The blockchain distributed ledger market size is anticipated to grow from USD 8.18 Billion in 2022 to USD 241.71 Billion in 10 years. The market ought to witness a positive growth rate owing to increasing adoption of blockchain distributed ledger across the business enterprises. The North America region is considered the early adopter of blockchain technology due to the presence of the key players.
Newark, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global blockchain distributed ledger market will grow from USD 8.18 Billion in 2022 to USD 241.71 Billion by 2032. Blockchain technology is praised for its strong security characteristics, essential for building confidence in a distrustful environment. A key component of blockchain technology is immutability. A transaction becomes extremely difficult to change or remove once it is added to the blockchain. The consensus method and cryptographic hashing are used to achieve immutability. Another essential component of blockchain is transparency. Because blockchains are open ledgers, everyone can see the full history of transactions. Increased accountability and a decreased risk of fraud are two benefits of this transparency. Transactions and data are made anonymous using cryptographic verification. Due to digital signatures and cryptographic hashes, participants can independently verify transactions without intermediaries. The risk of controlled control and single points of failure is defined through decentralization. As a result of making it difficult for cyber attackers to attack the network, this distributed architecture improves security. Consensus mechanisms support blockchain security. They prevent criminal conduct by making participants spend much money or risky assets to validate transactions.
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Key Insight of the Blockchain Distributed Ledger Market
Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, Asia-Pacific is expected to grow at the highest CAGR within the global blockchain distributed ledger market. The Asia-Pacific region would significantly expand. Blockchain is quickly gaining popularity in the Asia Pacific region. Numerous Bitcoin exchanges may be found throughout Asia, fostering healthy competition and industry development. The Chinese government promotes the adoption of Bitcoin technology, and to combat fraud and increase transparency in the country's financial system, Chinese banks are hiring blockchain experts. A collection of Japanese banks plans to use distributed ledger technology developed by a FinTеch firm with support from Google to conduct domestic and international payments. Additionally, blockchain technology has been successfully tested for use in business by the Reserve Bank of India.
The services segment is expected to grow at the highest CAGR during the forecast period.
The component segment is divided into platform and services. The services segment is expected to grow at the highest CAGR during the forecast period. The deployment of professional and managed services for large blockchains guaranteed the solution's effective operation with transparency and oversight throughout the process. During the anticipated period, market expansion is expected to be driven by the rising demand from the banking and finance sectors for distributed liquidity services to reduce the risk of cyber-attacks and boost security.
The public segment is expected to hold the second largest market share.
The type segment is divided into public, private and hybrid. The public segment is expected to hold the second largest market share. A public blockchain is an open network that anybody may access and use to read or publish data. A single entity manages network information in this defined process. Public blockchain data is, by default, accessible to all users, though participant identities are frequently disclosed. This option makes benefits that have never existed before possible, such as the ability to resist hacking or capital controls imposed by authoritarian regimes. Developers practice public blockchains over private ones because they offer greater advantages and benefits.
The SMEs segment is expected to grow at the highest CAGR during the forecast period.
The organization size segment is divided into SME and large enterprises. The SME segment is expected to augment the market during the forecast period. Large companies have dominated the adoption of blockchain distributed ledgers, but SMEs are quickly closing the gap. The adoption of blockchain-distributed ledgers by SMEs to maintain user credentials on centralized platforms is what is driving market growth. SMEs produce enormous volumes of data and manage it using blockchain-distributed ledgers. The demand for blockchain-distributed logistics solutions is rising among small and medium-sized businesses to access transactional information instantly, speed up customer service, and compete with more established market players. This factor is anticipated to have a positive impact on the segment’s growth.
The manufacturing segment is expected to grow at the highest CAGR during the forecast period.
The end-user segment is classified into BFSI, manufacturing, retail & e-commerce, transportation & logistics and others. The manufacturing segment is expected to grow at the highest CAGR during the forecast period. A manufacturer can offer its financial position and certification from an accounting firm owing to the blockchain distributed ledger. The adoption of blockchain distributed ledger solutions in this industry is being driven by a significant surge in venture capital investments, an increase in demand for real-time data analysis, and the potential to improve corporate operations, to name just a few.
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Advancement in market
• In May 2022: Route Ledger Technologies Private Limited, an Indian cloud communications platform provider, acquired the blockchain and DLT platform powered by artificial intelligence from Teledgers Technology Pvt. Ltd. The acquisition aims to offer solutions for distributed ledger technology and encrypted messaging to mobile network operators. Blockchain software provider Teledgers Technology Private Limited is established in India and competes in the distributed ledger technology space.
Market Dynamics
Driver: Importance of Blockchain Distributed Ledger
In the current situation, blockchain technology has become essential for any enterprise. The blockchain-distributed lеdgеr business is projected to have promising growth in the coming years due to greater data availability and involvement between funders, humanitarian organizations, and NGOs. Blockchain-based distributed learning technology has many benefits for the retail industry, including transparent product information transmission and receipt and secure consumer data storage for the future. Using blockchain-distributed logistics technology, for instance, Walmart Inc., one of the leading retail businesses in the U.S., has been tracking and recording its product information. Consequentially, a greater number of developments among the major industry players are what are driving the expansion. The advanced blockchain distributed technology protocols would also eliminate the necessity for particular organizational solutions and allow different players to share data within the business transparently. These factors are propelling the market growth.
Restraint: Unawareness regarding Cryptocurrency
The main issue in the market for blockchain distributed ledger is their unawareness. The unawareness of cryptocurrencies in many emerging nations is a barrier to the market's global expansion. The world economy is shifting to a digital economy that offers lending, investing, and money transfer services. The newest and most promising type of electronic payment now in use is cryptocurrency. The cryptocurrency industry has cleared the path for distributed ledger technology to be widely used in the public and financial sectors. The fact that many people, as well as businesses and government sectors, are less knowledgeable about conducting transactions utilizing cryptocurrencies and blockchain in developing nations like Australia and India hinders the worldwide adoption of blockchain-distributed lеdgеr technology. This factor can restrain the global blockchain distributed ledger market's growth and development.
Opportunity: Technological Advancements
Service providers may enhance decision-making, deliver better customer care, and add value to their organizations by integrating advanced technologies like IoT into the blockchain-distributed ledger. Blockchain-based IoT distributed ledger reduces complexity and operating expenses while supporting the creation of better business insights. Additionally, implementing AI into blockchain simplifies the attainment of organizational goals and enhances enterprises' ability to adapt to new technology. Several insurance companies are now integrating blockchain-based distributed learning technology based on the Internet of Things, which reduces administrative costs through automated claims data validation and aids in confirming the legitimacy of policies, transactions, and consumers by providing historical records. The rise in IoT applications using blockchain-distributed ledger technology is projected to support market growth.
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Some of the major players operating in the blockchain distributed ledger market are:
• Digital Asset Holdings LLC
• Accenture PLC
• Amazon Web Services Inc.
• AlphaPoint
• Auxesis Services & Technologies Ltd.
• Deloitte
• Intel Corporation
• Huawei Technologies Co. Ltd.
• International Business Machines Corporation
• NTT DATA Corporation
• iXLedger
• Visa Inc.
Key Segments Cover in the Market:
By Component:
• Solution
• Services
By Type:
• Public
• Private
• Hybrid
By Organization Size:
• SMEs
• Large Enterprises
By Industry:
• BFSI
• Manufacturing
• Retail & E-commerce
• Transportation & Logistics
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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