Blockchain-distributed ledgers are electronic ledgers that are maintained by independent computers that are used to record, share, and synchronize transactions. The ledgers allow businesses to store and share private data between different shareholders involved in a project, thus improving data security. Additionally, the technology protects health records, restricts identity theft, and provides transparency in supply chain operations. Businesses can protect their data with blockchain-distributed ledgers by avoiding denial of service attacks and data tampering. By automating important tasks, organizations can reduce the overall cost of their operations and reduce the risk of backdoor transactions, unauthorized intervention, and transaction completion time. As a result, blockchain distributed ledger finds major applications in several industries, such as banking, financial services and insurance (BFSI), manufacturing, retail and e-commerce, and healthcare.
The global blockchain distributed ledger market size reached US$ 4.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 26.7 Billion by 2028, exhibiting a growth rate (CAGR) of 30.6% during 2023-2028.
The COVID-19 pandemic has had a negative impact on the market during its initial phase. As a result of the closure of most production facilities, lockdowns, and social distancing, the economy and investments in digital technology were severely affected. However, the second phase of the pandemic resulted in a rapid adoption of digital technologies, from the government to the private sectors. The opening of businesses across the globe has also shifted the focus of many organizations towards blockchain-distributed ledgers to minimize the risks of data breaches.
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Global Blockchain-Distributed Ledger Market Trends:
The market is primarily driven by the augmenting concerns regarding enhanced security, privacy, and convenience of business operations. This can be attributed to the rising adoption of cloud computing across major industry verticals. In addition to this, the rapid product utilization causing lowered risk of data fraudulent activities are resulting in the growth of revenue opportunities, which, in turn, is propelling the market growth. Moreover, the increasing integration of advanced technologies, such as artificial intelligence (AI) and Internet of Things (IoT), with blockchain distributed ledgers are further providing an impetus to the market. Some of the other factors creating a positive market outlook include the rising awareness of data protection from malware activities, rapid industrialization and extensive research and development (R&D) activities conducted by key players.
Global Blockchain Distributed Ledger Market 2023-2028 Analysis and Segmentation:
Competitive Landscape with Key Players:
- Accenture PLC
- AlphaPoint
- Amazon Web Services Inc. (Amazon.com Inc.)
- Auxesis Services & Technologies Ltd.
- Digital Asset Holdings LLC
- Huawei Technologies Co. Ltd.
- Intel Corporation
- International Business Machines Corporation
- iXLedger
- NTT DATA Corporation (The Nippon Telegraph and Telephone Corporation)
- Visa Inc.
Breakup by Component:
- Solution
- Service
Breakup by Type:
- Private
- Public
- Hybrid
Breakup by Enterprise Size:
- Large Enterprises
- Small and Medium Enterprises
Breakup by Application:
- Payments
- Smart Contracts
- Supply Chain Management
- Compliance Management
- Trade Finance
- Others
Breakup by End Use Industry:
- BFSI
- Government and Public Sector
- Manufacturing
- Retail and E-Commerce
- Media and Entertainment
- Transportation and Logistics
- Healthcare
- Energy and Utilities
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- The Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.