Blockchain Market Expansion: Financial Sector Disruption and Enterprise Integration Drive 37.7% CAGR by 2031| SkyQuest Technology

WESTFORD, Mass., June 27, 2024 /PRNewswire/ -- According to SkyQuest, the global Blockchain Market size was valued at USD 6,565.28 Million in 2022 and is expected to grow from USD 7,543.51 Million in 2023 to reach USD 87,011.20 Million by 2031, at a CAGR of 37.7% during the forecast period (2024-2031)

The need for blockchain technology is predicted to rise across a range of businesses due to the fast-expanding digital landscape. Similarly, it is anticipated that when this technology is adopted, digital payment methods would increase. As the market grows, many companies are spending large sums of money on this technology. The COVID-19 epidemic forced the closure of the majority of manufacturing facilities thereby negatively affecting investments in digital technology and overall economic performance.

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Blockchain Market Overview: 

Segments covered in Blockchain Market are as follows:

• Component
  • Platforms/software, Hardware, and Services
• Type
  • Public, Private, Hybrid
• Application
  • Supply Chain Management, Cryptocurrencies, Financial Services, Smart Contracts, and Others
• Organization Size
  • SMEs, and Large Enterprises
• Industry Vertical
  • BFSI, Healthcare & Lifesciences, Media, Entertainment & Games, Retail, Manufacturing, and Others

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Unstoppable Growth of Blockchain in Decentralized Finance

• The financial sector is the one that is expanding the fastest among the different sub-segments that make up the blockchain market. The primary cause of this trend is financial institutions to increasingly adopted the blockchain technology to reshape their operations such as settling trades, making international transactions, creating smart contracts, and developing decentralized financial systems (DeFi apps).
• A rapid pace is witnessed by Blockchain technology in the financial sector as a direction in which it's replacing traditional financial procedures. By offering a decentralized ledger that all parties can access and so eliminating the need for middlemen and transaction expenses, blockchain improves transparency.

Blockchain is Revolutionizing Enterprize Application with Immutable Transparency

• Under the end-user category of the blockchain market, enterprise applications are expected to be the largest and fastest growing subsegment. Companies in such areas as healthcare and banking are increasingly using blockchain to make partner integration secure, change the way they do business and comply with laws.
• Businesses are interested in blockchain technology mainly due to it being able to significantly change traditional business processes. Blockchain provides a decentralized, immutable record that improves traceability and transparency. This is important for supply chain management and other businesses where monitoring items from point of origin to point of destination is critical.

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Comprehensive Platforms and Solutions Shaping the Digital Infrastructure

• It is anticipated that blockchain platforms and solutions would rule the global blockchain market's product sub-segment. These cover a broad spectrum of products and services, including open source blockchain frameworks like Hyperledger and Ethereum, BaaS platforms from leading cloud providers, and specialized middleware for fusing blockchain technology with current enterprise systems.
• There are multiple reasons for the rise in blockchain solutions and platforms. In the beginning, these platforms give infrastructure and programing equipment that is already set up, making it easier for companies that want to use blockchain. It means that the starting expenses of any business that is using blockchain are reduced while simplifying how tough it may be to implement blockchain technology.

Government Initiatives and Technological Integration Shaping the Asia Pacific Market Landscape

• In Asia Pacific, the blockchain market experiences notable growth thanks to the quick adoption and investment in blockchain technology in various industries. Countries such as South Korea, China and Singapore are leading major initiatives as well as providing laws that support the adoption of blockchain across all sectors.
• The swift development of blockchain technology in Asia Pacific might be attributed to various factors. To start, governments in the region are actively supporting blockchain projects by providing funds, creating legal frameworks, and initiating pilot programmes. China, for example, has been investigating blockchain applications in digital currencies and supply chain management.

Revolutionizing the Digital Era with Blockchain's Meteoric Rise

The blockchain market is growing unlike any other in the way it is accepted quickly by the financial sector, corporate innovation, and notable improvements in the Asia Pacific region. In a growingly digital world, businesses and governments invest in blockchain platforms and solutions for they know about enhancing security, increasing efficiency, and transparency. This tendency portends a revolution in several industries and a time when blockchain technology will be essential to conducting business internationally.

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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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SOURCE SkyQuest Technology