February 21, 2024

Blockchain Technology Connected with its Accelerated Adoption

The global Blockchain Technology Market is estimated to be valued at US$ 3.76 Bn in 2022 and is expected to exhibit a CAGR of 54.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Blockchain technology is a distributed ledger that records transactions in a way that makes them tamper-resistant and auditable. The technology allows digital information to be recorded and distributed, but not edited. This makes blockchain suitable for recording transactions, managing records, and tracking assets in a business network. Blockchain’s key characteristics such as immutability, decentralization and transparency are driving its adoption across industries for various applications including digital payments, smart contracts, digital identity and supply chain.

Market key trends:

One of the key trends driving the blockchain technology market growth is its accelerated adoption across industries for improving business processes and transactions. Industries including BFSI, healthcare, manufacturing, retail and transportation are increasingly implementing blockchain technology for applications like payment processing, smart contracts, supply chain management and digital identity. blockchain is helping organizations improve security, reduce costs, enhance transparency and streamline processes. The covid-19 pandemic has further accelerated the digital transformation of businesses and expanded the scope for blockchain adoption.

Porter’s Analysis

Threat of new entrants: The blockchain technology market has moderate threat from new entrants due to high capital requirement for R&D and presence of established players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative technologies and differentiated needs of end-users.

Bargaining power of suppliers: Suppliers have low bargaining power due to availability of alternative blockchain solution providers and intellectual property rights.

Threat of new substitutes: Threat from substitutes is low as blockchain offers transparency and security which are less substitutable.
Competitive rivalry: The competitive rivalry is high due to presence of global technology giants and differentiated blockchain solutions.

Key Takeaways

The global Blockchain Technology Market is expected to witness high growth, exhibiting CAGR of 54.7% over the forecast period, due to increasing demand for distributed ledgers and transparency in business processes. North America dominated the blockchain technology market in 2021 owing to presence of key players and rapid adoption of advanced technologies by enterprises in the US and Canada. The Asia Pacific region is expected to exhibit the fastest growth rate during the forecast period due to growing digital transformations and increasing investments by companies in countries like China and India.

Key players operating in the blockchain technology market are Accenture, Coinbase, Chain Inc., Deloitte Touche Tohmatsu Limited, Digital Asset Holdings, LLC, IBM Corporation, JP Morgan Chase & CO, Microsoft Corporation, Ripple, and R3. Accenture provides blockchain-based platforms for identity management and supply chain solutions. Coinbase is one of the largest digital currency exchanges, supporting Bitcoin, Ethereum, Litecoin and other digital currencies.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it