The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increased investments in blockchain technology from both government and private entities like banks and financial institutions are expected to drive innovation in blockchain services manufacturing, thus driving the market during the forecast period.

The global blockchain services market is expected to grow from $3.28 billion in 2022 to $4.7 billion in 2023 at a compound annual growth rate (CAGR) of 43.2%. The global blockchain services market size is expected to grow to $19.76 billion in 2027 at a CAGR of 43.2%.

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Global blockchain services market segments include:

• By Component: Tools, Services
• By End-use: BFSI, IT & Telecom, Healthcare, Retail, Manufacturing, Logistics, Government, Media & Entertainment, Energy and Utilities, Other End-Uses
• By Application: Payments, Smart Contracts, Supply Chain Management, Governance, Risk, and Compliance Management, Identity Management, Other Applications
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global blockchain services market in 2021.

Major Market Players in the blockchain services market include IBM Corporation, Amazon.com, Microsoft Corporation, Oracle Corporation, SAP, Stratis, Baidu, Inc., Huawei Technologies Co. Ltd., Accenture.

Quantum computing is gaining popularity in the blockchain space that will help overcome the problems faced in providing blockchain services. Quantum computing is a process that uses quantum-mechanical phenomena like superposition and quantum entanglement for computing. Quantum computing utilizes qubits that help in the storage and processing of a large amount of data exponentially fast with less energy consumption, unlike conventional computers that use bits for the same process. For instance, in November 2022, International Business Machines Corporation, a US-based technology corporation unveiled Next-Generation IBM Quantum System Two with a 400 Qubit-Plus Quantum Processor. With more than triple the 127 qubits on the IBM Eagle processor, which was introduced in 2021, IBM Osprey has the most qubits of any IBM quantum processor. This processor has the ability to perform intricate quantum computations that are well beyond the capabilities of any classical computer.

The Blockchain Services Global Market Report 2023  provides a blockchain services market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The blockchain services market forecast analyzes blockchain services market size, blockchain services market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Blockchain is a technology that involves the implementation of a distributed database that is accessible to all the users over a network. Each user can add a new data record (block), with a timestamp that cannot be altered. Each new block forms a part of the universally acceptable depository. The blockchain technology maintains the authentication of data by restricting changes in the older data blocks while allowing the users to continue adding new data blocks thus, making the manipulation of data such as faking documents or transactions and other information, impossible.

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