Global Digital Twin Market

Blockchain is an immutable shared ledger that records online transactions, tracks assets, and builds trust in a business network. The main types of blockchain technologies are public, private and hybrid. A public blockchain is open to the public and can be joined by anyone without special permission. Blockchain technologies are provided by application providers, middleware providers and infrastructure providers and used in financial services, consumer or industrial electronics, technology, media and telecom, healthcare, transportation and public sector. Blockchain technologies is applied in payments, exchanges, smart contracts, documentation, digital identity, supply chain management, governance, risk, and compliance management. The blockchain technologies market research report is one of a series of new reports from The Business Research Company that provides blockchain technologies market statistics, including blockchain technologies industry global market size, regional shares, competitors with a blockchain technologies market share, detailed blockchain technologies market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain technologies industry. This blockchain technologies market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global blockchain technologies market grew from $8.61 billion in 2022 to $13.41 billion in 2023 at a compound annual growth rate (CAGR) of 55.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The blockchain technologies market is expected to grow from $71.93 billion in 2027 at a CAGR of 52.2%. The favorable government initiatives towards blockchain is expected to drive the blockchain technologies market. Governments of both advanced and developing economies are focusing on framing policies and frameworks for adopting blockchain. For example, in February 2020, the Australian Government released the National Blockchain Roadmap, which was developed in conjunction with industry and researchers to be a living document, setting out a plan to boost Australia’s rapidly growing blockchain industry to global heights. Similarly, in 2020, the German government adopted a national blockchain strategy to support its commitment to the use of the technology. Germany’s implementation of this blockchain strategy during 2020, in addition to its implementation of the European Union’s 4th Anti-Money Laundering Directive, is expected to have far-reaching consequences for blockchain startups, fintech firms, banks, crypto exchanges and industrial companies. Therefore favorable government initiatives are expected to boost the demand for blockchain technologies in the forecast period. Companies across various industries are increasingly investing in blockchain technology due to its high efficiency in data management. The blockchain technology is growing strongly in major sectors such as healthcare, banking and finance, digital assets, and also in several government departments. Thus, companies like VISA, Facebook, Microsoft and Amazon are investing in the technology to integrate blockchain with their daily operations at an early stage. Companies use blockchain technology to create smart contracts, this helps to speed up the payment processes as well as provides support while investing in the stock exchange. In 2021, Associated press announced to make their sports, race call and economic datasets available to leading blockchains through Chain-link. The implementation will enable smart contracts on any blockchain to securely interact with AP’s real-world data. The growth of the blockchain technology market is being restrained due to the security vulnerabilities that companies in this market are facing due to weak systems and human errors. The platforms used to interact with the blockchain technology lacks the necessary security. For example, in 2021, The Cloud Security Alliance (CSA) released the top ten blockchain attacks and vulnerabilities such as exchange hacks, decentralized finance hacks, phishing, rug pull or exit scams and others. Such hacks have caused more than $2.8 billion in losses for day-to-day cryptocurrency users. Blockchain is increasingly being implemented in many back-office processes at industries from traditional banking and insurance, extending its application to even food production and pharmaceutical industries. For instance, in 2020, Farmer Connect and IBM announced the introduction of a new consumer mobile application called “Thank My Farmer”. The new application is a traceability platform powered by IBM Blockchain to help increase traceability, efficiency and fairness in the coffee supply chain. In 2021, Midpoint Holdings Ltd announced the acquisition of blockchain technology company, Blockchain World Ltd for an undisclosed amount. From the transaction, Midpoint aims to augment the consumer-facing platform within the digital assets space. Major players in the blockchain technologies market are IBM, AWS, Microsoft Corporations, Ripple, Circle Internet Financial Limited, R3, Patron, Steem, Chain, Celsius Network, Menlo One, TraDove, Deloitte, Coinbase Inc., BitFury Usa Inc., Cegeka, Infosys, Huawei, BlockCypher, Symbiont, BigchainDB, Applied Blockchain, RecordsKeeper, Blockpoint, Auxesis Group, BTL Group, Blockchain Foundry, AlphaPoint and Factom. The Asia Pacific was the largest region in the blockchain technologies market in 2022. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain technologies report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the blockchain technologies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The blockchain market includes revenues earned by entities by offering blockchain technologies. Blockchain is a technology that involves implementing a distributed database accessible to all users over a network. Each user can add a new data record (block), with a timestamp that cannot be altered. Each new block forms a part of the universally acceptable depository. The blockchain technology maintains the authentication of data by restricting changes in the older data blocks while allowing the users to continue adding new data blocks thus, making the manipulation of data such as faking documents or transactions and other information, impossible. The blockchain technology is used to create digital contracts and in domains such as financial, healthcare and insurance. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified). The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products. The global blockchain technologies market is segmented - 1) By Type: Public, Private, Hybrid 2) By Provider: Application Providers, Middleware Providers, Infrastructure Providers 3) By End User: Financial Services, Consumer or Industrial Electronics, Technology, Media And Telecom, Healthcare, Transportation, Public Sector, Other End-Users 4) By Application: Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Supply Chain Management, Governance, Risk And Compliance Management, Other Applications (Digital Voting And Content Storage Management)

Blockchain is a technology that involves the implementation of a distributed database that is accessible to all the users over a network. Each user can add a new data record (block), with a timestamp that cannot be altered. Each new block forms a part of the universally acceptable depository. The blockchain technology maintains the authentication of data by restricting changes in the older data blocks while allowing the users to continue adding new data blocks thus, making the manipulation of data such as faking documents or transactions and other information, impossible. The main component types of blockchain services are tools and services. The services are used for payments, smart contracts, supply chain management, governance, risk and compliance management, identity management, others by BFSI, IT and telecom, healthcare, retail, manufacturing, logistics, government, media and entertainment, energy and utilities and end use industries. Risk and compliance management is the practice of anticipating potential risks, analyzing them, and taking precautionary measures to reduce/curb the risk. The blockchain services market research report is one of a series of new reports from The Business Research Company that provides blockchain services market statistics, including blockchain services industry global market size, regional shares, competitors with a blockchain services market share, detailed blockchain services market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain services industry. This blockchain services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global blockchain services market size will grow from $3.28 billion in 2022 to $4.7 billion in 2023 at a compound annual growth rate (CAGR) of 43.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global blockchain services market size is expected to grow to $19.76 billion in 2027 at a CAGR of 43.2%. There is a growing significance of blockchain services with increased investments in blockchain technology from both government and private entities like banks and financial institutions. The blockchain technology gives rise to new business models in various areas such as cross-border payments, remittance, exchanges, internet banking, trade finance, Know Your Customers (KYC), and risk and compliance with decentralized applications of this technology. For instance, in July 2022, the Italian Ministry of Economic Development has stated that starting in September, some blockchain projects will be eligible to apply for up to $46 million in government subsidies. As part of the Italian government's objectives for investments in technology, research, and innovation, the fund will have an initial budget of 45 million euros, or roughly $46 million at the time of publication, for expenses and costs ranging from 500 thousand euros ($512,150) to 2 million euros ($2,048,600). The increased use of blockchain technology in organizations will require services to manage the networks and infrastructure, which will increase the demand for blockchain services and boost market growth. The inefficiency of scalability in blockchain technology impedes the blockchain services market as it obstructs the processes involved. There is a partial dependence of the blockchain network's health over the number of nodes in the network and the spread of those nodes across the world. The bigger the blocks, the increase in the size of the blockchain is even faster which removes out the solo miners, and that eventually results in more pile-up of transactions. For instance, bitcoin scalability is an issue that resulted from the limited rate of processing of transactions that relates to an increase in the number of transactions and the limited size of blocks. According to Blockchain.com's mempool transaction count, the high number of unconfirmed transactions coincides with Bitcoin reaching new multi-month highs. Bitcoin surpassed a $13,745 threshold in October 2021, nearly matching its previous peak of $13,970 in June 2019 resulting in scaling issues due to a huge number of transactions. Thus, an increase in the number of transactions results in scalability issues, which hampers the growth of the blockchain services market. Quantum computing is gaining popularity in the blockchain space that will help overcome the problems faced in providing blockchain services. Quantum computing is a process that uses quantum-mechanical phenomena like superposition and quantum entanglement for computing. Quantum computing utilizes qubits that help in the storage and processing of a large amount of data exponentially fast with less energy consumption, unlike conventional computers that use bits for the same process. For instance, in November 2022, International Business Machines Corporation, a US-based technology corporation unveiled Next-Generation IBM Quantum System Two with a 400 Qubit-Plus Quantum Processor. With more than triple the 127 qubits on the IBM Eagle processor, which was introduced in 2021, IBM Osprey has the most qubits of any IBM quantum processor. This processor has the ability to perform intricate quantum computations that are well beyond the capabilities of any classical computer. In March 2020, Genesis Group, a cloud-based information technology services provider, announced plans to acquire Blockchain Consulting GmbH (BC) for an undisclosed amount. This acquisition will help Genesis Group to utilize BC's resources in crypto mining. BC provides services such as blockchain software development, strategic consulting, and crypto market analysis. Major players in the blockchain services market are IBM Corporation, Amazon.com, Microsoft Corporation, Oracle Corporation, SAP, Stratis, Baidu, Inc., Huawei Technologies Co. Ltd., Accenture, Deloitte, Infosys, Hewlett-Packard Enterprise, Waves Platform, HPE, AWS, KPMG, ConsenSys, Cognizant, NTT Data, Capgemini, Wipro, Mphasis, PwC, TCS, TO THE NEW, EY, L&T Infotech, Alibaba, OpenXcell, lntinfotech and Ardor Nxt Group. Asia-Pacific was the largest region in the blockchain services market in 2022. North America was the second largest region in the global blockchain services market. The regions covered in the global blockchain services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the blockchain services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The blockchain services market includes revenues earned by entities by proving blockchain services for companies engaged in building blockchain applications. The blockchain technology is used to create digital contracts in domains such as financial, healthcare and insurance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global blockchain services market is segmented - 1) By Component: Tools, Services 2) By End-use: BFSI, IT & Telecom, Healthcare, Retail, Manufacturing, Logistics, Government, Media & Entertainment, Energy and Utilities, Other End-Uses 3) By Application: Payments, Smart Contracts, Supply Chain Management, Governance, Risk, and Compliance Management, Identity Management, Other Applications

Blockchain is an immutable shared ledger that records online transactions, tracks assets, and builds trust in a business network. The main types of blockchain are private, public and hybrid. A private blockchain is a type of blockchain technology in which only one organization has control over the network. The blockchain technology is provided through application, middleware and infrastructure that are used for BFSI, telecom and IT and government applications. The blockchain market research report is one of a series of new reports from The Business Research Company that provides blockchain market statistics, including blockchain industry global market size, regional shares, competitors with a blockchain market share, detailed blockchain market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain industry. This blockchain market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global blockchain market size will grow from $10.13 billion in 2022 to $17.21 billion in 2023 at a compound annual growth rate (CAGR) of 70.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global blockchain market size is expected to grow to $99.37 billion in 2027 at a CAGR of 55.0%. The growing demand for blockchain technology in industries and the public sector is expected to drive the growth of the market. Blockchain has been the base for cryptocurrencies since it is a decentralized database, therefore, it has found its most important use in financial services for making digital transactions safe, secure, and transparent. Companies like Circle and BitPesa use blockchain technology for international overseas payments. Now, it has also found its use in the supply chain, healthcare, government, and other sectors. In Dubai, all the government-related financial transactions are taking place through blockchain technology making it the first government to be powered with blockchain. For instance, in June 2021, China issues guidelines for blockchain development within the country, aiming to become world’s most advanced blockchain tech by 2025. For this, China will build 3-5 internationally competitive backbone enterprises along with additional innovation-leading enterprises creating 3-5 blockchain industry development clusters in the country. This indicates that there is a massive demand for blockchain technology in industries of the country and world. Therefore, the demand for blockchain across industries is expected to drive the blockchain technology market. The inefficiency of scalability in blockchain technology impedes the blockchain market as it obstructs the processes involved. There is a partial dependence of the blockchain network's health over the number of nodes in the network and the spread of those nodes across the world. The bigger the blocks, the increase in the size of the blockchain is even faster which removes out the solo miners eventually resulting in more pile-up of transactions. For instance, bitcoin scalability is an issue that resulted from a limited rate of processing of transactions that relates to an increase in the number of transactions and the limited size of blocks. According to Blockchain.com's mempool transaction count, the high number of unconfirmed transactions coincides with Bitcoin reaching new multi-month highs. Bitcoin surpassed a $13,745 threshold in October 2021, nearly matching its previous peak of $13,970 in June 2019 resulting in scaling issues due to a huge number of transactions. Thus, an increase in the number of transactions results in scalability issues, which hampers the growth of the market. Federated blockchain, also called as a consortium blockchain, is expected to be a major trend shaping the blockchain market in the forecast period. Federated blockchain is a private permission type of blockchain, which gives permission for multiple entities to have access to the network by voting or token system. Decentralization is maintained by the prior selection of the authority nodes by the organizations in the network which can exchange the data or information continuously. For example, in August 2022, Devon Energy Corporation, a US-based energy company joined Blockchain For Energy, a blockchain consortium made of industry experts from major energy companies. The consortium will help Devon Energy to advance and transform its management of transactions, records and data through collaboration and proactive development of new technologies. In March 2022, Midpoint Holdings Ltd., a British web-based enterprise engaged in the peer to peer (P2P) foreign exchange business acquired Blockchain World Ltd for an undisclosed sum. The acquisition enables Midpoint to further expand products and partnership opportunities. Blockchain World Ltd is a Luxembourg-based blockchain technology company. Major players in the blockchain market are Amazon Web Services, Inc., BTL Group Ltd., r3, Bitfury, IBM, ConsenSys, LeewayHertz, 4IRE Labs, Factom, Synsoft Global, OpenLedger, Inn4Science, Titanium Blockchain, Blockchain Intelligence Group, Blockchangers, ChromaWay, Intellectsoft, Altoros, Deqode, Primechain, SoluLab, Accubits, SheerChain, Espeo, Venture Aviator and Software Mill. North America was the largest region in the blockchain market in 2022. Asia-Pacific was the second largest region in the global blockchain market. The regions covered in the global blockchain market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the blockchain market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The blockchain market includes revenues earned by entities by offering blockchain technologies. Blockchain is a technology that involves implementing a distributed database accessible to all users over a network. Each user can add a new data record (block), with a timestamp that cannot be altered. Each new block forms a part of the universally acceptable depository. The blockchain technology maintains the authentication of data by restricting changes in the older data blocks while allowing the users to continue adding new data blocks thus, making the manipulation of data such as faking documents or transactions and other information, impossible. The blockchain technology is used to create digital contracts and in domains such as financial, healthcare and insurance. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global blockchain market is segmented - 1) By Type: Private, Public, Hybrid 2) By Provider: Application, Middleware, Infrastructure 3) By Application: BFSI, Telecom & IT, Government

Blockchain in agriculture and food supply chain refers to a technology that enables information traceability throughout the food supply chain to enhance food safety. Additionally, it gives users a safe way to store and manage data, which makes it easier to create and use data-driven innovations for smart farming and smart index-based crop insurance. The blockchain in agriculture and food supply chain market covered in the report is segmented by type into the public blockchain, private blockchain, consortium/hybrid blockchain; by stakeholder into growers, food manufacturers/processors, and retailers; by application into product traceability, tracking, and visibility, payment and settlement, smart contracts, governance, risk and compliance management. The blockchain in agriculture and food supply chain market research report is one of a series of new reports from The Business Research Company that provides blockchain in agriculture and food supply chain market statistics, including blockchain in agriculture and food supply chain industry global market size, regional shares, competitors with a blockchain in agriculture and food supply chain market share, detailed blockchain in agriculture and food supply chain market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain in agriculture and food supply chain industry. This blockchain in agriculture and food supply chain market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global blockchain in agriculture and food supply chain market size grew from $0.28 billion in 2022 to $0.41 billion in 2023 at a compound annual growth rate (CAGR) of 47.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The blockchain in agriculture and food supply chain market size is expected to grow to $1.92 billion in 2027 at a CAGR of 47.1%. The blockchain in agriculture and food supply chain market was supported by the increased demand for small and medium enterprises in the blockchain in agriculture and food supply chain market. This is mainly due to larger businesses investing heavily in developing their existing solutions, while new businesses are producing exclusive solutions in line with the needs of their national and regional markets. According to The StartupLab 2021 report, an India-based venture capital firm, the Agritech sector in India is expanding at a rate of 25% annually, supported by rising digitization, government efforts, and investor interest. For instance, Agridigital is an Australian startup that uses blockchain to support the Australian grains industry. It helps to track and manage grains as they move throughout the value chain. Thus, the rise in small and medium enterprises is expected to drive the blockchain in agriculture and food supply chain market during the forecast period. Blockchain in the food and agriculture market can be expensive and this can hinder the market growth. Obtaining the data uploaded to a blockchain can be costly, and this can create a barrier to the adoption of blockchain technology in the agricultural sector. For instance, the DNA of livestock animals could be expensive. The average cost of data collection is lower for larger farms than smaller ones, which raises the concern of increasing the income discrepancy. Therefore, obtaining data in a blockchain is expensive and hinders market growth. The use of blockchain with IoT is an emerging trend followed by companies in the blockchain in agriculture and food supply chain market. Companies are using blockchain to secure data in IoT devices. IoT involves a system of devices that can collect, transfer, and store data over a wireless network. The use of blockchain with IoT devices enables smart devices to exchange data and other financial transactions in a scalable, private, and reliable manner. Blockchain technology with IoT further supports businesses to share and access data without the need for central control and management. For instance, in February 2022, Vodafone Group plc, a UK-based multinational telecommunications company, introduced Digital Asset Broker (DAB) platform, a blockchain-based trading platform for IoT devices and sensors. The new Digital Asset Broker (DAB) technology, which is purportedly designed to promote the economy of things, enables verified connected objects to transact securely without human oversight but under human (the "owner") control by creating individualized digital identities for using payment technologies and mobile SIM security to interact and transact with other devices. In April 2020, Nestle, a Swiss food and drink processing company, partnered with a party certifier, The Rainforest Alliance, to independently provide data beyond what is usually disclosed by the company. Nestle has expanded the use of the IBM Food Trust blockchain technology platform in the launch of Zoégas whole beans and roast and ground coffee in Sweden. The Rainforest Alliance provides information regarding the traceability of the coffee and the information is accessible to everyone with the IBM Food Trust blockchain platform. Major players in the blockchain in agriculture and food supply chain market are IBM, Microsoft, SAP-SE, Ambrosus, Arc-net, OriginTrail, Rip.io, Provenance, ChainVine, and AgriDigital. North America was the largest region in the blockchain in agriculture and food supply chain market in 2022. The regions covered in the blockchain in agriculture and food supply chain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the blockchain in agriculture and food supply chain market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The blockchain in agriculture and food supply chain market includes revenues earned by entities by tracking ownership records and providing tamper-resistant data. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global blockchain in agriculture and food supply chain market is segmented - 1) By Type: Public Blockchain, Private Blockchain, Consortium/Hybrid Blockchain 2) By Stakeholder: Growers, Food Manufacturers/Processors, Retailers 3) By Application: Product Traceability, Tracking, And Visibility, Payment And Settlement, Smart Contracts, Governance, Risk And Compliance Management

Digital transformation, referred to as the process of using digital technology to create new or alter existing business processes, cultures, and consumer experiences by using tools such as cloud computing, big data analytics, artificial intelligence, and the Internet of Things, are examples of digital transformation solutions that enable traditional enterprises to optimize company operations, minimize operational efforts, and boost efficiency. The main types of digital transformation are cloud computing, big data and analytics, artificial intelligence (AI), the internet of things (IoT), and blockchain. Cloud computing is used by various organisations with the help of digital technologies to create or modify their existing services, such as business processes. Cloud service providers provide a cloud platform on a pay-for-use basis for their clients to store business databases, which helps them in business optimization. The cloud-based server uses virtual technology to host the client's company’s application out of premises, and gives access to the client to operate a business. The various deployment modes include cloud and on-premises, which are used by large enterprises and small and medium-sized enterprises (SMEs). The various end users include BFSI, healthcare, telecom and IT, automotive, education, retail, consumer goods, media and entertainment, manufacturing, and government. The digital transformation market research report is one of a series of new reports from The Business Research Company that provides digital transformation market statistics, including digital transformation industry global market size, regional shares, competitors with a digital transformation market share, detailed digital transformation market segments, market trends and opportunities, and any further data you may need to thrive in the digital transformation industry. This digital transformation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry. The global digital transformation market size grew from $1169.02 billion in 2022 to $1434.84 billion in 2023 at a compound annual growth rate (CAGR) of 22.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The digital transformation market size is expected to grow to $3152.85 billion in 2027 at a CAGR of 21.8%. The increasing adoption of machine learning and artificial intelligence is expected to drive the growth of the digital transformation market going forward. Digital transformation provides traditional businesses with solutions like cloud computing, big data & analytics, data management, and other advanced features such as artificial intelligence and machine learning, which help in the optimization of business operations, leading to reduced efforts in operations and increased efficiency. Thus, their usage increased in various sectors such as healthcare, banking, transportation, manufacturing, and others, increasing the demand in the digital transformation market. For instance, according to the report published by Cloudmantra, an India-based technology services company, the usage of machine learning in the Indian manufacturing industry has increased manufacturing capacity by up to 20% while reducing material usage by 4% in 2021. It also gives manufacturers the ability to control Overall Equipment Effectiveness (OEE) at the plant level, increasing OEE performance from 65% to 85%. Furthermore, according to the MIT Technology Review Insights report in 2022, approximately 60% of manufacturers are using artificial intelligence to improve daily operations, design products, and plan their future operations. Therefore, the rising adoption of machine learning and AI drives the digital transformation market. Technological advancement in digital solutions is the key trend gaining popularity in the digital transformation market. Major companies operating in the digital transformation market are focused on developing technologically advanced products to strengthen their market position. For instance, in April 2020, Oracle Corporation, a US-based computer technology corporation and software solutions provider, built a new cloud data storage service called GoldenGate, an oracle’s cloud infrastructure software that uses real-time data analytics for the analysis of data. Real-time data analysis provides a very quick analysis of data by using different logical and mathematical operations, which helps in understanding business requirements and implementing any decision instantly. GoldenGate provides clients with a highly automated and fully managed cloud service such as database replication, analyzing real-time data, and real-time data ingestion to the cloud, which will make daily business operations easy and analyzable. In October 2021, Accenture plc, an Ireland-based professional services company, acquired Umlaut Systems Gmbh for an undisclosed amount. Through this acquisition, Accenture plc aims to enhance its engineering capabilities to help companies use digital technologies like cloud and artificial intelligence and add leading engineers and consultants from 17 countries across the globe to Accenture’s Industry X services, which would strengthen its capabilities in industries such as automotives, aerospace and defense, energy, telecom, and utilities. Umlaut Systems Gmbh is a Germany-based custom engineering solution provider that develops organisational culture, structure, and process. Major players in the digital transformation market are Microsoft Corporation, IBM Corporation, Oracle Corporation, Google Inc., Cognizant, Accenture PLC, Dell EMC, Siemens AG, Hewlett-Packard Company, Adobe Systems Inc., Capgemini, Cognex Corporation, Deloitte, Marlabs Inc., Equinix Inc., PricewaterhouseCoopers, Apple Inc., Broadcom, CA Technologies, KELLTON TECH, International Business Machines Corporation, Hakuna Matata Solutions, ScienceSoft Inc., SumatoSoft, Space-O Technologies, HCL Technologies, and Tibco Software Inc., North America was the largest region in the digital transformation market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this digital transformation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the digital transformation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The digital transformation market includes revenues earned by entities by reducing operation costs to improve efficiency and customer satisfaction, generating data-based insights, and reducing human errors. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global digital transformation market is segmented - 1) By Technology: Cloud Computing, Big Data and Analytics, Artificial intelligence (AI), Internet Of Things (IoT), Blockchain 2) By Deployment Mode: Cloud, On-premises 3) By Organization Size: Large Enterprises, Small and Medium-sized Enterprises (SMEs) 4) By End-User: BFSI, Healthcare, Telecom and IT, Automotive, Education, Retail and Consumer Goods, Media and Entertainment Manufacturing, Government, Other End-Users

Blockchain is a decentralized network of computers that records and stores data to display a chronological series of events on a transparent and immutable ledger system. Artificial intelligence (AI) refers to the simulation of human intelligence in machines that are programmed so that machines can think like humans and mimic their actions. Blockchain AI convergence is inevitable because of both the technology with data and value. Blockchain enables secure storage and sharing of data whereas AI can analyze and generate insights from data to generate value. The main types of technologies used in blockchain AI are computer vision, machine learning (ML), and natural language processing (NLP). The blockchain AI is implemented in different verticals such as BFSI, telecom and IT, healthcare and life science, manufacturing, media and environment, automotive, and other sectors and is applied in smart contract, payment, data security, logistics and supply chain management, and business process optimization. The blockchain AI market research report is one of a series of new reports from The Business Research Company that provides blockchain AI market statistics, including blockchain AI industry global market size, regional shares, competitors with a blockchain AI market share, detailed blockchain AI market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain AI industry. This blockchain AI market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global blockchain AI market size grew from $0.39 billion in 2022 to $0.48 billion in 2023 at a compound annual growth rate (CAGR) of 25.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The blockchain AI market size is expected to grow to $1.18 billion in 2027 at a CAGR of 25.2%. The growing demand for accessing and managing data efficiently contributed to the growth of the blockchain AI market. Currently, most of the work has become digitalized and is mostly stored on the cloud, which is accessed and managed by blockchain AI. Blockchain AI convergence is inevitable because both the technology deal with data and value. Blockchain enables secure storage and sharing of data whereas AI can analyze and generate insights from data to generate value. For instance, Gainify is a healthcare platform that leverages AI, IoT devices, and blockchain and facilitates different tasks such as streamlining appointment scheduling, digital payments, identity verification, medical records management and others. It also allows the monetization of anonymous clinical data through a crypto payment system. The benefits of the deployment of blockchain AI in the process increased its demand and thereby contributed to the growth. Growing investment in Blockchain AI technology by enterprises is considered an emerging trend in the blockchain AI market. Artificial Intelligence refers to a machine that performs intelligent tasks performed by humans. Blockchain is a decentralized network of computers that records and stores data to display a chronological series of events on a transparent and immutable ledger system. The development of artificial intelligence applied to big data together with the security offered by blockchain technology creates the perfect combination for the management of large databases. Blockchain technology, in particular, has shown immense potential when coupled with machine learning functionality. According to the report published by USM Systems in 2021, a US-based provider of technology solutions and services, More than 60% of manufacturing businesses are utilizing AI to improve productivity and other business operations. Mostcompanies that were experimenting with using AI are now going ahead and adopting it in their processes. Therefore, investing in blockchain technology by business enterprises plays a major role in the success of businesses. In June 2020, NetObjex acquired VitalGrid for an undisclosed amount. The deal will expand NetObjex’s Digital Transformation product and service offerings. NetObjex is an Operating Platform for Digital Assets utilizing Artificial intelligence, Blockchain & IoT with applications in Manufacturing, Supply Chain, Transportation and Smart Cities. VitalGrid provides business technology and management consulting for improving performance, streamlining processes and reducing risk by delivering technology-enabled business innovation. Major players in the blockchain AI market are Cyware Labs, Core Scientific, Ai-Blockchain, AlphaNetworks, Bext360, BurstIQ, Neurochain Tech, Figure Technologies, NetObjex, Fetch.ai, Chainhaus, CoinGenius, and Computable. North America was the largest region in the blockchain AI market in 2022. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the blockchain AI market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the blockchain AI market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The blockchain AI market includes revenues earned by entities by providing software tools to store and distribute organizational data in distributed immutable ledger systems using AI models to enhance the data security of organizations. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global blockchain ai market is segmented - 1) By Technology: Computer Vision, Machine Learning (ML), Natural Language Processing (NLP), Other Technologies 2) By Vertical: BFSI, Telecom & IT, Healthcare and Life science, Manufacturing, Media & Environment, Automotive, Other Verticals 3) By Application: Smart Contract, Payment, Data Security, Logistics and supply chain management, Business process optimization, Other Applications

Blockchain is an immutable shared ledger that records online transactions, tracks assets, and builds trust in a business network. The main types of blockchain in banking and financial services are public blockchain, private blockchain, and others. Public blockchain doesn't require permission and is a distributed ledger technology that lets anyone join and make transactions, each peer features a copy of the ledger. The blockchain in banking and financial services are used by banking, insurance, and non-banking financial companies (NBFCs). The different applications include fund transaction management, real-time loan funding, liquidity management, and others. The blockchain in banking and financial services market research report is one of a series of new reports from The Business Research Company that provides blockchain in banking and financial services market statistics, including blockchain in banking and financial services industry global market size, regional shares, competitors with a blockchain in banking and financial services market share, detailed blockchain in banking and financial services market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain in banking and financial services industry. This blockchain in banking and financial services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global blockchain in banking and financial services market size grew from $1.89 billion in 2022 to $3.07 billion in 2023 at a compound annual growth rate (CAGR) of 62.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The blockchain in banking and financial services market size is expected to grow to $19.27 billion in 2027 at a CAGR of 58.3%. The increasing adoption of blockchain in banking and the rising use of cryptocurrency will propel the growth of the blockchain in the banking and financial services market during the forecast period. Blockchain in banking and financial services offers a wide array of advantages such as capital optimization, reduction in operational costs for banks, increased transparency, and helps to increase financial solutions. Blockchain in cryptocurrency helps to record each transaction and serves as a distributed ledger and obviates the need for any central authority to maintain such records. For instance, in October 2020, JPMorgan Chase shared that its cryptocurrency, JPM Coin, is being used commercially for the first time to send payments around the world. Also, they announced to launch new business unit Onyx, blockchain, and digital currency for financial systems. Therefore, the increasing adoption of blockchain in banking and the rising use of cryptocurrency will drive the growth of the blockchain in the banking and financial services market. The reduction in fraud through blockchain is shaping the blockchain in the banking and financial services market. Major companies operating in the banking and financial services sector are adopting the use of blockchain to help reduce fraudulent transactions, such as the use of smart contracts which allow the buyer and seller to create if / then contracts in which one step of the process won’t be fulfilled until the one before it has been verified completely. Blockchain also helps verify the legitimacy of every part of the supply chain process and blockchain provides security through its non-repudiation and disintermediation of data storage which helps prevent misappropriating company assets. For instance, in March 2021, IntellectEU, a US-based technology company focused on digital finance collaborated with KPMG to develop the ClaimShare solution which uses enterprise blockchain, R3 Corda, in combination with R3’s new software technology Conclave. Conclave allows confidential computing, by which insurers can’t share detailed information about claims without the other insurer seeing them. In June 2021, Deutsche Borse, a German-based capital market company acquired a majority stake in, Crypto Finance AG for an amount of $108.6 million. With this acquisition, Deutsche Börse expands its digital asset offering by providing a direct entry point for investments, as well as post-trade services. Crypto Finance AG is a Switzerland-based company that provides blockchain financial services in crypto asset management. Major players in the blockchain in banking and financial services market are Microsoft Corporation, IBM, Infosys, Amazon Web Services, Hewlett Packard Enterprise, R3, Intel, Oracle Corporation, SAP SE, Accenture plc, JPMorgan Chase & Co., Bitfury Group Limited, Auxesis Services & Technologies (P) Ltd., ConsenSys, Akamai Technologies Inc., and AlphaPoint. North America was the largest region in the blockchain in banking and financial services market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain in banking and financial services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the blockchain in banking and financial services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The blockchain in the banking and financial services market includes revenues earned by entities by offering public blockchain, private blockchain, and other blockchain services for banking and financial services. Blockchain offers a form of digitalized, decentralized public record of all transactions. Blockchain was designed to record everything of value and not just transactions. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global blockchain in banking and financial services market is segmented - 1) By Type: Public Blockchain, Private Blockchain, Other Types 2) By End-user: Banking, Insurance, Non-Banking Financial Companies (NBFCs) 3) By Application: Fund Transaction Management, Real Time Loan Funding, Liquidity Management, Other Applications

The blockchain devices is referred to as a decentralized architecture with built-in security to improve transaction trust and integrity. Blockchain has revolutionized the exchange of information and media. Blockchain technology is widely regarded as a game-changing breakthrough and the harbinger of a new economic era. The main types of blockchain devices are blockchain smartphones, crypto hardware wallets, crypto automated teller machines (ATMs), and point of sales (POS) terminals. Blockchain smartphones have more control of users over their online personalities and data thanks to blockchain technology. By connectivity, types of blockchain devices included wired and wireless. Blockchain devices are used in personal and corporate applications. Major end-users of blockchain devices include the consumer, BFSI, government, retail and e-commerce, travel and hospitality, automotive, transportation and logistics, IT and telecommunication, and other industries. The blockchain devices market research report is one of a series of new reports from The Business Research Company that provides blockchain devices market statistics, including blockchain devices industry global market size, regional shares, competitors with a blockchain devices market share, detailed blockchain devices market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain devices industry. This blockchain devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global blockchain devices market size grew from $0.67 billion in 2022 to $0.96 billion in 2023 at a compound annual growth rate (CAGR) of 43.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The blockchain devices market size is expected to grow to $4.07 billion in 2027 at a CAGR of 43.6%. The increasing investments in blockchain technology are significantly contributing to the growth of the blockchain devices market. There has been an increase in adoption and implementation of real-world blockchain solutions across a wide range of industries and businesses. Organizations have expanded their investments in blockchain technology, proving their dedication to the technology. For instance, according to Deloitte’s 2020 Global Blockchain Survey, which surveyed approximately 1500 senior executives and practitioners from 14 countries, participants had a "broad understanding of blockchain, digital assets, and distributed ledger technology (DLT)." One of the most important findings of the survey is that blockchain technology is gradually becoming a true strategic priority for businesses. This was confirmed by 55% of respondents who stated that blockchain is crucial and among their top-five strategic goals, with 66% of executives predicting $1 million or more in investments in the next 12 months. Therefore, the growing investments in blockchain technology are expected to drive adoption of blockchain, driving the blockchain devices market. The adoption of wireless communication technology is a key trend gaining popularity in the blockchain devices market. Organizations are adopting next-generation wireless technologies believe to gain competitive advantage and enable innovation. For instance, according to a Deloitte survey in June 2020, networking executives view advanced wireless technologies as increasingly critical to their enterprise success. 86% of networking executives surveyed believed that advanced wireless will transform their company in three years. Furthermore, 57% percent respondents reported that their organization is currently in the process of adopting 5G and/or Wi-Fi 6, and 37% plan to adopt these technologies within the next year. In April 2020, ShapeShift, which provides web and mobile platforms for global trade of a variety of digital assets, acquired Portis Wallet for an undisclosed amount. Through this acquisition the two companies are merged with a shared vision, that includes the creation of an open financial system in which self-sovereignty is easy and accessible, and all ShapeShift Platform users will be able to log into and access the DeFi services, under one account. Portis aims to empower DeFi developers to offer the user base a simple yet powerful experience. Major players in the blockchain devices market are Ledger, SatoshiLabs, SIRIN LABS, Pundi X, Genesis Coin, GENERAL BYTES, HTC, RIDDLE&CODE, ShapeShift, Bitaccess, Coinsource, Samsung, Infineon Technologies, Helium Systems, AVADO, Lamassu Industries, SafePal, PAYMYNT, Modum, NXM Labs, Blockchain Luxembourg S.A, Tangem, Filament, Sikur, Covault, ELLIPAL, IBM Corporation, and Microsoft. North America was the largest region in the blockchain devices market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the blockchain devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The blockchain devices market consists of sales of devices such as positioning system (GPS) devices. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global blockchain devices market is segmented - 1) By Type: Blockchain Smartphones, Crypto Hardware Wallets, Crypto Automated Teller Machines (ATMs), Point of Sales (POS) Terminals 2) By Connectivity: Wired, Wireless 3) By Application: Personal, Corporate 4) By End User: Consumer, BFSI, Government, Retail & E-commerce, Travel & Hospitality, Automotive, Transportation & Logistics, IT & Telecommunication, Others (Energy & Utilities, Education, Agriculture, Healthcare, Manufacturing)