During the forecast period of 2020-2030, the blockchain technology market is expected to grow at a CAGR of 67.54% and reach 137.59 billion by 2030. Blockchain technology is a digital ledger that is maintained on a computer network and is resistant to alterations or data hacking. It is a direct communication channel between two people or groups of people, with no bank, government, or third party involved. Blockchain technology is being used in a variety of industries, including retail, healthcare, banking, financial services, and insurance. The blockchain technology industry's applications have gained traction and popularity.
According to a market analysis of blockchain technology, it can be used to screen and store public health information, adheres supply chains, track donations, and manage crises. Because of these applications, which use blockchain based, the markets are gathering traction and recovering from the pandemic's losses. The growing demand for digital identity has increased the size of the blockchain technology market. Governments have adapted blockchain technology market demand-based identification platforms to improve the security and transparency of private and public sector transactions.
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Since 2018, a few countries have also put in place blockchain technology for e-citizen programmes. The use of blockchain technology in this field has aided in the digitization of public transactions through the use of secure digital identities.
Furthermore, the growing cost of capital of market-related cryptocurrencies has fueled capital investment ventures undertaken by various countries. Cryptocurrencies have marked the innovation in various payment landscapes, depending on the Blockchain Technology Market Size. Furthermore, when compared to other payment methods, these currencies have lower transaction fees. Furthermore, because transaction fees are so high, cryptocurrencies attract businesses and individuals to cross-border payment methods. Furthermore, due to the decentralised nature of these cryptocurrencies, cross-border regulatory authorities cannot impose any restrictions on these transactions.
As a result, the low transaction fees and other factors are promoting the Blockchain Technology Market Revenue and also the capitalization of cryptocurrencies, which drives venture capitalists to invest in the Blockchain Technology Market Share.
The growing market capitalization of market-related cryptocurrencies has boosted venture capital investments in blockchain technology. This is due to the decentralised nature of cryptocurrencies.
According to the blockchain technology market analysis, the market is divided into segments based on application, service provider, organisation size, end-user, and region.
The Blockchain technology market is segmented into the following divisions based on the types of application:
• Payment and transaction
• Digital identity
• Smart contract
By Organization Size:
Based on organization size, the divisions of the Blockchain technology market are:
• Small enterprises
• Medium enterprises
• Large enterprises
By Service Provider:
This segment classifies the usage of different Blockchain technology. The divisions are as follows:
• Application provider
• Infrastructure provider
• Solution provider
• Protocol provider
The Blockchain technology market is segmented into the following divisions based on the end-users.
• Life sciences and Health care
• Telecommunication and IT
• Hospitality and travel
• Construction and real estate
The segmentation of the worldwide Blockchain technology market based on the region are:
• Asia Pacific
• Rest of the world
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By Region, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. In 2018, the North American region dominated the blockchain technology market, accounting for USD 612.3 million. This is because developed countries such as the United States and Canada have retail, banking, financial services, insurance, and government to detect digital identity, wallet and payment solutions, and smart contracts.
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