Applications beyond Cryptocurrencies in Blockchain Creating Potential Opportunity worth $67 Bn
CHICAGO, Jan. 20, 2022 /PRNewswire/ — Disruptive blockchain solutions for innovative applications beyond cryptocurrencies is creating a huge opportunity worth $67+ Bn that is set to transform the IT infrastructure. The global blockchain market is projected to be valued at $67.4 Bn by 2026, owing to the adoption of blockchain in the government sector by developed economies, which will help boost the confidence on the technology for companies in regulated industries worldwide.
According to MarketsandMarkets™ analysis,
The global blockchain industry is estimated to grow at a CAGR of 68.4% in the coming 5 years, driven by lower operational costs, transparency and immutability transactions and information exchanges, and security and privacy for critical data logs.
Blockchain applications is expected to create opportunity worth ~USD 43 Bn, in which about 40% is being contributed by the BFSI vertical.
Adjacent technologies hold a potential of USD 14+ Bn in the blockchain market; more than 75% of which will be contributed by Blockchain-as-a-Service (BaaS).
Currently, businesses have low access to primary intelligence to clarify some unknowns and adjacencies in these opportunity areas –
Blockchain is gaining traction for innovative use cases such as OEM assembly line, fintech solutions, identity verification, financial track record verification, sovereign identity, and ground operations optimization in airports.
Technologies such as AI, IoT, Automation, and Analytics enable blockchain to widen its horizon by leveraging blockchain’s capabilities to develop unique and unconventional solutions for the industry problems.
Luxury brands such as Louis Vuitton (LVMH) developed, AURA – a Ethereum blockchain-based platform, a unique identifier tagged to each of the luxury product enables the customer to access its online certificate which has been cryptographically signed by the brand and all those involved in its supply chain (design, raw materials, manufacturing, distribution).
IBM developed the TrustChain Initiative with Helzberg Diamond and Richline Group. TrustChain blockchain solution is used to trace jewels from mines to retailers. This solution enables jewellers to certify their products as ethically sourced jewels and not through illegal means.
Some of the growth problems encountered by blockchain companies are:
Customer prioritization and assessing unmet needs:
Where to play:
Building a compelling Right-to-Win (RTW):
Key uncertainties/perspectives which industry leaders seek answers to:
For Blockchain companies:
For Companies in Adjacent markets:
Therefore, MarketsandMarkets™ research and analysis focuses on high-growth markets and emerging technologies, which will become ~80% of the revenues of wearable players from the ecosystem in the next 5–10 years. It helps find blind spots in clients’ revenue decisions because of interconnections and unknowns that impacting clients and their client’s clients.
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
Email: [email protected]
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