Global managed blockchain services market is estimated to surpass US$6.7 billion by 2032, up from US$2.2 billion in 2022, according to a new data report by Future Market Insights.
The managed blockchain services market size is likely to thrive at a CAGR of 11.8% during the forecast period (2022-2032), the report shows. The market is anticipated to cross a market share of US$6,764.2 million by 2032 while it holds a value of US$2,210.6 million in 2022.
According to the report, the increased adoption of components of Industries 4.0 along with the demand for safer mediums and trackers fuel the demand for managed blockchain services.
The rising businesses of small and medium-sized enterprises are adopting the latest technology for faster and safer transactions along with expanding automation.
The buzz around the blockchain has made it sound like a panacea. Supply chain enthusiasts evaluate its true potential as transaction-based technology.
While blockchain 1.0 was dedicated to helping cryptocurrency, transactions go through. The emergence of cryptocurrencies pushed blockchain technology as a separate entity further.
Rapid acceleration in the market is due to the rising application of managed blockchain services in sectors such as banking, finance, manufacturing, and R&D.
Cyber security advisories launched by governments push brands to adopt managed blockchain technology for higher transparency.
According to the report, North America is the biggest market in the global managed blockchain services market with a market share of 32.9% while thriving on a CAGR of 15.1% during the forecast period.
Europe holds the second biggest market share of 20.7% for managed blockchain services market while thriving on a CAGR of 16.4%.
The factors that limit the growth of the market are limited awareness and the high cost associated with its implementation, which has led to the limited sales of managed blockchain services.
South Asia and the Pacific thrive at a robust CAGR of 22.5% during the forecast period. The growth is attributed to the presence of business giants and technological experts.
The managed blockchain market is new and is an addition to the already existing blockchain market. Therefore, the report says brands are the major companies that provide customised blockchain solutions to the end users. The competition is high as every brand has its own USP. The major companies in the market are SAP SE, IBM Corporation, Microsoft Corporation, and VMware.
Recent Market Developments
Microsoft has its blockchain solution for supply chain tracking and tracing along with centralized systems for the bank and financial system to gain true efficiency.
Meanwhile, IBM Corporation has introduced its enterprise-based blockchain services that keep a track of transactions and integration with the cloud systems for enhanced performance.