Increasing global demand for transparent and secure payment systems in banking and financial institutions as well as growing adoption of blockchain in supply chain management will drive market growth.Market Size – USD 3 Billion in 2020 Market Growth – 66% Market Trends – Increasing demand for digital payment systems, growth in IT and telecommunicationThe global Blockchain Technology Market size is expected to reach USD 172.9 billion by 2028, registering a CAGR of 66% over the forecast period, according to the latest report by Reports and Data.
Major factor driving market revenue growth is increasing global demand for transparent and secure payment systems in banking and financial institutions.
Moreover, large scale adoption of blockchain in supply chain management is expected to drive market growth.Blockchain technology is a network of peer-to-peer nodes that store transactional information of public in several databases.
It uses decentralization and cryptographic hashing to render the history of every digital object unalterable and transparent.Over the forecast period, market growth is expected to be driven by rising demand for digital payment systems, growth in IT and telecommunications industries, and technological advancements in the industry.Furthermore, government support for R activities in order to introduce security solutions in financial institutions will help the market expand.
In addition, combining blockchain technology with IoT and Artificial Intelligence (AI) opens up new business opportunities.
Ltd, Enterprise Company, BTL Group Ltd., Infosys Limited, Accenture PLC, Deloitte Touche Tohmatsu Limited, Solulab Inc., Empirica S.A, The Linux Foundation, Oracle Corporation, Amazon Web Services, Inc., and Global Arena Holding, Inc. (GAHI)Some Key Highlights in the Report:The private segment accounted for largest revenue share in the global market in 2020 due to growing adoption of private cloud by large, small and medium enterprises.The infrastructure and protocols segment accounted for largest market share in 2020.The digital identity application segment is expected to register a significant CAGR during the forecast period due to rising cyberattacks, and growing government emphasis on digitalizing all public transactions for transparency across private & public sectors.The large enterprises segment accounted for largest revenue share in the market in 2020.The banking and financial services segment accounted for largest revenue share among end user outlook in the global market in 2020 due to rising cryptocurrencies trends and digital payments globally.North America region is expected to account for largest revenue share over the forecast period due to early adoption of blockchain technologies in the region.Revenue from Asia Pacific blockchain technology market is expected to grow at a significantly high rate due to increasing government initiatives and regulations on development of the financial sector in the region.To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/blockchain-technology-marketSegments covered in the report:For the purpose of this report, Reports and Data has segmented the global blockchain technology market on the basis of type, application, end user and region:Type Outlook (Revenue, USD Billion; 2018 – 2028)PublicPrivateHybridComponent Outlook (Revenue, USD Billion; 2018 – 2028)Application & SolutionInfrastructure & ProtocolsMiddlewareApplication Outlook (Revenue, USD Billion; 2018 – 2028)Digital IdentityExchangesPaymentsSmart ContractsSupply Chain ManagementOthersEnterprise Size Outlook (Revenue, USD Billion; 2018 – 2028)Large EnterprisesSmall & Medium EnterprisesEnd-use Outlook (Revenue, USD Billion; 2018 – 2028)Financial ServicesGovernmentHealthcareMedia & EntertainmentRetailTransportation & LogisticsTravelOthers Region Outlook (Revenue, USD Billion; 2018 – 2028)North AmericaEuropeAsia PacificLatin AmericaMiddle East and AfricaOrder Now: @ https://www.reportsanddata.com/checkout-form/4081Benefits of Purchasing Global Blockchain Technology Market Report:Inimitable Expertise: Analysts will provide deep insights into the reports.Analyst Support: Get your query resolved from our team before and after purchasing the report.Strategic Recommendations: The report is helpful for the start-ups, and new entrants as it provides comprehensive analysis and recommendations on the basis of qualitative and quantitative analysis.Customer’s Satisfaction: Our team will assist with all your research needs and customizes the report.Assured Quality: We focus on the quality and accuracy of the report.