According to the latest report by IMARC Group, titled “Blockchain Distributed Ledger Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global blockchain distributed ledger market size reached US$ 3.5 Billion in 2021. A blockchain distributed ledger refers to a decentralized database shared across a network of computers and servers located across various geographical locations. Using peer-to-peer networking, it stores the records of resources and transactions. These transactions are shared, recorded, and synchronized between independent electronic ledgers by smeans of independent computers. The utilization of the ledger aids in improving operational efficiency, speeding up the time for transaction completion, eliminating the need for a third party in the business process, and improving capital optimization.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Blockchain Distributed Ledger Market Trends:
The global market is majorly driven by a considerable rise in the adoption of blockchain distributed ledger among large organizations as well as small and medium-sized enterprises (SMEs). This can be attributed to the growing awareness regarding blockchain distributed ledger applications in numerous end-use industries. In addition to this, the escalating demand for minimizing fraudulent activities, financial losses and data breaches is acting as a significant growth-inducing factor for the market. Moreover, the integration of the Internet of Things (IoT) with these ledgers is creating a positive market outlook. Furthermore, the growing awareness regarding cryptocurrency among the masses, along with the low cost of blockchain distributed ledger applications, is also fueling the growth of the market. Some of the other factors contributing to the market include rapid digitization across various end-use industries, continual technological innovations, the increasing penetration of high-speed internet, and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 20.6 Billion by 2027, exhibiting a CAGR of 31.9% during 2022-2027.
- Based on the component, the market has been segmented into solution and service.
- On the basis of the type, the market has been divided into private, public, and hybrid.
- Based on the enterprise size, the market has been categorized into large enterprises and small and medium enterprises.
- On the basis of the application, the market has been classified into payments, smart contracts, supply chain management, compliance management, trade finance, and others.
- Based on the end use industry, the market has been categorized into BFSI, government and public sector, manufacturing, retail and e-commerce, media and entertainment, transportation and logistics, healthcare, energy and utilities, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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), and Visa Inc.
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