According to a new data report from Future Market Insights, the global managed blockchain services market is projected to exceed $6.7 billion by 2032, up from $2.2 billion in 2022.
The report shows that the blockchain hosting services market is expected to grow at a CAGR of 11.8% during the forecast period (2022-2032). The market share is projected to exceed US$6.7642 billion by 2032, compared to US$2.2106 billion in 2022.
According to the report, the increasing adoption of Industry 4.0 components and the need for more secure media and trackers are driving demand for hosted blockchain services.
As automation increases, emerging businesses of small and medium-sized enterprises are adopting the latest technologies to achieve faster and more secure transactions.
The hype surrounding blockchain makes it sound like a panacea. Supply chain enthusiasts assess its true potential as a transaction-based technology.
While Blockchain 1.0 aimed to facilitate cryptocurrency transactions, the emergence of cryptocurrencies further propelled blockchain technology into becoming a distinct entity.
The rapid development of the market is due to the increasing application of managed blockchain services in industries such as banking, finance, manufacturing, and R&D.
Government cybersecurity recommendations are encouraging brands to adopt managed blockchain technology to improve transparency.
Regional Analysis
According to the report, North America is the largest market in the global managed blockchain services market, accounting for 32.9% of the market share, and is booming with a CAGR of 15.1% during the forecast period.
In the managed blockchain services market, Europe ranks second with a market share of 20.7%, while CAGR is booming with a share of 16.4%.
The factors limiting market growth are limited awareness and the high costs associated with its implementation, which leads to limited sales of managed blockchain services.
The South Asia and Pacific region is projected to achieve a robust CAGR of 22.5% during the forecast period. This growth is attributed to the emergence of business giants and technology experts.
Competitive Landscape
The regulated blockchain market is new and complements the existing blockchain market. Therefore, the report states that brands are the main companies providing customized blockchain solutions to end users. Competition is fierce because each brand has its own unique selling proposition (USP). Major companies in the market include SAP SE, IBM Corporation, Microsoft Corporation, and VMware.
Recent market developments
Microsoft has its own blockchain supply chain tracking and tracing solutions, as well as a central system for banking and financial systems, to achieve real efficiency.
At the same time, IBM launched its enterprise-based blockchain service, which tracks transactions and integrates with cloud systems to improve performance.
