Kenneth Research published a report titled “ blockchain technology market: Global Demand Analysis and Opportunity Outlook 2031”, which provides a detailed overview of blockchain technology in terms of market segmentation by component, type, application, vendor, industry, and region.
Additionally, for in-depth analysis, the report encompasses industry growth indicators, restraints, demand, and supply risk, along with a detailed discussion of current and future market trends associated with market growth.
The global blockchain technology market was valued at around USD 6 billion in 2021 and continued to grow at a CAGR of almost 68% during the forecast period i.e. from 2022 to 2031. The growth of the market can be attributed to the growing adoption of blockchain solutions. to protect data and other applications such as smart contracts, digital identity payments and many more. The market is segmented by type into public, private and hybrid, among which the public segment is expected to experience the highest growth during the forecast period due to the increasing need of many organizations and government to build a structured transaction base, safe and well. organized.
Geographically, the global blockchain technology market is segmented into five major regions including North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa region, among which the Asia-Pacific region is expected to grow at a CAGR of 50%. thanks to the rapid increase in the adoption of blockchain technology by organizations in the region to protect their data against cyber attacks and guarantee the total security of their clients. and an increase in investment by large companies in the region.
The research is global in nature and covers a detailed analysis of the market in North America (USA, Canada), Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands, and Luxembourg, NORDIC [Finlande, Suède, Norvège, Danemark]Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand , rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Arabie saoudite, Émirats arabes unis, Bahreïn, Koweït, Qatar, Oman], North Africa, South Africa, rest of the Middle East and Africa). In addition, the analysis includes market size, year-on-year growth and opportunities analysis, competitive study of market players, investment opportunities, future demand prospects, etc. were also covered and shown in the research report.
Increasing Investment in Blockchain Technology Amid Rising Cyber Threats to Drive Market Growth
Today, with the number of cyber attacks increasing, organizations rely on cloud-based technology to store important data and information to protect them from cyber attacks and data breaches. This is driving ever-increasing investments in blockchain technology around the world. Global spending on blockchain technology is expected to reach nearly $20 billion by 2024. These factors are expected to drive the growth of the global blockchain technology market.
However, the lack of knowledge about blockchain technology coupled with uncertain rules and regulations and skilled labor are restraining the growth of the market. Furthermore, the slow adoption of new technological advancements is also hampering the growth of the market.
This report also provides the existing competitive landscape of some of the major players in the global blockchain technology market, including company profiles Intel Corporation, Microsoft, IBM, Oracle, Tata Consultancy Services Limited, Wipro Limited, Infosys Limited, LeewayHertz, Dragonchain , R3 and others. Profiling includes key business information, including an overview of companies, products and services, key financials, and recent news and developments. Overall, the report presents a detailed overview of the global Blockchain Technology Market which will help industry consultants, equipment manufacturers, existing players looking for expansion opportunities, new players looking for opportunities, and other stakeholders to align their market-focused strategies based on expected future trends.
Kenneth Research is a leading provider of strategic market research and consulting services. Our goal is to provide unparalleled unbiased market insights and industry analysis to help industries, conglomerates, and executives make sound decisions for their future marketing strategy, expansion, and investments, etc. We believe that every business can expand to its new horizon, provided the right advice at the right time is available through strategic minds. Our original thinking helps our clients make sound decisions to avoid future uncertainties.
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