DUBLIN--(BUSINESS WIRE)--The "Blockchain Market Size, Share, Trends, By Component Type, By Type, By Provider, By Organization Size, By Application, By End-use, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The blockchain market size is expected to reach $550.68 Billion in 2030 and register a revenue CAGR of 69.1% over the forecast period, according to the latest report.
The market is anticipated to observe significant growth on account of the accelerating demand for cryptocurrency and Bitcoin. Moreover, the increasing adoption of blockchain by major industries such as healthcare, BFSI, retail, and others is also expected to contribute to the market growth over the forecast period.
Blockchain brings digital technology to the forefront of business. It allows for secure, decentralized record-keeping and enables smart contracts. Unlike traditional databases, which are centralized and vulnerable to hacks, blockchains are distributed and immutable. This makes them ideal for managing sensitive data, such as financial transactions or personal information.
Blockchain in retail industries is used for processing payments, managing inventory, and supply chains. For instance, IBM partnered with Walmart to use blockchain for tracking food supply chains and enhance food safety. Also, retail giant Amazon is developing a blockchain-based platform for its customers and vendors. This will help the company in improving data security and streamlining operations. The adoption of blockchain by major retail companies is expected to fuel the growth of the blockchain market in North America.
The adoption of blockchain technology is expected to grow at a rapid pace in the healthcare sector. Blockchain can be used for storing and managing patient records, keeping track of medical devices, and securing data from cyber-attacks. Healthcare providers can use blockchain to improve their operations and secure sensitive data. The growing adoption of blockchain in the healthcare sector is expected to boost the growth of the blockchain market in North America.
For the purpose of this report, the publisher has segmented blockchain market based on provider, application, organization size, end-use, and region:
Component Type Outlook (Revenue, USD Billion; 2019-2030)
- Platform
- Services
Type Outlook (Revenue, USD Billion; 2019-2030)
- Public
- Private
- Hybrid
Provider Outlook (Revenue, USD Billion; 2019-2030)
- Application Providers
- Middleware Providers
- Infrastructure Providers
Organization Size Outlook (Revenue, USD Billion; 2019-2030)
- Small and Medium-sized Enterprises
- Large Enterprises
Application Outlook (Revenue, USD Billion; 2019-2030)
- Payments
- Exchanges
- Smart Contracts
- Documentation
- Digital Identity
- Supply Chain Management
- Others
End-use Outlook (Revenue, USD Billion; 2019-2030)
- Government
- IT & Telecommunications
- Healthcare
- BFSI
- Real Estate
- Retail & e-Commerce
- Media & Entertainment
- Transportation and Logistics
- Energy and Utilities
- Others
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
Market Dynamics
Drivers
- Growing need for greater transparency and enhancing security
- Increasing adoption of cryptocurrency across the globe
Restraints
- Lack of skilled professionals
- Concerns regarding storage capacity
Companies Mentioned
- IBM Corporation
- Accenture
- Intel Corporation
- Amazon Web Services Inc.
- Oracle
- Huawei Technologies Co. Ltd.
- SAP SE
- Blockchain Foundry Inc.
- NTT DATA Corporation
- Infosys Limited
- BigchainDB GmbH
- SpinSys
For more information about this report visit https://www.researchandmarkets.com/r/46woj5
