Blockchain Services Global Market Report 2023

“Blockchain Services Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on blockchain services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
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• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
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Where is the largest and fastest growing market for blockchain services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The blockchain services market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Component: Tools; Services

2) By End-use: BFSI; IT & Telecom; Healthcare; Retail; Manufacturing; Logistics; Government; Media & Entertainment; Energy and Utilities; Other End-Uses

3) By Application: Payments; Smart Contracts; Supply Chain Management; Governance, Risk, and Compliance Management; Identity Management; Other Applications

Companies Mentioned: IBM Corporation; Amazon.com; Microsoft Corporation; Oracle Corporation; SAP

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Major players in the blockchain services market are: IBM Corporation, Amazon.com, Microsoft Corporation, Oracle Corporation, SAP, Stratis, Baidu, Inc., Huawei Technologies Co. Ltd., Accenture, Deloitte, Infosys, Hewlett-Packard Enterprise, Waves Platform, HPE, AWS, KPMG, ConsenSys, Cognizant, NTT Data, Capgemini, Wipro, Mphasis, PwC, TCS , TO THE NEW, EY, L&T Infotech, Alibaba, OpenXcell, lntinfotech and Ardor Nxt Group.

The global blockchain services market will grow from $3.28 billion in 2022 to $4.7 billion in 2023 at a compound annual growth rate (CAGR) of 43.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The blockchain services market is expected to grow to $19.76 billion in 2027 at a CAGR of 43.2%.

The blockchain services market includes revenues earned by entities by proving blockchain services for companies engaged in building blockchain applications. The blockchain technology is used to create digital contracts in domains such as financial, healthcare and insurance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

Blockchain is a technology that involves the implementation of a distributed database that is accessible to all the users over a network. Each user can add a new data record (block), with a timestamp that cannot be altered. Each new block forms a part of the universally acceptable depository. The blockchain technology maintains the authentication of data by restricting changes in the older data blocks while allowing the users to continue adding new data blocks thus, making the manipulation of data such as faking documents or transactions and other information, impossible.

Asia Pacifica was the largest region in the blockchain services market in 2022. North America was the second largest region in the blockchain services market. The regions covered in the blockchain services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main component types of blockchain services are tools and services. The services are used for payments, smart contracts, supply chain management, governance, risk and compliance management, identity management, others by BFSI, IT and telecom, healthcare, retail, manufacturing, logistics, government, media and entertainment, energy and utilities and end use industries. Risk and compliance management is the practice of anticipating potential risks, analyzing them, and taking precautionary measures to reduce/curb the risk.

There is a growing significance of blockchain services with increased investments in blockchain technology from both government and private entities like banks and financial institutions. The blockchain technology gives rise to new business models in various areas such as cross-border payments, remittance, exchanges, internet banking, trade finance, Know Your Customers (KYC), and risk and compliance with decentralized applications of this technology. For instance, in July 2022, the Italian Ministry of Economic Development has stated that starting in September, some blockchain projects will be eligible to apply for up to $46 million in government subsidies. As part of the Italian government's objectives for investments in technology, research, and innovation, the fund will have an initial budget of 45 million euros, or roughly $46 million at the time of publication, for expenses and costs ranging from 500 thousand euros ($512,150) to 2 million euros ($2,048,600). The increased use of blockchain technology in organizations will require services to manage the networks and infrastructure, which will increase the demand for blockchain services and boost market growth.

The inefficiency of scalability in blockchain technology impedes the blockchain services market as it obstructs the processes involved. There is a partial dependence of the blockchain network's health over the number of nodes in the network and the spread of those nodes across the world. The bigger the blocks, the increase in the size of the blockchain is even faster which removes out the solo miners, and that eventually results in more pile-up of transactions. For instance, bitcoin scalability is an issue that resulted from the limited rate of processing of transactions that relates to an increase in the number of transactions and the limited size of blocks. According to Blockchain.com's mempool transaction count, the high number of unconfirmed transactions coincides with Bitcoin reaching new multi-month highs. Bitcoin surpassed a $13,745 threshold in October 2021, nearly matching its previous peak of $13,970 in June 2019 resulting in scaling issues due to a huge number of transactions. Thus, an increase in the number of transactions results in scalability issues, which hampers the growth of the blockchain services market.

Quantum computing is gaining popularity in the blockchain space that will help overcome the problems faced in providing blockchain services. Quantum computing is a process that uses quantum-mechanical phenomena like superposition and quantum entanglement for computing. Quantum computing utilizes qubits that help in the storage and processing of a large amount of data exponentially fast with less energy consumption, unlike conventional computers that use bits for the same process. For instance, in November 2022, International Business Machines Corporation, a US-based technology corporation unveiled Next-Generation IBM Quantum System Two with a 400 Qubit-Plus Quantum Processor. With more than triple the 127 qubits on the IBM Eagle processor, which was introduced in 2021, IBM Osprey has the most qubits of any IBM quantum processor. This processor has the ability to perform intricate quantum computations that are well beyond the capabilities of any classical computer.

In March 2020, Genesis Group, a cloud-based information technology services provider, announced plans to acquire Blockchain Consulting GmbH (BC) for an undisclosed amount. This acquisition will help Genesis Group to utilize BC's resources in crypto mining. BC provides services such as blockchain software development, strategic consulting, and crypto market analysis.

The countries covered in the blockchain services market are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The blockchain services market research report is one of a series of new reports from The Business Research Company that provides blockchain services market statistics, including blockchain services industry global market size, regional shares, competitors with a blockchain services market share, detailed blockchain services market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain services industry. This blockchain services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.