Blockchain Market to Expand at 80.8% CAGR through 2031 | SkyQuest Technology

WESTFORD, Mass., April 24, 2024 /PRNewswire/ -- SkyQuest projects that the Blockchain Market will attain a value of USD 1.3 trillion by 2031, with a CAGR of 80.8% over the forecast period (2024-2031). Blockchain refers to a method of recording information in a decentralized manner so that it cannot be hacked or manipulated across a network. Growing demand for decentralized finance around the world and increasing focus on improving the security of digital transactions are key factors driving the demand for blockchain over the coming years.

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Browse in-depth TOC on "Blockchain Market"

• Pages - 157
• Tables - 148
• Figures – 78

Blockchain Market Overview:

Large Enterprises to Dominate Adoption of Blockchain Due to High Capital Expenditure

The majority of large enterprises are projected to adopt Blockchain technologies and solutions in some or the other form. These enterprises have high budgets and capital spending potential, which helps them invest in the development of a novel Blockchain platform and infrastructure for themselves, allowing this segment to dominate the market.

SMEs Emerge as Fastest-growing Segment Owing to Rising Awareness Regarding Blockchain Benefits

Small and medium enterprises (SMEs) are slated to witness the fastest adoption of blockchain technologies and solutions in the future. Increasing availability of cost-effective and scalable blockchain solutions around the world is slated to promote blockchain market growth via this segment. SMEs are also increasing their competitiveness with the adoption of Blockchain solutions.

Presence of Key Blockchain Tech Providers Allows North America to Dominate the Market

North America is projected to account for a substantial share of the global blockchain market owing to the presence of key blockchain companies and the rapid adoption of advanced technologies. Established IT infrastructure in this region is also a major contributor to blockchain market growth in this region. The United States is estimated to lead blockchain adoption in North America going forward.

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Blockchain Market Insights:

Drivers

• Rising popularity of cryptocurrencies.
• Growing demand for decentralized finance (DeFi).
• Increasing availability of enterprise Blockchain solutions.

Restraints

• Regulatory uncertainty around Blockchain platforms and technologies.
• Privacy and data security concerns associated with blockchain solutions.
• High costs and complexity associated with blockchain implementation.

Prominent Players in Blockchain Market

• IBM
• Microsoft
• Accenture
• Deloitte
• ConsenSys
• Chain
• R3
• Digital Asset Holdings
• Bitfury Group
• Intel

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Key Questions Answered in Blockchain Market Report

• Which key factors promote the adoption of blockchain?
• Who are the top blockchain companies to watch out for in the global blockchain market?
• Which region accounts for the highest blockchain market share?
• Which segment will bring in the most revenue for blockchain companies?

This report provides the following insights:

• Analysis of key drivers (high demand for decentralized finance, availability of enterprise Blockchain solutions, growing demand for transparency in different industry verticals, rising adoption of cryptocurrencies), restraints (high costs of implementation, complexity of integration, regulatory uncertainty, data privacy and security concerns), and opportunities (rising awareness regarding benefits of blockchain adoption, use of blockchain in cybersecurity, use in digital transactions to reduce transaction times), influencing the growth of blockchain market.
• Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
• Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the blockchain market.
• Market Development: Detailed analysis of potential regions where the market has potential to grow.
• Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
• Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.

Related Reports:

Global Blockchain Technology in Healthcare Market

Global Blockchain In Manufacturing Market

Global Blockchain as a Service Market

Global Fintech Blockchain Market

Global Electronic Data Interchange (EDI) Software Market

About Us:

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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Skyquest Technology
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SOURCE SkyQuest Technology