Key Blockchain Technologies Market Trend 2024-2033: Focusing on Developing Advanced Technological Platforms
Blockchain Technologies Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What is the Current State and Anticipated Growth of the Global Blockchain Technologies Market?
The blockchain technologies market has seen an exponential rise in recent years. The market size, a meager $17.21 billion in 2023, is projected to grow to a staggering $29.35 billion in 2024. This incredible escalation, reflecting a compound annual growth rate CAGR of 70.6%, can be attributed to several key factors. These include the widespread adoption and transactions of cryptocurrency, an increase in supply chain transparency and traceability, applications in smart contracts and automation, revolutionizing cross-border payments and remittances, and a surge in digital identity and authentication.
The blockchain technologies market size is predicted to skyrocket in the next few years. It is anticipated to surge to a whopping $161.14 billion by 2028, reflecting a compound annual growth rate CAGR of 53.1%. The underlying factors driving such growth include decentralized finance defi growth, the blossoming market for non-fungible tokens nfts and digital assets, blockchain implementation in healthcare for data security, integration with the internet of things IoT, and heightened awareness around environmental, social, and governance esg considerations.
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What Is Driving the Growth of the Global Blockchain Technologies Market?
Favorable government initiatives towards blockchain have been instrumental in propelling the growth of the blockchain technologies market. Governments across both advanced and developing economies are keenly focused on developing policies and frameworks to leverage the benefits of blockchain. A prime example is the initiative by the Indian Government, which in January 2023, launched a blockchain module in partnership with 5ire, an India-based blockchain platform, and Network Capital, a mentorship and career exploration platform based in India. This collaborative effort aims to foster innovation and entrepreneurship in India and serves as a testament to how favorable governmental initiatives can bolster the demand for blockchain technologies in the forecasted period.
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Who Are the Key Market Players in the Global Blockchain Technologies Market?
The global landscape is populated by major corporations operating in the blockchain technologies market. Some key players in the sector include Microsoft Corporation, Huawei Technologies Co. Ltd., Amazon Web Services Inc., International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Infosys Limited, Coinbase Global Inc., and Auxesis Group among many others.
What Are the Emerging Trends in the Global Blockchain Technologies Market?
Blockchain technologies are increasingly finding applications across a myriad of industries, beyond traditional banking and insurance. They are being integrated into back-office processes in industries ranging from food production to the pharmaceutical sector. For instance, Fujitsu, a Japan-based multinational information and communications technology company, initiated a successful year-long pilot project in June 2023 with the Asian Development Bank, a Philippines-based regional bank. The undertaking aimed to enhance cross-border securities settlement across regions including ASEAN, Japan, China, and South Korea, thereby demonstrating the immense potential of blockchain for streamlined and secure transaction processes. Fujitsu announced plans to unveil the "Fujitsu Web3 Acceleration Platform," integrating "ConnectionChain" and hoping to proliferate the adoption of blockchain technology in various industries, including distribution and manufacturing.
How is the Global Blockchain Technologies Market Segmented?
The global blockchain technologies market is segmented based on:
1 Type: Public, Private, Hybrid
2 Provider: Application Providers, Middleware Providers, Infrastructure Providers
3 Application: Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Supply Chain Management, Governance, Risk And Compliance Management, Other Applications Digital Voting And Content
Storage Management
4 End User: Financial Services, Consumer or Industrial Electronics, Technology, Media And Telecom, Healthcare, Transportation, Public Sector, Other End-Users
Where is the Global Blockchain Technologies Market Predominantly Concentrated?
In 2023, the Asia Pacific emerged as the largest region in the blockchain technologies market. Predictions indicate that it will also be the fastest-growing region in the forecasted period. Other regions analyzed in the blockchain technologies market report are Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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