Blockchain Technology Market Research Report: Information By Service Provider (Application and Solution Provider, Middleware Provider, and Infrastructure)

NEW YORK CITY, NEW YORK, UNITED STATES, April 17, 2023/EINPresswire.com/ -- Market Analysis

The global Blockchain Technology market will touch USD 137.8 Billion at a 67.54% CAGR by 2030, as per the current Market Research Future report.

Using blockchain technology for financial transactions is one of its most popular applications. Without the help of middlemen like banks or payment processors, it provides a safe and decentralized method of money transfer. Those who live in underbanked parts or who wish to avoid paying hefty transaction fees will find this to be extremely helpful.

From product conception through delivery, a product's whole lifecycle may be tracked using blockchain technology. Due of their ability to be honest about their supply chains and assure that their goods are manufactured responsibly.

Blockchain can be utilized in a safe, decentralized way to verify identities. This is particularly helpful when more traditional techniques of identification might not be feasible or trustworthy.

Secure and open voting systems can be built using blockchain technology. This can aid in preventing fraud and ensuring that each vote is accurately counted.

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Key Players

Eminent market players profiled in the global Blockchain Technology market report include

- Deloitte Touche Tohmatsu Limited
- IBM Corporation
- Hewlett Packard
- Enterprise Company
- Accenture PLC
- Infosys Limited
- Cyber Infrastructure Pvt. Ltd
- Solulab Inc.
- Empirica S.A
- Microsoft Corporation
- Oracle Corporation
- Amazon Web Services, Inc.

Market Drivers

Increasing Acceptance of Cryptocurrency to Boost Market Growth

The increasing acceptance of cryptocurrency worldwide is predicted to boost market growth over the forecast period. Central and commercial banks across the globe are now utilizing blockchain technology for payment processing and issuing of their digital currencies. This technology allows cross-border payments which are less expensive and faster as compared to traditional systems.

Opportunities

Rising Security about Payment and Transaction to Offer Robust Opportunities

Rising security concern for transactions and payment by companies is predicted to offer robust opportunities for the market in the forecast period. Blockchain technology offers secure and faster payment services through cryptography technology that keeps the data encoded until it will reach to receiver.

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Market Segmentation

By service provider, the blockchain technology market is segmented into infrastructure and protocol provider, middleware provider, application and solution provider, and others.

By organization size, the large enterprise segment will lead the market over the forecast period. Large enterprises operating in sectors like supply chain, healthcare, financial services, and insurance are using blockchain technology for improving their efficiency in operations.

By application, the payments will dominate the market over the forecast period.

By end users, the BFSI segment will spearhead the market over the forecast period. Financial services use blockchain technology to manage financial transactions taking place in businesses.

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Regional Analysis

North America to Head Blockchain Technology Market

North America will head the market over the forecast period. Faster adoption of highly innovative technologies in the developed nations like Canada and the US, the growing adoption of blockchain technology among verticals such as retail, government, BFSI, among others for smart contacts, digital identity detection, payment and wallet solutions, the increasing adoption of blockchain technology by organizations in the region, the presence of a large number of players, early adoption of blockchain technologies by the organizations, the emergence of several blockchain technology providers, and adoption of technology to develop business applications are adding to the global blockchain technology market growth in the region.

Related Reports:

Blockchain in Telecommunication and Post Services Market Research Report - Global Forecast to 2030

Blockchain in Fintech Market Research Report - Global Forecast to 2030

About Market Research Future:

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