Socioeconomic Implications: Blockchain's Role in Global Markets

The blockchain market is anticipated to grow at a CAGR of 34.1% from US$ 8.3 billion in 2022 to US$ 155 billion in 2032.According to a global blockchain market assessment, the rise in identity and data theft crimes will lead to a rise in demand for cryptographic ledger solutions. BFSI companies are utilising digital ledger technologies to safeguard end-user financial data and identity.

Among the technology applications gaining traction in the BFSI business are cross-border transactions, processing and settlements, trade finance networks, digital identity verification, and credit reporting.

This is projected to help the blockchain market expand. The blockchain market growth will be hampered by a scarcity of skilled professionals. Threats and cyberattacks have escalated as industries have embraced digital change. Organizations, on the other hand, face a scarcity of competent experts to deal with risk issues.

As a result, technologically advanced solutions are being adopted slowly, which is expected to have an impact on blockchain market growth in the coming years. Furthermore, developing countries such as India, Peru, and Mexico, among others, face a lack of awareness regarding data security risks.

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As a result, blockchain market adoption trends are expected to remain flat for a few years. The legalization of bitcoin stimulates further investment in blockchain technology by businesses and investors. It also pushes the blockchain market players to put in more effort to enhance their services in order to obtain a competitive advantage.

Key Takeaways

The BFSI industry is predicted to have a substantial market share due to the rising use of digital ledger solutions and services by financial institutions to streamline company processes and reduce operating expenses.
In the blockchain industry, North America is expected to have the greatest market share. Early acceptance of blockchain and the presence of several producers offering privacy and blockchain solutions are projected to fuel the region’s market rise.
The blockchain platform segment is expected to advance at a CAGR of 33.4% throughout the forecast period.
The US blockchain market size is expected to reach a valuation of US$ 55.2 Bn by 2032.
The payments segment is likely to command a higher share of the blockchain market. The technology improves the transparency, cost-effectiveness, and operational efficiency of payment systems.

Competitive Landscape

The blockchain market’s competitive landscape is highly fragmented by nature. Companies are concentrating on tactics to strengthen their market positions, such as mergers and acquisitions.

Blockchain market participants are also concentrating on improving their product offerings in order to better respond to changing user wants and remain competitive. As a result, market participants are increasing their R&D spending in order to improve their product offers. In addition, the companies are partnering with institutions all around the world to encourage technological development, academic research, and innovation in the field of cryptocurrency and blockchain technology.

IBM, Blockcypher, AWS, Huawei, Intel, Oracle, Accenture, Guardtime, Wipro, Bitfury, Symbiont, SAP, Cegeka, and BigchainDB are some of the most creative blockchain vendors.

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Recent Developments:

Amazon Web Services launched ethereum on its managed distributed ledger in March 2021. This approach aids developers in determining ethereum nodes without having to deal with the complexities of infrastructure operation and setup.

BIGG Digital Asset Inc. and Blockchain Foundry Inc. joined in June 2021. This collaboration is likely to let enterprises offer forensic and risk-scoring services to stablecoin and fractional NFT creators

Key Segments

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