Adoption of Digital Ledger Technology to Secure Identity and Data to Proliferate the Blockchain Market | UnivDatos Market Insights

NOIDA, India, Sept. 30, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Blockchain Market was valued at more than USD 2.8 million in 2020 and is expected to grow at a CAGR of around 70% from 2022-2028. The analysis has been segmented into Component Type Platform, Services); Organization Size (Large Enterprises, SMEs); End- Users (Banking, Financial Services, and Insurances (BFSI), Government, Healthcare, Media & Entertainment, Retail and E-commerce, Transportation & Logistics, Others); Region/Country.

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The blockchain market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the blockchain market. The blockchain market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the blockchain market at the global and regional levels.

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Market Overview

blockchain market is rising to protect the identity and financial information of end users, BFSI companies are implementing digital ledger technology. The BFSI sector is seeing increased adoption of technology applications such as cross-border transactions, clearing and settlements, trade finance platforms, digital identity verification, and credit reporting.  For instance, In June 2021, India's major banks, such as the State Bank of India(SBI), HDFC, ICICI Bank, and others, collaborated to establish Indian Bank's digital ledger infrastructure company private limited, Indian Banks' Blockchain Infrastructure Co (IBBIC), to secure transactions, reduce transaction processing time, and speed up the process of letters of credit. Owing to these glaring statistics the demand for blockchain is anticipated to grow in the forthcoming years as they are safe and secure technology and protects all the data from hacking and leaking. Moreover, rising awareness of data protection from malware activities within enterprises and consumers is fueling the demand for the blockchain market. Furthermore, the extensive use of blockchain solutions in banking and cybersecurity and rising government initiatives are expected to drive the market for the blockchain market in the coming years.

Some of the major players operating in the market Accenture PLC, IBM Corporation, Amazon Web Services Inc, Intel Corporation, Microsoft Corporation, Oracle Corporation, Applied Blockchain, Infosys, Wipro, Tata Consultancy Services Limited.

COVID-19 Impact

The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The COVID-19 pandemic forced the closure of most manufacturing plants, disrupting the entire economy and investment in digital technology. Furthermore, the pandemic has accelerated the adoption of digital technology in all sectors, from the government to retail. To maintain business operations, every industry has shifted toward digitalization. The growing use of cloud and Internet of Things devices has raised security and privacy concerns across all industries. The technology protects identity, provides transparency in supply chain operations, and safeguards health records.

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The global blockchain market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• Based on the organization type, the market is fragmented into large enterprises and small & medium enterprises (SMEs). The large enterprise segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. Large enterprises operating in sectors, such as insurance, financial services, healthcare, and supply chain, are increasingly making efforts to digitalize their offerings, which is creating the demand for blockchain technology among them.
• Based on the end-users, the market is fragmented into banking, financial services, and insurances (BFSI), government, healthcare, media & entertainment, retail and e-commerce, transportation & logistics, and others. The BFSI segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. Financial services use blockchain technology for managing financial transactions taking place in businesses. Blockchain technology provides secured and efficient transactions, and this is driving the demand for the technology in financial services.

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Blockchain Market Geographical Segmentation Includes:

• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific)
• Rest of the World

North America constitutes a major market for the blockchain industry owing to the early adoption of blockchain and the presence of several vendors that provide security and blockchain solutions and the increasing adoption of blockchain technology by organizations in the region is driving the regional market growth.

The major players targeting the market include

• Accenture PLC
• IBM Corporation
• Amazon Web Services Inc.
• Intel Corporation
• Microsoft Corporation
• Oracle Corporation
• Applied Blockchain
• Infosys
• Wipro
• Tata Consultancy Services Limited.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Blockchain market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the blockchain market?
• Which factors are influencing the blockchain market over the forecast period?
• What are the global challenges, threats, and risks in the blockchain market?
• Which factors are propelling and restraining the blockchain market?
• What are the demanding global regions of the blockchain market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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Blockchain Market Report Coverage

About UnivDatos Market Insights (UMI)

UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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