Blockchain Market

The global blockchain market size is projected to grow from USD 20.1 billion in 2024 to USD 248.9 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 65.5% during the forecast period. The expansion of blockchain is propelled by the increasing venture capital funding and investments in blockchain technology.

Additionally, the demand for blockchain in retail, supply chain management and banking applications is growing for secure and transparent transactions.

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What is blockchain?

Blockchain is a digitally distributed, decentralized, and shared database. Enterprises use it to identify, track, and trace every transaction on the enterprise blockchain network. These transactions are documented in a chain of connected blocks. Blockchain technology allows for safe information exchange while maintaining process transparency and immutability for all parties involved.

Top Companies in Blockchain Indusrty Include

• Amazon Web Services (AWS)
• Oracle
• Huawei
• Accenture
• TCS

Amazon Web Services (AWS)

Amazon Web Services is a subsidiary of Amazon which provides on-demand cloud computing platforms to individuals, governments, and companies. AWS offers services such storage, computing, networking, database, analytics, application services, deployment, mobile, developer tools, and IoT tools. In blockchain, AWS offers Amazon Managed Blockchain (AMB) Query is a fully managed service that enables organizations to set up and manage a scalable blockchain network smoothly. Amazon Quantum Ledger Database (QLDB) is a fully managed ledger database which enables organizations to easily analyze network activity outside the network and gain insights into trends. The company operates globally with a strong foothold in the Americas, Europe, Middle East & Africa, and Asia Pacific. AWS focuses on expanding its reach in the emerging markets by offering products through regional distributors, channel partners, resellers, service partners, and technology partners.

Oracle

Oracle, is a global provider of enterprise software and cloud solutions. The company provides a comprehensive suite of products and services, including database management, cloud applications, and enterprise software. Oracle's solutions portfolio extends to ERP, CRM, and supply chain management systems, catering to diverse industries such as finance, healthcare, retail, and manufacturing. Oracle’s Blockchain Platform provides secure, scalable solutions for managing business transactions. With a global presence, Oracle delivers solutions to clients worldwide, driving operational efficiency across various sectors such as automotive, consumer goods, construction and engineering among others.

Huawei

Founded in 1987 by Ren Zhengfei, Huawei is a Chinese multinational corporation headquartered in Shenzhen, Guangdong. The company specializes in designing, developing, and manufacturing a wide range of products, including telecommunications equipment, consumer electronics, smart devices, distributed operating systems, electric vehicle autonomous driving systems, and rooftop solar products. Initially focusing on manufacturing phone switches, Huawei has expanded its operations to over 170 countries, serving more than three billion people worldwide. The company is committed to bringing digital technology to every person, home, and organization for a fully connected, intelligent world. As of 2023, Huawei employed approximately 207,000 people, with 55% of its workforce dedicated to research and development. In 2023, the company invested CNY164.7 billion in R&D, accounting for 23.4% of its total revenue.

Accenture

Accenture is a global multinational professional services company specializing in information technology services and management consulting. Originally part of the Arthur Andersen accounting firm, it became a separate entity in 1989 and rebranded as Accenture in 2001. Headquartered in Dublin, Ireland, Accenture operates in over 52 countries and serves clients worldwide. The company's services are organized into five main segments: Strategy and Consulting, Technology, Operations, Accenture Song (formerly Interactive), and Industry X. These segments cater to various industries, including communications, media and technology, financial services, health and public service, consumer products, and resources. In the fiscal year 2024, Accenture reported revenues of $64.9 billion and employed approximately 774,000 people globally.

TCS

Established in 1968, Tata Consultancy Services (TCS) is an Indian multinational technology company headquartered in Mumbai, Maharashtra. As a part of the Tata Group, TCS operates in 150 locations across 46 countries, offering a broad spectrum of services, including information technology, consulting, and outsourcing. The company serves various industries such as financial services, manufacturing, and the public sector. As of 2024, TCS is ranked seventh on the Fortune India 500 list and is the second-largest Indian company by market capitalization. In September 2021, TCS became the first Indian IT company to achieve a market capitalization of $200 billion. The company employs over 612,000 people as of September 2024.

According to MnM’s approach to evaluating the market, most businesses are using various organic and inorganic growth tactics to maintain their position in the evolving market. These strategies cover deals like alliances, acquisitions, collaborations, and partnerships. Moreover, various organizations are focusing on organic growth strategies to provide blockchain solutions to the end consumers, such strategies are boosting market revenue.

Related Reports:

Blockchain Market by Component (Platforms, Services (Managed, Professional)), Provider, Type (Public, Private, Hybrid, Consortium), Deployment Mode (Cloud, On-Premises), Organization Size, Vertical and Region - Global Forecast to 2029

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