Blockchain Technology Market Is Likely To Surge At A 84% Cagr By 2032 X Herald

In the near future, it is projected that the companies' efforts will increase the effectiveness and efficiency of blockchain technology. DeFi is an emerging blockchain-based financial system that lessens the influence banks have over financial services and money. During the forecast period, market growth is anticipated to be driven by the rising strategic initiatives in the decentralized financial sector. For instance, the payment company Square stated in July 2021 that it is establishing a business model specifically for Defi using bitcoin.

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Key Takeaways from the Market Study

• Global market for blockchain technology to reach US$ 7.36 Bn by 2022-end.
• Financial services to account for 39% of global blockchain technology market revenue
• By enterprise size, over 3/5th of global revenue to be contributed by large enterprises
• By application, payments to account for over 42% revenue share in 2022 and beyond
• Based on cloud, public cloud to dominate the market, accumulating over 60% revenue

Competitive landscape:

The competitive landscape of the market is highly fragmented in nature. The market players are focused on strategies, such as mergers and acquisitions, to strengthen their market position. some major companies operating in the market are-

• IBM Corp.
• Microsoft Corp.
• The Linux Foundation
• BTL Group Ltd.
• Chain, Inc.
• Circle Internet Financial Ltd.
• Deloitte Touche Tohmatsu Ltd.
• Digital Asset Holdings, LLC
• Global Arena Holding, Inc. (GAHI)
• Monax
• Ripple

Some key developments in this market are-

• In March 2019, Circle Internet Financial Limited completed the acquisition of SeedInvest , an equity crowdfunding platform. The acquisition was aimed at delivering a token marketplace that would allow individuals and businesses to raise capital and interact with investors through the open crypto infrastructure.
• In August 2021, Bakkt Holdings, LLC , a digital asset marketplace, announced its partnership with Quiznos, a Quick-service Restaurant (QSR), to launch its physical location pilot. This pilot enabled the customers of Quiznos to pay with bitcoin at select locations.
• In September 2019, Signzy Technologies Private Ltd ., a RegTech startup, announced its partnership with Primechain Technologies , a blockchain technology provider. The partnership was aimed toward developing AI-enabled smart banking solutions for financial institutions and banks. This smart banking solution integrated AI and blockchain technologies to digitalize and automate back-office operations.

Which Type of Cloud is driving the Growth of the Market?

The public cloud segment dominated the market in 2021 and accounted for more than 60% share of the global revenue. A public cloud blockchain is a multi-tenant environment where the computing space is shared with several other clients.

Various government bodies across the world are integrating conventional systems with cloud technologies in the current days. The demand for public cloud is high as it provides cost competitiveness to enterprises.

Blockchain technology improves payment system efficiency, minimizes operating costs, and offers transparency. These benefits provided by blockchain technology are increasing its use in payment solutions, thus driving the segment growth. Furthermore, blockchain reduces the need for a middleman in payment processing, which is also a major factor driving the segment growth.

Key Segments Covered in the Blockchain technology Industry Survey:

· By Component :

• Application & Solution
• Infrastructure & Protocols
• Middleware

· By Type :

• Public cloud
• Private Cloud
• Hybrid Cloud

· By Application :

• Digital Identity
• Exchanges
• Payments
• Smart Contracts
• Supply Chain Management
• Others

· By Enterprise Size :

• Large Enterprises
• Small and Medium Enterprises

· By End Use :

• Financial Services
• Government
• Healthcare
• Media & Entertainment
• Retail
• Transportation & Logistics
• Travel
• Others

· By Region :

• North America
• Latin America
• Europe
• Asia Pacific

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Questionnaire answered in the Market outlook Report of Blockchain Technology include:

• What is the key strategy deployed by large players to maximize Blockchain Technology Market growth?
• What are the main challenges faced by players in the Blockchain Technology market Demand?
• With the advent of technological advancement, how will the Blockchain Technology market landscape change over the forecast period?
• What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Blockchain Technology market size?

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