Blockchain technology provides decentralized and secured digital transaction ledgers. Blockchain works by recording transactions on a network of computers so that the record cannot be altered. It enables the exchange of digital currencies such as cryptocurrencies and enables financial transactions through the creation and exchange of cryptocurrencies like Bitcoin and Ethereum. The technology provides enhanced security and transparency to digital transactions. There is growing demand for blockchain technology in applications like digital payments, supply chain management, digital voting, and digital identity.
The Global Blockchain Technology Market is estimated to be valued at US$ 6.71 Bn in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Blockchain Technology are Ajinomoto Co., Inc., KYOWA HAKKO BIO CO., LTD., AMINO GmbH, Bill Barr & Company, IRIS BIOTECH GMBH, Taiwan Amino Acids Co. Ltd., BI Nutraceuticals, Sichuan Tongsheng Amino acid Co., Ltd, Wacker, Chemie AG, Adisseo, and CJ CheilJedang Corp. These players are actively involved in developing blockchain platforms, investing in blockchain startups, and partnering with other blockchain solution providers to gain a competitive edge in the market.
There is growing opportunity in industries like payments, banking, finance, healthcare, supply chain, and insurance to utilize blockchain for developing new solutions and business models. Governments and central banks across the globe are also exploring applications of blockchain technology for applications like digital identity, voting, payments, land registry etc. This presents a significant opportunity for blockchain technology providers.
Key players are expanding globally to tap the growth opportunities in emerging markets. For instance, in 2022, Ajinomoto Co., Inc. partnered with KYOWA HAKKO BIO CO., LTD. to establish a new production facility in Belgium to expand their presence in the European amino acid market.
Market drivers and restrain
The key driver for the growth of Blockchain Technology Market Scope is the rising need for secured digital transactions. As digital payments and commerce continue to grow significantly, blockchain provides an advantage of secure peer-to-peer transactions without the need for intermediaries. This is driving many fintech companies, banks, and payment companies to invest in blockchain-based solutions.
However, lack of common standards and regulatory uncertainty are some of the major restraints in the growth of the blockchain technology market. Different industries have different requirements in terms of blockchain scalability, privacy, and governance which makes it difficult to develop universal blockchain solutions. Also, regulatory policies for blockchain are still evolving in many countries which is hindering the adoption of this technology in some industries.
Segment Analysis
The blockchain technology market is dominated by the finance segment as blockchain found huge applications in the finance sector like payments, fund transfer, smart contracts etc. Banks are adopting blockchain to reduce transaction costs and ensure transparency. Another major sub segment is the supply chain management segment. Major companies are using blockchain to track goods from source to destination bringing in efficiency and reducing efforts. It helps detect counterfeiting, improve traceability and enable paperless transactions. The technology ensures product authenticity and quality which is driving adoption in this sub segment.
Global Analysis
North America region dominates the blockchain technology market due to high adoption by major companies in countries like US and Canada. Major blockchain developers, technology providers and venture capital firms are based in this region which is driving the market growth. The region accounted for over 30% market share in 2024. Asia Pacific is expected to be the fastest growing region during the forecast period owing to initiatives from governments of various countries to adopt the technology. Countries like China, India, Japan and South Korea are major markets in this region. Technology providers are focused on the region to tap the opportunities. Initiatives like Digital India is fuelling adoption. Europe is another major regional market for blockchain technology majorly driven by BFSI and automotive sectors.
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