Initially gained popularity through cryptocurrency and NFTs (Non-Fungible Tokens), the blockchain technology, also known as DLT (Distributed Ledger Technology), is proving to be instrumental in transforming the daily functioning & productivity of multiple industries. It enables users to store & distribute different kinds of digital information, which, at the same time, cannot be edited or deleted.
In an age where basically everything is data-driven, blockchain plays a primary role in determining how organizations & individuals choose to maintain data accuracy & transparency while also applying these techniques to boost the overall efficiency of their functioning.
A recent research report published by MarkNtel Advisors cites that the Global Blockchain Market would register a whopping 73.1% CAGR during 2022-27. The consistently rising venture-capital funding for blockchain start-up companies and the burgeoning need for optimized operational efficiency across various sectors, especially the BFSI, healthcare, government institutions, etc., are the prime aspects driving the global market.
Moreover, the growing acceptance rate for cryptocurrency-based payments among several companies, coupled with the surging strategic initiatives in the DeFi ecosystem, are other prominent aspects generating profitable opportunities for the Global Blockchain Market.
Payments Application to Create Profitable Future Directions for the Blockchain Industry
Among all applications, payments occupy the largest share in the Global Blockchain Market, and the same trend is likely to continue even during 2022-27. This growth trend can be attributed mainly to the surging market values & applicability of cryptocurrencies worldwide, the increasing demand for automation in payments, declining transaction costs, and the mounting utilization of cloud services for payments & transactions.
Moreover, the rising deployment of blockchain technology, especially across the BFSI sector, to boost transparency, cost-effectiveness, & operational efficiency of their payment systems, avoid the risks of fraud & data loss, and rule out the requirements for intermediaries in payments processing is another crucial aspect augmenting the growth of the Global Blockchain Market for the payments application.
With Excellent IT Infra & Massive Investments in DLTs, North America to Dominate the Market
Globally, North America holds dominance in the Blockchain Industry. The regional market growth owes primarily to the well-established IT sector in the US & Canada, coupled with the growing need for quicker transactions & more transparent data, i.e., drawing substantial investments in the open-source distributed ledger technologies (DLTs) across the region.
In addition, the mounting deployment of security & vulnerability management solutions across several organizations to ensure business continuity by improving data security & preventing cyberattacks is another prominent aspect driving the North America Blockchain Market.
Moreover, the rising popularity & acceptance of crypto payments and the increasing implementation of payment solutions, smart contracts, & digital identity solutions, especially across banks, retail stores, and government institutions, further project remunerative prospects for the North America Blockchain Market through 2027.
The key companies in the Global Blockchain Market include IBM, AWS, Microsoft, SAP, Intel, Oracle, NTT Data, Earthport, Amazon Web Services, Consensus Systems, Huawei, Monax, Ripple, BTL Group, and R3.
Key Questions Answered in the Research Report