Blockchain Distributed Ledger Global Market Report 2023
Major players in the blockchain distributed ledger market are AlphaPoint, Amazon Web Services Inc., Auxesis Services And Technologies Ltd., Digital Asset Holdings LLC, Earthport, Huawei Technologies Co.
New York, April 06, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Blockchain Distributed Ledger Global Market Report 2023” – https://www.reportlinker.com/p06443908/?utm_source=GNW
Ltd., Intel Corporation, International Business Machines Corporation, iXledger, NTT DATA Corporation, Accenture PLC, Eris Industries, Huawei Technologies Co. Ltd., Visa Inc., Microsoft Corporation, Chain Inc., and Blockchain Tech Ltd.
The global blockchain distributed ledger market grew from $8.85 billion in 2022 to $14.47 billion in 2023 at a compound annual growth rate (CAGR) of 63.5%. 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The blockchain distributed ledger market is expected to grow to $102.61 billion in 2027 at a CAGR of 63.2%.
The blockchain distributed ledger market consists of revenues earned by entities by providing hybrid blockchain and consortium blockchain.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A blockchain distributed ledger refers to a database that is distributed among several computers, nodes, institutions, or nations that helps to increase data transfer speed, reduce the need for a third party in corporate operations, and improve capital optimization. The blockchain distributed ledger is used in making payments, smart contracts, supply chain management, compliance management, and trade finance.
North America will be the largest region in the blockchain distributed ledger market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this blockchain distributed ledger market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of blockchain distributed ledger are private blockchain and public blockchain.A private blockchain refers to a network managed by a network administrator where members get permission to join the network.
The components include solutions and services.These are applied in payments, smart contracts, supply chain management, compliance management, trade finance, and other applications.
The various end-user industries include BFSI, government and public sector, manufacturing, retail and e-commerce, media and entertainment, transportation and logistics, healthcare, and energy and utilities.
An increase in investments in private blockchain distributed ledger technology across the globe is expected to propel the growth of the blockchain distributed ledger market going forward.A blockchain distributed ledger is a digital ledger database of all transactions used in financial services spread across numerous nodes, computers, organizations, or nations and is accessible and controlled by one or more businesses all over the world.
The private blockchain distributed ledger technology offers advantages such as permission blockchain access, full privacy for data transactions, centralized process, less energy, reduced transaction costs, and data redundancies, simplified document handling, and getting rid of semi-manual compliance mechanisms. For instance, in June 2022, Binance Labs, a UK-based venture capital firm, invested USD500 million in funds for blockchain, Web3.0 start-ups, and value-building technologies. The investment is intended for initiatives to advance the adoption of blockchain technologies and expand the use cases for cryptocurrencies. Therefore, an increase in investments in private blockchain distributed ledger technology is driving the growth of the blockchain distributed ledger market.
Technological developments are a key trend gaining popularity in the blockchain distributed ledger market.Major market players are concentrating their efforts on implementing the internet of things (IoT) and technologically advanced solutions in various end-use industries that aid in enhancing transparency and reducing costs by removing processing overheads.
For instance, in February 2020, Hedera, a US-based developer of consensus data structures alternative to blockchain, developed a distributed ledger technology based on the Hedera Hashgraph consensus algorithm that provides organizations all around the world with the accessibility benefits of an open public network as well as the technological capabilities to safely provide enormous quantities of quicker and less expensive transactions.
In May 2022, Route Ledger Technologies Private Limited, an India-based cloud communications platform service provider, acquired the artificial intelligence-based blockchain and DLT platform from Teledgers Technology Pvt. Ltd. for an undisclosed amount. The acquisition is aimed at providing mobile network operators with encrypted messaging and distributed ledger technology solutions. Teledgers Technology Private Limited is an India-based blockchain software company operating in the blockchain distributed ledger market.
The countries covered in the blockchain distributed ledger market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The Blockchain Distributed Ledger Market Research Report is one of a series of new reports that provides blockchain distributed ledger market statistics, including global market size, regional shares, competitors with a blockchain distributed ledger market share, detailed blockchain distributed ledger market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain distributed ledger industry. This blockchain distributed ledger market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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