Industrial Blockchain Technology Market Growth Outlook 2022 - 31

North America and Europe are estimated to hold a major share of the global industrial Blockchain technology market, while the market in APAC is expected to advance at a notable CAGR during the forecast period. Diverse advantages offered by blockchain technology have a positive impact on market growth. Deployment of blockchain technology solutions for industries is expected to cross mainstream barriers, such as product differentiation and access to distribution channels, which leads to improved economic benefits. Furthermore, growing trend of digital transformation across businesses is driving the demand for blockchain in industry 4.0, blockchain in automotive industry, blockchain in energy, blockchain in supply chain, etc. Increase in use of cloud services in payment and transaction procedures across the globe is a key factor driving the use of blockchain in the financial sector. Countries such as the U.S. and the U.K. account for a dominant share of the global market owing to the presence of well-established banking and financial insurance sectors. Furthermore, the adoption of the enterprise blockchain platform ensures data reliability and provides unquestionable protection to optimize internal workflows. Moreover, some of the recent trends in blockchain technology are the increased popularity of (Non-fungible tokens) NFTs, development of metaverse, and blockchain-as-a-service, are expected to propel the market in the near future.

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Industrial Blockchain Technology Market Introduction

Blockchain is a technology that is used to share or deliver information, record transactions, and track assets in a business to provide immediate, completely transparent information on an immutable ledger, which can be accessed only by permission network members. The technology is used to secure ledger of transaction; for instance: buying, selling, transferring, etc. The goal of blockchain is to enable the digital transformation to be recorded and distributed; however, it is unable to be edited. Consequently, the technology is the foundation for immutable ledgers, or the records of transactions that are untenable to delete, alter, or destroy.

Growing Investments and Increasing Venture Capital Funding in Blockchain Technology Drives MarketApplication of blockchain technology in various applications such as exchanges, payments, digital identity, and smart contracts has been gaining traction for the last 3 to 4 years. Growing consumer and institutional demand for crypto is also driving the usage of blockchain solutions. Therefore, several startups have entered and are engaged in the development of blockchain technology solutions.

Regional Outlook of Global Industrial Blockchain Technology Market

North America is anticipated to account for a dominant share of the global industrial blockchain technology market during the forecast period owing to an increase in number of blockchain technologies being adopting by the various organizations in the region. Adoption of blockchain in manufacturing, BFSI, and government sectors includes implementation of wallet solutions, digital identity detection, smart contracts. The industrial blockchain technology market in Asia Pacific is estimated to advance at a prominent CAGR during the forecast period owing to an increase in government initiatives in promotion of the use of blockchain technology. Rise in initiatives is primarily due to the benefits offered by blockchain-as-a-service and platforms such as high transparency, increased efficiency, and diverse offering of technology in multiple end-user industries. This is projected to boost blockchain industry applications at a rapid pace in developing economies during the forecast period.

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Analysis of Key Players in the Global Industrial Blockchain Technology Market

Detailed profiles of companies offering industrial blockchain technology have been provided in the market report to evaluate their financials, key product offerings, recent developments, and strategies. Top Industrial Blockchain Technology systems companies are expanding their product portfolio to increase their market share. Leading companies in blockchain technology market are HPE, SAP SE, Oracle Corporation, Amazon Web Services, Inc., Microsoft Corporation, IBM Corporation, Infosys, Accenture, Wipro, Huawei, EY, LeewayHertz, Ripple, Chainalysis KYT, Digital Asset Hpoldings, LLC, and BTL Group Ltd.