Blockchain Distributed Ledger Market: Segmented: By Component (Solution, Service), By Type (Private, Public, Hybrid), By Enterprise Size (Large Enterprises, Small & Medium Enterprises), By Application (Payments, Smart Contracts, Supply Chain Management, Compliance Management, Trade Finance, Others), By End User (BFSI, Government & Public, Manufacturing, Retail & E-Commerce, Media & Entertainment, Transportation & Logistics, Healthcare, Energy & Utilities, Others), And Region - Global Analysis Of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Blockchain Distributed Ledger Market to surpass USD 1,074.3 Billion by 2031 from USD 4.7 Billion in 2021 at a CAGR of 64.0% in the coming years, i.e., 2022-32.
Distributed Ledger Technologies are digital (electronic) and distributed transaction ledgers that stores data blocks shared through a system of computer nodes. Precisely, a decentralized ledger that operates in an open environment is the core of blockchain technology. The information about transactions that have been carried out on the platform is included in each block of the ledger. Every computer node of the network must verify and validate a block before adding it to the ledger. The system no longer requires an intermediary to verify transactions due to this verification. The information collected in the Blockchain is never lost and acts as a verified and accurate record of every transaction that takes place within the system.
The growing adoption of distributed ledger in several large and medium-sized businesses to increase their revenue opportunity and increasing awareness of blockchain distributed ledger applications among various industries are the key factors driving the growth of the global blockchain distributed ledger market.
Blockchain Distributed Ledger market is categorized on the basis of Type into Private, Public, and Hybrid. The private blockchain segment is anticipated to grow at a substantial rate during the projected period owing to augmented investments in private blockchain distributed ledger technology to boost the income possibility for banks and financial institutions and to increase market share.
Blockchain Distributed Ledger market is categorized on the basis of application into BFSI, Government & Public, Manufacturing, Retail & E-Commerce, Media & Entertainment, Transportation & Logistics, Healthcare, Energy & Utilities, and Others. Healthcare segment witnessed a sizeable portion of revenue. The blockchain distributed ledger technology can be used to link disparate systems in order to create insights and determine the value of care more effectively. Hence, the growth of the healthcare market is primarily being driven by increased productivity and better patient health outcomes.
The Need for Enhanced Data Security of Organization
Large and medium-sized businesses must retain and distribute confidential information across the many project parties. Therefore, businesses are increasingly implementing blockchain distributed ledgers to manage this vital and transactional data with higher security. Additionally, the implementation of distributed ledger technology on the blockchain helps organizations protect their data in three key ways: by preventing identity theft, denial of service assaults, and data manipulation.
Various Benefits of Blockchain Distributed Ledger
The blockchain distributed ledger market is anticipated to observe promising growth in the near future owing to better transparency and independency of data across aid agencies, NGOs, and donors. The usage of blockchain-distributed ledgers in the retail sector offers a number of advantages, including transparent product information transmission and receipt as well as safe consumer data storage for future use.
Low Understanding of Blockchain Distributed Ledger in Retail Sector
The deployment of blockchain distributed ledger technology is hampered by factors like lack of knowledge on the technology in the retail sector, data immutability, lack of qualified specialists, and issues with the standards. This ultimately negatively impacts the blockchain distributed ledger market.
The Blockchain Distributed Ledger market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. In 2020, the Asia Pacific blockchain distributed ledger market accounted for the greatest revenue share. Rising new technology adoption is a major factor influencing market revenue growth. The adoption of a blockchain distributed ledger system is being driven by a steady shift among enterprises in Asia Pacific nations to lean and agile supply chains by implementing cutting-edge technologies.
The market for blockchain distributed ledgers witnessed a downturn in the first two quarters of 2020 due to increasing corona patients around the world and the closure of numerous banks and fintech businesses. In addition to this, the market is anticipated to grow in the third and fourth quarters of 2020 due to increase in the demand for blockchain-distributed ledgers from industries including telecom operators, manufacturing, and financial institutions, among others. Due to the COVID-19 pandemic that has been imposed across several nations, there is also a strong demand to construct, store, and maintain various forms of distributed ledgers.
|Market size value in 2021
|USD 4.7 Billion
|Revenue forecast in 2031
|USD 1,074.3 Billion
|CAGR of 64.0% from 2022 to 2032
|Base year for estimation
|Revenue in USD million and CAGR from 2022 to 2032
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Component, Type, Enterprise Size, Application, End User, and Region
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Key companies profiled
|International Business Machines Corporation, AlphaPoint, Accenture PLC, Amazon Web Services Inc., Auxesis Services & Technologies (P) Ltd., Digital Asset Holdings LLC, Blockchain Tech Ltd., Earthport, Eris Industries, Microsoft Corporation, Huawei Technologies Co. Ltd., Intel Corporation, iXledger, NTT DATA Corporation, Visa Inc., and Other Prominent Players.
The Blockchain Distributed Ledger market size was estimated at USD 4.7 Billion in 2021 and is expected to reach USD 1,074.3 Billion in 2031.
A blockchain distributed ledger is a system that makes use of independent computers to record, share, and coordinate transactions in their particular electronic ledgers.
The Private and Healthcare segments accounted for the larger share of the Blockchain Distributed Ledger Market.
Key players in the Blockchain Distributed Ledger market are International Business Machines Corporation, AlphaPoint, Accenture PLC, Amazon Web Services Inc., Auxesis Services & Technologies (P) Ltd., Digital Asset Holdings LLC, Blockchain Tech Ltd., Earthport, Eris Industries, Microsoft Corporation, Huawei Technologies Co. Ltd., Intel Corporation, iXledger, NTT DATA Corporation, Visa Inc., and Other Prominent Players
The main factors driving the growth of the blockchain distributed ledger market are the rising distributed ledger adoption among various large & medium size enterprises to boost their revenue opportunity and the growing awareness of blockchain distributed ledger applications among various industries
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