- Steady increase in funding, and multiple agreements in blockchain start-ups is likely to aid businesses in developing blockchain services and solutions that is anticipated to drive the global market
- Private blockchain technology demand is projected to increase as more companies implement private blockchain technologies to protect and expedite the transfer of sensitive data
WILMINGTON, Del., Sept. 29, 2022 /PRNewswire/ — In 2021, the value of global industrial blockchain technology market stood at US$ 3.80 Bn. The global market is anticipated to rise at 80.3% CAGR during the forecast period, from 2022 to 2031. By 2031, the global industrial blockchain technology market is likely to touch US$ 1.3 Trn. The numerous benefits provided by blockchain technology exert a favorable influence on the global industrial blockchain technology market. Industry-specific blockchain technology deployment is anticipated to overcome typical constraints including distribution channel access and product differentiation, which is expected to present growth opportunities to the leading companies in blockchain technology.
Additionally, the blockchain industry applications in the supply chain, industry 4.0, energy industry, and automotive industry is expected to be driven by the growing tendency toward digital transformation across industries. There has been an increasing use of blockchain technology solutions for industries, including financial industry. It is mostly being driven by the rising usage of cloud services in transaction and payment processes globally.
Due to their well-established financial and banking insurance industries, nations like the U.K. and the U.S. have a disproportionately large portion of the global market. Additionally, using the enterprise blockchain platform guarantees data dependability and offers undeniable safety to improve internal procedures. Additionally, recent developments in blockchain technology, such as emergence of blockchain-as-a-service and metaverse, as well as the growing acceptance of non-fungible tokens (NFTs), are anticipated to drive the global market.
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Key Findings of Market Report
- Investors are more likely to put money into blockchain technology now that cryptocurrencies are legalized. Additionally, this is expected to motivate market participants to work harder to improve their services to stand out in the competition. The industry is also growing since blockchain technology is increasingly being used in commercial applications including digital identification, payments, smart contracts, and exchanges. Blockchain technology in manufacturing industry is also expected to gain traction in the near future.
- Over the past three to four years, blockchain technology has gained popularity in a variety of applications. The use of blockchain technology is also being driven by rising consumer and institutional demand for cryptocurrencies. As a result, a number of startups have emerged and are working on developing blockchain technology solutions.
- The surge in projects is mostly attributable to the advantages that platforms and blockchain-as-a-service provide, such as improved efficiency, higher transparency, and a diversified supply of technology across many end-user sectors. This is expected to accelerate usage of blockchain industry at a high rate in developing countries in the years to come.
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Global Industrial Blockchain Technology Market: Growth Drivers
- Due to the increasing use of blockchain technologies by different companies in the region, North America is predicted to hold a significant market share for industrial blockchain technology in the years to come.
Global Industrial Blockchain Technology Market: Key Players
Some of the key market players are
- Hewlett Packard Enterprise Development LP
- Digital Asset Holdings, LLC
- Amazon Web Services, Inc.
- IBM Corporation
- Oracle Corporation
- Ernst & Young Global Limited
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Global Industrial Blockchain Technology Market: Segmentation
- Smart Contracts
- Digital Identity
- Supply Chain Management
- Travel, Transport & Logistics
- Media & Entertainment
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