Blockchain technology is a distributed ledger that provides a secure, transparent and decentralized record of all transactions across many computers. It finds applications in payment processing, smart contracts, supply chain management and digital identity management among others. The key advantage of blockchain is that the transactions recorded on the ledger cannot be altered as the records are distributed across a network of computers and any changes need consensus from the majority of participants.
The global Blockchain Technology Market is estimated to be valued at US$ 5.82 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing trend of using blockchain technology for secure decentralized transactions has accelerated the growth of this market. By recording transactions across a peer-to-peer network, blockchain enables parties to directly interact and transact with each other without an intermediary. This removes single points of failure and provides transparency at every step. Industries are adopting blockchain to streamline processes, reduce costs and create trust between parties involved in a transaction. For example, many banks are exploring the use of blockchain for cross-border payments and remittances which currently rely on centralized intermediaries and take days to process. The decentralized nature of blockchain allows for near real-time transactions at lower costs compared to traditional systems. This key trend will continue to drive significant opportunities for blockchain technology in the coming years.
Segment Analysis
The global blockchain technology market is dominated by the vertical solutions segment. The vertical solutions segment accounts for over 55% of the total market share owing to wide-ranging demand for blockchain solutions from various industries such as finance, supply chain, healthcare, and others. The vertical solutions segment is further divided into Public, Private, and Multichain blockhains with private blockchains dominating segment with around 40% share due to higher security and confidentiality.
Key Takeaways
The Global Blockchain Technology Market Share is expected to witness high growth. With growing adoption of blockchain technologies across financial institutions, healthcare organizations and government bodies for various transactions and data management, the blockchain technology market is likely to experience substantial growth rate.
Regional analysis: Asia Pacific region is currently accounting for the largest market share in the blockchain technology market. Countries like China, India, Japan and Singapore are hub of blockchain technology development and adoption. Technological innovations and growing investments in blockchain-based solutions from governments and enterprises are fueling the market growth in the region. China is expected to remain the fastest growing regional market over the forecast period.
Key players operating in the blockchain technology market are Ajinomoto Co., Inc., KYOWA HAKKO BIO CO., LTD., AMINO GmbH, Bill Barr & Company, IRIS BIOTECH GMBH, Taiwan Amino Acids Co. Ltd., BI Nutraceuticals, Sichuan Tongsheng Amino acid Co., Ltd, Wacker, Chemie AG, Adisseo, and CJ CheilJedang Corp.
For more insights, Read- https://www.insightprobing.com/blockchain-technology-market-growth-demand-and-overview/
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