MarketsandMarkets forecasts that the global blockchain market will grow from an estimated USD 7.4 billion in 2022 to USD 94.0 billion by 2027, at a compound annual growth rate (CAGR) of 66.2%. Increased venture capital fundings and investments in blockchain technology are expected to fuel market growth.
What is blockchain?
According to MarketsandMarkets, blockchain is defined as a digitally distributed, decentralized, and shared database that assists enterprises in identifying, tracking, and tracing every transaction on the enterprise blockchain network. These transactions are recorded in the form of blocks that are linked together in a chain. The blockchain technology provides secure sharing of information while also making the process transparent and immutable for all the participants.
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The blockchain market is led by some globally established players, such as IBM (US), AWS (US), Oracle (US), Huawei (China), Accenture (Ireland), Wipro (India), Infosys (India), TCS (India), SAP (Germany), Intel (US), ConsenSys (US), NTT DATA (Japan), Bitfury (Netherlands), Guardtime (Estonia), Chain (Saint Kitts and Nevis), VMware (US), SpinSys (US), LeewayHertz (US), R3 (US), Cegeka (Netherlands), Symbiont (US), BigchainDB (Germany), Applied Blockchain (UK), RecordsKeeper (US), Blockpoint (US), Auxesis Group (India), Blockchain Foundry (Canada), Factom (US), Stratis (UK), Dragonchain (US). These players have adopted various growth strategies, such as partnerships, agreements, collaboration, acquisitions, and product developments, to increase their market presence.
IBM is a computer, technology, and IT consulting corporation and is the one of the largest technology companies. IBM Blockchain helps enterprises improve their business efficiency and solve business challenges by building trusted networks across industries. IBM Watson IoT Blockchain Service is a SaaS solution that enables devices to send data to blockchain ledgers for inclusion in shared transactions with tamper-resistant records. The company offers solutions and services to various industries including IT, healthcare, life sciences, government, telecom, automobile, manufacturing, Fast-Moving Consumer Goods (FMCG), chemicals & petroleum, electronics, energy & power, media & entertainment, mining, retail, BFSI, travel & transportation, and education. It is present in North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Amazon Web Services (AWS) is a subsidiary of Amazon. It provides on-demand cloud computing platforms to individuals, governments, and companies. AWS comprises more than 212 services, including storage, computing, networking, database, analytics, application services, deployment, mobile, developer tools, and IoT tools. It also provides Amazon Managed Blockchain, it is a fully managed service. With just a few clicks Amazon Managed Blockchain enables organizations to set up and manage a scalable blockchain network. The overheads required to create networks are eliminated with managed blockchain and it automatically scales to meet the demands of thousands of applications running millions of transactions. Once the network is up and running, it can be easily managed and maintained with the help of Managed Blockchain. Amazon Managed Blockchain manages certificates, lets clients easily invite new members to join the network, and tracks operational metrics such as usage of computing, memory, and storage resources. An immutable copy of blockchain network activity can be replicated into the Amazon Quantum Ledger Database (QLDB), a fully managed ledger database with the help of Amazon Managed Blockchain. Organization can also utilize its capabilities to analyze network activity outside the network and gain insights into trends. AWS is present across 77 Availability Zones across 24 geographic locations with plans to launch 12 more Availability Zones and four more AWS regions in Indonesia, Italy, Japan, and Spain, respectively.
Blockchain Market by Component (Platforms and Services), Provider (Application, Middleware, and Infrastructure), Type (Public, Private, and Hybrid), Organization Size(SMEs and Large Organizations), Application, and Region - Global Forecast to 2027
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