CHICAGO, July 12, 2024 /PRNewswire/ -- The global Blockchain Market size is projected to grow from USD 20.1 billion in 2024 to USD 248.9 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 65.5% during the forecast period, according to a new report by MarketsandMarkets™. The integration of cloud-based solutions and advanced technologies like AI, ML, has propelled the rapid growth of blockchain adoption. Cloud-based blockchain solutions offer remote accessibility and cost reductions, while AI, ML, and integration are used for efficiency. These combined advancements in blockchain cater to organizations' demands for scalable, cost-effective, and efficient security solutions, driving significant expansion in the Blockchain Market.

Browse in-depth TOC on "Blockchain Market"

632 - Tables
62 - Figures
444 - Pages

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=90100890

Scope of the Report

Based on the components, platforms to accounts for the highest market size during the forecast period.

The blockchain platform is a decentralized solution used for tracking, documenting, and facilitating transactions. Financial transactions were the initial application of blockchain platforms. But now days, it may be used in many different sectors, such supply chain management and e-commerce. These software programs offer the foundation required to develop apps that depend on any form of transaction. Software programs known as blockchain platforms let companies create blockchain-based apps. The use of a distributed, immutable ledger to record activities, resource movements, and transactions over a network is known as blockchain technology. Businesses can employ a blockchain-based ledger system for any application where transactions are necessary. The blockchain platform operates as a development platform with an integrated distributed ledger-which is an encrypted storage space for all kinds of data. The integrated data is then used to help develop consensus mechanisms that are used to validate and approve transaction.

Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=90100890

By vertical, banking and financial services accounts for the highest market size during the forecast period.

Blockchain technology transforms the financial industry by creating a decentralized database of distinct and digital assets. It is simpler to transfer assets using tokens that represent the assets "off-chain" when a distributed ledger is used. Blockchain technology has several advantages for banking, one of which is the creation of tokenized security, which can completely do away with middlemen and reduce asset exchange costs. The application space for banking and financial services has recognized the value of blockchain technology, which aid in the security of consumer transactions. In addition, new business models in payment, online banking, and financial transaction technologies are being made possible by the technological shift from centralized infrastructure management to the distributed ecosystem.

By region, North America accounts for the highest market size.

North America is now the leading region in the global Blockchain Market due to its abundance of blockchain suppliers. Due to the presence of economically robust nations like the US and Canada, the region offers the most substantial and cutting-edge technological infrastructure. North America is one of the main geographic contributors to the global Blockchain Market, even when it comes to market size. One of the main factors driving the Blockchain Market's growth in North America is the existence of major regional players like IBM, AWS, and others. Businesses in this area are creating blockchain-based solutions to improve customer service. Government agencies are investigating blockchain technology on a number of fronts, including protocols, security assurances, cryptographic techniques, use cases, applications, and current services (National Institute of Standards and Technology, NIST). The study's conclusions have been documented in academic articles, experimentation software, and suggestions for next NIST projects in this field. Blockchain technology is not limited to manufacturing supply chains; it can also be applied to data registries, digital identities, and record management systems.

Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=90100890

Top Companies in Blockchain Market:

Key Players AWS (US), Oracle (US), IBM (US), Huawei (China), Accenture (Ireland), TCS (India), Google (US), Alibaba (China), Microsoft (US), OVHcloud (France), SAP (Germany), and HPE (US), T Tencent (China), Wipro (India), Infosys (India), Lumen (US), DigitalOcean (US), VMware (US), Applied Blockchain (UK), ConsenSys (US), Akamai (US), Contabo (Germany), Leewayhertz (US), Vultr (US), Cloudsigma (Switzerland), Mevspace (Poland), and Scaleway (France) are the key players and other players in the Blockchain Market.

Browse Adjacent Markets: Software and Services Market Research Reports & Consulting

Related Reports:

3D Digital Asset Market- Global Forecast to 2029

Embedded Finance Market - Global Forecast to 2029

Smart Learning Market - Global Forecast to 2029

eGRC Market - Global Forecast to 2029

Insolvency Software Market - Global Forecast to 2028

Get access to the latest updates on Blockchain Companies and Blockchain Industry 

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com/

Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg

View original content:https://www.prnewswire.com/news-releases/blockchain-market-worth-248-9-billion-by-2029---exclusive-report-by-marketsandmarkets-302195622.html

SOURCE MarketsandMarkets