Blockchain Technology Market is Estimated To Witness High Growth Owing To Crypto Adoption Among Financial Institutions

 

Blockchain Technology Market
Blockchain Technology Market 

The Blockchain Technology Market is estimated to be valued at US$ 3.76 Bn or Million in 2022 and is expected to exhibit a CAGR of 54.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Blockchain technology is a decentralized digital record or ledger that allows for transparent recording and sharing of transactions across many computers. It enables users to process transactions securely, transparently, and efficiently with reduced costs compared to traditional systems. Blockchain finds applications in various domains including finance, supply chain, healthcare, governance, and more as it resolves issues related to transparency, fraud prevention, and data security.

Market key trends:

One of the major trends driving the growth of blockchain technology market is the increasing adoption of cryptocurrencies among financial institutions. Cryptocurrencies provide faster and cheaper cross-border payments compared to traditional systems. Many banks and financial companies are investing in blockchain-based digital assets to offer better payment infrastructure to their customers. For example, Square, a major financial services and digital payments company, has invested heavily in bitcoin. JPMorgan Chase has launched its own stablecoin for faster international transfers. This rising adoption of digital assets is expected to boost the demand for blockchain networks that power cryptocurrencies.

Porter’s Analysis


Threat of new entrants: Low startup costs and expertise make it easy for new companies to enter the market. However, established blockchain technology players have strong brand image and customer base.

Bargaining power of buyers: As the technology is new, buyers have good bargaining power to negotiate on price and features. They can also switch between different blockchain platforms easily.

Bargaining power of suppliers: A wide pool of blockchain developers, consultants and service providers gives buyers choice. But strong technological expertise gives suppliers an edge in negotiations.

Threat of new substitutes: Emerging technologies like AI, IoT pose a threat. But blockchain's advantages in security, decentralization and transparency make it hard to substitute fully.

Competitive rivalry: Intense competition exists among top players. They compete on offered solutions, technical expertise, innovation and partnerships to gain market share.

SWOT Analysis

Strengths: Blockchain offers high security, transparency and immutability of records. It has potential to disrupt many industries by bringing efficiencies.

Weaknesses: Technology is complex for non-tech users. Standards and regulations are still evolving. Issues around scalability and latency of some blockchain platforms.

Opportunities: Can be applied to areas like finance, healthcare, supply chain, government services, etc. Growing venture capital funding and investment in blockchain startups.

Threats: Resistance from organizations reluctant to change. Concerns around privacy, data ownership and hacking of blockchain networks. Market uncertainties around evolving regulations.

Key Takeaways


The global Blockchain Technology Market is expected to witness high growth, exhibiting CAGR of 54.7% over the forecast period, due to increasing investments from corporations, rising cryptocurrency market cap and growing venture capital funding.
North America dominates currently due to strong technological advancements and presence of major players in the US and Canada. However, Asia Pacific is expected to be the fastest growing region, led by growing blockchain adoption in China, India, Japan and other developing countries.


Key players operating in the Blockchain Technology market are Accenture, Coinbase, Chain Inc., Deloitte Touche Tohmatsu Limited, Digital Asset Holdings, LLC, IBM Corporation, JP Morgan Chase & CO, Microsoft Corporation, Ripple, and R3. Major players are investing in innovations and forming strategic partnerships to strengthen their market presence.


Read More :  https://www.newswirestats.com/the-blockchain-technology-market-to-reach-us-1152-7-bn-by-2030/

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