The blockchain services market size is expected to see exponential growth in the next few years. It will grow to <b>$27.39 billion in 2028 at a compound annual growth rate (CAGR) of 41.9%. </b> The growth in the forecast period can be attributed to decentralized finance (defi), nfts and digital assets, supply chain and logistics, healthcare data, government and identity. Major trends in the forecast period include enterprise blockchain adoption, interoperability solutions, blockchain as a service (baas), defi and web3.
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Segmentation & Regional Insights
The blockchain services market covered in this report is segmented –
1) By Component: Tools, Services
2) By Application: Payments, Smart Contracts, Supply Chain Management, Governance, Risk, and Compliance Management, Identity Management, Other Applications
3) By End-use: BFSI, IT & Telecom, Healthcare, Retail, Manufacturing, Logistics, Government, Media & Entertainment, Energy and Utilities, Other End-Uses
<b>Asia-Pacific</b> was the largest region in the blockchain services market in 2023. <b>North America</b> was the second largest region in the blockchain services market. The regions covered in the blockchain services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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 blockchain services market growth.
Key Industry Players
Major companies operating in the blockchain services market include <b>International Business Machines Corporation, Amazon.com Inc., Microsoft Corporation, Oracle Corporation, SAP SE, Stratis Platform Ltd., Baidu Inc., Huawei Technologies Co. Ltd., Accenture plc, Deloitte Touche Tohmatsu Limited, Infosys Limited, Hewlett Packard Enterprise Company, Waves Platform AG, Amazon Web Services Inc., KPMG International Cooperative, ConsenSys AG, Cognizant Technology Solutions Corporation, NTT Data Corporation, Capgemini SE, Wipro Limited, Mphasis Limited, PricewaterhouseCoopers International Limited (PwC), Tata Consultancy Services Limited, TO THE NEW Digital, Ernst & Young Global Limited, L&T Infotech Limited, Alibaba Group Holding Limited, OpenXcell Technolabs Pvt. Ltd., LTIMindtree Ltd., Ardor Nxt Group, BTC Korea.com Co. Ltd., Blockchain Luxembourg S.A., Dragonchain Inc., Inveniam LLC, Bloq Inc., Skuchain Inc., LeewayHertz Technologies Private Limited, Altoros Americas LLC, Appinventiv Technologies Pvt. Ltd.</b>
The blockchain services market report table of contents includes:
- Executive Summary
- Blockchain Services Market Characteristics
- Blockchain Services Market Trends And Strategies
- Blockchain Services Market – Macro Economic Scenario
- Global Blockchain Services Market Size and Growth
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- Global Blockchain Services Market Competitive Benchmarking
- Global Blockchain Services Market Competitive Dashboard
- Key Mergers And Acquisitions In Blockchain Services Market
- Blockchain Services Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- International Business Machines Corporation
- com Inc
- Microsoft Corporation
- Oracle Corporation
- SAP SE
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