Blockchain Market Growth: Healthcare Data Integrity & Payment Security to Propel $87.01 Billion Expansion by 2031| SkyQuest Technology
Westford USA, Aug. 27, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Blockchain Market will attain a value of USD 87.01 Billion by 2031, with a CAGR of 37.7% over the forecast period (2024-2031). In order to stop data manipulation in the health system, the global blockchain market is expanding due to the increasing use of digital currencies and a rise in transparency and security seeking customers in Banking Financial Services and Insurance. Furthermore, this industry is anticipated to see substantial growth due to the growing adoption of blockchain by merchants and SMEs. But the hefty implementation costs are impeding this market's expansion. The absence of interoperability between blockchain ecosystems and regulatory ambiguity provide significant obstacles to the expansion of the blockchain market. The lack of interoperability between blockchain ecosystems and regulatory ambiguity are major challenges to market growth.
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Browse in-depth TOC on the " Blockchain Market"
Pages - 157
Tables - 148
Figures – 68
Blockchain Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $7.6 Billion |
| Estimated Value by 2031 | $87.01 Billion |
| Growth Rate | Poised to grow at a CAGR of 37.7% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Type, Application, Organization Size and End-user and Region |
| Report Highlights | Updated financial information / product portfolio of players |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, Latin America |
| Key Market Opportunities | Increased Demand for Transparent and Secure Transactions |
| Key Market Drivers | Reduction in Fraud Cases and Security Boost Property |
Blockchain Applications Driven by the Demand for Security and Transparency
The global blockchain market is greatly driven by the increasing demand for data security as well as transparency across many industries such as healthcare and finance. Given the rise in cyber-attacks and information leakage incidents, corporations are in search of robust measures to secure private information. Blockchain technology ensures data integrity and builds trust by providing a decentralized, immutable ledger system. The demand for safe payment methods and the expanding use of cryptocurrencies also increase interest in blockchain applications, propelling the market's expansion.
Addressing the Legislative Hurdles That Stand in the Way of Blockchain Advancement
The absence of legislative certainty about blockchain deployment and usage is a major impediment to worldwide industry. There is uncertainty for firms considering using blockchain technology as governments throughout the world are still creating complete frameworks to address the technology. Vagueness of a technology’s legal status and compliance requirements may make companies avoid investing in it hence discouraging innovation and investment. Moreover, different regulations governing cross-border blockchain activities in different jurisdictions may complicate their operation.
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Struggle Against Traditional Systems in the Quest for Blockchain Integration
The opposition to changing from conventional methods and procedures is one of the factors that makes the global blockchain market tough. Since many companies continue to rely on legacy systems and practices, implementing blockchain solutions requiring significant changes in operations can be more difficult. These uncertainties stem from people’s fears about potential integration challenges, their concerns about disturbances and skepticism about its future sustainability. It’s problematic to go past this resistance without showing clearly how advantageous blockchain technology is, all the while ensuring these old systems are upgraded smoothly.
Prominent Players in Blockchain Market
The following are the Top Blockchain Companies:
- AWS (US)
- IBM (US)
- Oracle (US)
- Huawei (China)
- Accenture (Ireland)
- TCS (India)
- Google (US)
- Alibaba (China)
- Microsoft (US)
- Ovhcloud (France)
- SAP (Germany)
- HPE (US)
- Tencent (China)
- Wipro (India)
- Infosys (India)
- Lumen Technologies (US)
- Digitalocean (US)
- Vmware (US)
- Akamai Technologies (US)
- Applied Blockchain (UK)
Blockchain Technology to Democratize Finance and Capture the Interest of the Unbanked
The growing interest in decentralized finance (DeFi) applications is a major opportunistic factor for the global blockchain market. The revolutionary purpose behind these decentralized finance (DeFi) platforms, which run on blockchain technology, is to offer modern alternatives for traditional financial systems that are often considered inadequate and inaccessible. Without any mediators, they can lend, borrow, and trade with ease. Such accessibility popularizes such platforms among those who do not have access to banks and financial services at all. As it gains traction, DeFi provides ample opportunities for blockchain firms and creators to create new ideas and seize market space.
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Navigating the Blockchain Frontier and its Future Promises
All in all, more and more people want data security, transparency, and innovative financing solutions causing huge expansions in the global blockchain market. At the same time however, such high costs of implementation together with vagueness of regulations pertaining to it as well as resistance from traditional entities restrict its expansion. While highlighting the advantages of blockchain technology, these challenges must be overcome if its full potential is to be realised. The emergence of decentralised finance (DeFi) underscores blockchain's disruptive potential across industries by offering a rare chance to democratise financial services, especially for the unbanked.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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