The adoption of blockchain technology is rapidly expanding, fueled by the growing demand for secure and reliable e-identity solutions. With applications in countries with weak identification processes and unregulated regions, blockchain-based platforms offer diverse benefits, including the promotion of secure transactions in both the public and private sectors.
Governments are leading the way, adopting market demand-based identity platforms to streamline identity-related procedures and digitize public transactions through a secure digital identity.
The market growth of blockchain technology is also driven by increasing venture capital funding, with many companies receiving significant investments for organizational development and market expansion.
The legalization of cryptocurrencies in countries like Ukraine and El Salvador is expected to create even more opportunities for growth, with businesses and investors encouraged to invest in the technology.
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Market players are making efforts to improve their services to gain a competitive edge, with emerging financial technology like DeFi, based on blockchain, reducing the control banks have on financial services and money. Strategic initiatives in the decentralized finance space are expected to drive market growth in the coming years.
In 2022, the large enterprise segment dominated the blockchain technology market, accounting for more than 67.0% of the global revenue. Industries like insurance, financial services, healthcare, and supply chain are increasingly adopting digitalization, creating a high demand for blockchain technology in these sectors. Well-funded enterprises like BBVA, Intesa Sanpaolo, Barclays, and HSBC are leveraging blockchain to streamline KYC and fund processes.
The Small & Medium Enterprise (SME) segment is expected to experience the fastest growth during the forecast period. SMEs face various challenges in scaling their operations, including financing, processing payments, and selecting ancillary services essential for global expansion.
With blockchain technology, these businesses can overcome issues in financing and account exchanges, and streamline their supply chains through secure and safe information exchanges and smart contracts. Additionally, blockchain-based storage applications offer cost-effective and secure data storage options, further driving the demand for blockchain technology among small businesses.
Moreover, the increasing capitalization of market-linked cryptocurrencies has amplified the risk of capital investments made by various countries. Cryptocurrencies have introduced remarkable innovations in different payment contexts and offer lower transaction fees than other payment types.
As a result, they are attracting businesses and individuals to adopt cross-border payment methods, especially since transaction fees for these methods tend to be expensive. Additionally, cryptocurrencies’ decentralized ownership means that cross-border regulators cannot impose restrictions on these transactions, further boosting their appeal.
These and other factors have driven revenue in the blockchain technology market, as well as cryptocurrency capitalization, motivating venture capitalists to invest in blockchain technology market shares.
The healthcare sector’s adoption of blockchain technology is increasing due to the growing number of regulations aimed at protecting consumer data. Governments worldwide are implementing strict regulations to safeguard consumer information due to the increasing incidents of data theft and breaches.
For example, the General Data Protection Regulation (GDPR), a data protection law in the European Union, came into effect in May 2018 with the aim of protecting EU citizens from privacy and data breaches.
These regulations are compelling companies worldwide to invest in enhancing their data security. Moreover, the COVID-19 pandemic has amplified the demand for digitalization in the healthcare sector, resulting in a greater need for blockchain technology across the industry.
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