DUBLIN, Sept. 7, 2022 /PRNewswire/ — The ‘Blockchain Distributed Ledger Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027’ report has been added to ResearchAndMarkets.com’s offering.
The global blockchain distributed ledger market size reached US$ 3.5 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 20.6 Billion by 2027, exhibiting a CAGR of 34.37% during 2021-2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Blockchain distributed ledger refers to a decentralized database shared across a network spread over numerous geographical locations. It stores and records resources and transactions through a peer-to-peer network. The data is protected through cryptography, which gets locked in linked and secured blocks.
The technology is mainly used for making payments, smart contracts, supply chain management, compliance management and trade finance. It aids in increasing the speed of data transfer and eliminates the need for a third party in the business processes and provides improved capital optimization and security measurement.
Rapid digitization of the industries across the globe is one of the key factors creating a positive outlook for the market growth. Moreover, increasing demand for advanced technological solutions to minimize fraudulent activities, data theft and financial losses is providing a thrust to the growth of the market.
Due to the onset of coronavirus (Covid-19) pandemic, organizations are increasingly adopting blockchain distributed ledgers to create, store and manage their data online. Additionally, various technological advancements, such as the integration of connected devices with the Internet of Things (IoT ), cloud computing and artificial intelligence (AI) solutions, are acting as other growth-inducing factors.
These innovative technologies aid in enhancing data security, preventing identity thefts and data tempering and minimizing unauthorized access to sensitive data of the users. Other factors, including significant improvements in the information technology (IT) infrastructure, along with extensive research and development (R&D) activities, are anticipated to drive the market toward growth.
The competitive landscape of the industry has…