Adopt digital ledger technology to protect identities and data to expand the blockchain market

Noida India, September 30, 2022 /PR Newswire/ — According to a new report published by UnivDatos Markets Insights, blockchain market was worth more than US$2.8 million It is expected to increase in 2020 and grow at a CAGR of about 70% from 2022 to 2028. The analysis is divided into component types platform, service. size of organization (large enterprise, small business); end user (banking, financial services, insurance (BFSI), government, healthcare, media & entertainment, retail & e-commerce, transportation & logistics, others); region/country.

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The Blockchain Market report is compiled by gathering informative data on various dynamics such as market drivers, constraints, and opportunities. This groundbreaking report utilizes several analyses, to give a closer look at the blockchain market. The Blockchain Market Report offers an in-depth analysis of the latest industry trends and trending factors in the market that are impacting the growth of the market. Additionally, this statistical market research repository studies and estimates the Blockchain market on a global and regional level.

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Market overview

The blockchain market is emerging to protect end-user identity and financial information, and BFSI companies are implementing digital ledger technology.The BFSI sector covers cross-border transactions, clearing and settlement, trade Adoption of technology applications such as financial platforms, digital identity verification, and credit reporting is on the rise. for example, June 2021, Indian State Bank of India(SBI), HDFC, ICICI Bank and others have signed Indian Banks’ Private Limited, Indian Bank’s digital ledger infrastructure company, to secure transactions, reduce transaction processing times and speed up letter processing. Co-founded Blockchain Infrastructure Co (IBBIC).credibleWith these tell-tale stats, the demand for blockchain is expected to grow in the coming years as it is a safe and secure technology that protects all data from being hacked or leaked. Rising awareness of data protection from malware activity within consumers is increasing the demand in the blockchain market. In addition, widespread use of blockchain solutions in banking and cybersecurity and rising government initiatives are expected to drive the market for blockchain market in the coming years.

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Major players operating in the market include Accenture PLC, IBM Corporation, Amazon Web Services Inc, Intel Corporation, Microsoft Corporation, Oracle Corporation, Applied Blockchain, Infosys, Wipro, Tata Consultancy Services Limited.

Impact of COVID-19

The recent covid-19 pandemic has disrupted the world and shocked the global economy. The COVID-19 pandemic has forced most manufacturing plants to close, disrupting entire economies and investments in digital technology. Moreover, the pandemic has accelerated the adoption of digital technology in all sectors, from government to retail. Every industry is going digital to keep their businesses running. The growing use of cloud and Internet of Things devices has raised security and privacy concerns across all industries. This technology protects identities, provides transparency into supply chain operations, and protects health records.

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The global blockchain market report has been thoroughly researched on several aspects that will help the stakeholders to make more selective decisions.

• Based on the type of organization, the market is segmented into large enterprises and small and medium enterprises (SMEs). The large enterprise segment has garnered a sizeable market share and is expected to grow at a significant CAGR during the forecast period. Large companies operating in sectors such as insurance, financial services, healthcare, and supply chain are increasingly focusing on digitizing their products, creating demand for blockchain technology.

• Based on end-users, the market is segmented into banking, financial services, insurance (BFSI), government, healthcare, media & entertainment, retail & e-commerce, transportation & logistics, and others. The BFSI segment has garnered a sizeable market share and is expected to grow at a significant CAGR during the forecast period. Financial services use blockchain technology to manage financial transactions conducted in businesses. Blockchain technology offers secure and efficient transactions, which drives demand for the technology in financial services.

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Geographical segmentation of the blockchain market includes:

• North America (America, Canada,Remaining North America)

• Europe (Germany, England, Spain, Italy, Franceand the remaining Europe)

• Asia Pacific (China, Japan, India, Australiaand the remaining Asia Pacific)

• rest of the world

North America The early adoption of blockchain and the presence of multiple vendors providing security and blockchain solutions constitutes a major market for the blockchain industry, and the increasing adoption of blockchain technology by regional organizations drives the growth of the regional market. doing.

The major players targeting the market are:

competitive environment

The degree of competition among prominent global companies is elaborated by analyzing some of the major key companies operating around the world. Our dedicated team of research analysts shed light on a variety of features, including global market competition, market shares, the latest industry advancements, innovative product launches, partnerships, mergers, or acquisitions by major players in the blockchain market. guess. Key players have been analyzed using research methodologies to gain insight into global competition.

The key questions to be answered through this analytical market research report are:

• What are the latest trends, new patterns and technological advances in the blockchain market?

• What factors will influence the blockchain market during the forecast period?

• What are the global challenges, threats and risks in the blockchain market?

• What factors are driving and restraining the blockchain market?

• What are the most demanding regions of the world for the blockchain market?

• What will the global market size be in the next few years?

• What are the key go-to-market strategies and policies applied by global companies?

We understand the requirements of different businesses, regions and countries and provide customized reports according to the nature of your business and geographical requirements. Let me know if you need custom.

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About UnivDatos Market Insights (UMI)

UnivDatos Market Insights (UMI) is a dedicated market research firm and subsidiary of Universal Data Solutions. We believe in providing insight through market intelligence reports, customized business research and primary research. Our research studies span topics around the world, covering markets in over 100 countries using smart research techniques and agile methodologies. We provide in-depth research, in-depth analysis, and customized reports that help shape successful business strategies for our clients.

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UnivDatos Market Insights
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