by Blockchain technology provides a decentralized digital ledger that provides transparent and secure cross-border payments, transactions and settlements without the need for a central authority. The global blockchain technology market is estimated to be valued at US$ 5.82 billion in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Cross border payments adoption has been growing rapidly across various industries like BFSI, retail and ecommerce due to advantages provided by blockchain technology like faster transactions, lower cost, enhanced security and transparency. Blockchain enables near real-time settlement of transactions reducing the transaction time from days to seconds. This has helped companies adopt blockchain for cross border payments resulting in increased investment in developing blockchain infrastructure and platforms. Standardization of blockchain protocols and regulations related to cross border payments are also supporting the adoption of blockchain systems thereby propelling growth of the blockchain technology market.
SWOT Analysis
Strength: Blockchain technology provides transparency and traceability in transactions which enables accountability. It also offers decentralized network which eliminates the need of centralized authority.
Weakness: Blockchain technology requires high investment for implementation. Lack of common standards and regulatory uncertainty are also weaknesses.
Opportunity: Growing application of blockchain in various sectors like banking, supply chain management provides growth opportunities. Increased collaborations between technology companies and banks also present opportunities.
Threats: Scalability issues remain major challenge for widespread adoption of blockchain technology. Hackers can also exploit vulnerabilities in blockchain networks.
Key Takeaways
The Global Blockchain Technology Market Share is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: The Asia Pacific region is expected to be the fastest growing market for blockchain technology. Countries like China, Japan and India are increasingly adopting blockchain solutions across different industries. North America currently dominates the market due to large presence of technology players and financial institutions actively investing in blockchain projects.
Key players operating in the Blockchain Technology market 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 focusing on partnership with other organizations to build blockchain platforms and solutions.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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