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Blockchain Technology Market 2021 In-depth Assessment, Key Trend, Industry Drivers, Future Roadmap by 2030

Blockchain Technology market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Blockchain Technology market by region.

The blockchain technology market is growing at a CAGR of 66.41% during the forecast period (2018-2025).

According to Statista, as of 2021 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2030. In today’s society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.

This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).

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Blockchain Technology Market Research Report: By Service Provider (Application and Solution Provider, Middleware Provider, Infrastructure & Protocol Provider), By Organization Size ( Large Enterprise, Small and Medium Enterprise ), By Application ( Payment & Transaction, Smart Contract, Digital Identity, Documentation, Exchanges and Others), By End-Users ( Healthcare & Life Sciences, BFSI, IT & Telecommunication, Retail, Government , Travel & Hospitality , Real Estate & Construction, Others) and By Region – Global Forecast 2023

Market analysis

With the presentation of better advances, the blockchain innovation is developing as the ultimate answer in the technological world. It is a set of associated algorithms that are meant for storing, accessing, and distributing data. The developing accentuation on decentralization of information records has prompted the multiplication of the blockchain innovation. The technology encourages unchanging nature of database activities, making the interactions straightforward. Blockchain-based applications are picking up a snappy mileage, covering a few areas including healthcare, BFSI, and retail. There is gigantic market opportunity for the blockchain innovation. For blockchain technology, adaptability and security are the two essential concerns. However, few current applications limits the blockchain reconciliation, which hampers the growth of the blockchain technology market. The blockchain technology market is growing at a CAGR of 66.41% during the forecast period (2018-2025).

Market segmentation

The blockchain technology market on the basis of its service provider is segmented into Application and Solution Provider, Infrastructure & Protocol Provider, Middleware Provider. Based on its organization size, the market is bifurcated into small and medium enterprise and large enterprise. Based on its application, the market is classified as Payment & Transaction, Digital Identity, Smart Contract, Exchanges, Documentation, Others. On the basis of its end-user, the market is segmented as Healthcare & Life Sciences, IT & Telecommunication, BFSI, Travel & Hospitality, Retail, Real Estate & Construction, Government, Others.

Regional analysis

Geographically, the blockchain technology market is divided into global regions like Europe, North America, Asia- Pacific, Middle East, LATAM, and Africa.

Major players

Hewlett Packard, Enterprise Company, Deloitte Touche Tohmatsu Limited, IBM Corporation, Accenture PLC, Infosys Limited, Amazon Web Services, Inc., among others are the major players in the blockchain technology market.

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What is the goal of the report?

The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes. During the forecast period, the report analyzes the growth rate, market size, and market valuation. The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets. The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.

Factors Influencing

The global market is forecast to witness a rapid growth, owing to increasing demand for technological advancements from end-users. Moreover, increasing investments in research and development activities, launches, partnerships, and other strategic initiatives will benefit the market. Furthermore, the growing focus of authorities towards increasing urbanization and industrialization is forecast to drive the market growth.

COVID-19 Impact Analysis

The COVID-19 pandemic has affected almost every industry. The market witnessed a significant decline in investments, mainly in the energy and power sector. According to the estimations by the International Energy Agency, investments in the energy and power domain are projected to decrease by 10% in 2020 as compared to the pre-pandemic statistics. This indicate the condition of global marketplace along with severe challenges faced during pandemic.

Regional Analysis

Asia-Pacific market is forecast to emerge as rapidly growing region in global market, owing to governments’ initiatives towards increasing urbanization and growing population leading to increasing demand of energy-based products and services. Also, North America is forecast to grow rapidly because of high energy consumption in the region and technological advancements across the sector. Energy consumption has been increasing in the region, mainly in the US; the primary energy consumption is segmented on the basis of nuclear electric power, petroleum, coal, renewable energy, and natural gas. The petroleum and natural gas segment is dominating the overall sector. In the mix of energy sources, petroleum accounts for around 35% of the overall consumption, whereas natural gas accounts for 34%.

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