decentralization and user control. Web3 leverages blockchain technology to create a more open and democratic online experience. Users have more control over their data and online interactions. This shift in power requires a solid blockchain foundation to ensure secure and transparent interactions. A solid blockchain infrastructure is required to enable secure and scalable operations with Web3 that will lead to significant growth in the blockchain market.
The story continues
Trend: Big Data Analytics
Big Data Analytics involves examining large and complex datasets that traditional methods cannot easily handle. This data can come from sources such as financial transactions or sensor networks. Using advanced techniques and powerful computers, Big Data Analytics uncovers valuable insights hidden in large amounts of information. This information helps improve decision making in many areas, such as improving business operations or identifying new trends in scientific research. As the volume and variety of data grows rapidly, Big Data Analytics becomes even more important to harness the potential of this information, driving innovation in various fields.
By vendor, the infrastructure vendor segment is expected to grow at the second highest CAGR during the forecast period.
Blockchain infrastructure providers manage and regulate user access to the critical resources needed to run their systems, such as data security and cloud storage, as well as the resources that enable blockchains, such as development tools and nodes. The blockchain technology provider is responsible for setting up, managing, and maintaining all activities related to the infrastructure and hardware elements, such as nodes. Infrastructure providers provide scalable infrastructure for building, deploying, and managing enterprise-grade blockchain applications. These providers help businesses adopt blockchain technology and create solutions to meet growing customer support demands. Blockchain marketplace providers provide the infrastructure and tools needed to develop blockchain-based applications.
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By type, the private segment is expected to grow at the highest CAGR during the forecast period
A private blockchain is a shared database or ledger protected by traditional security techniques such as limited user rights. Typically, security is provided to a private blockchain using private keys known only to the related organization. A private blockchain is a category of blockchain technology where write permissions are centralized for a single organization. Read permissions may also be limited based on the organization’s usability.
A private blockchain offers more opportunities for businesses to leverage blockchain technology for business-to-business use cases. Private blockchain can be used for various use cases, including smart contracts, asset registries, and digital identity. The controlling organization has the power to change the rules of private blockchains and can also reject transactions based on these established rules and regulations.
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