Chicago, July 25, 2024 (GLOBE NEWSWIRE) -- 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, according to a new report by MarketsandMarkets™. The integration of cloud-based solutions and advanced technologies like AI, ML, has propelled the rapid growth of blockchain adoption. Cloud-based blockchain solutions offer remote accessibility and cost reductions, while AI, ML, and integration are used for efficiency. These combined advancements in blockchain cater to organizations' demands for scalable, cost-effective, and efficient security solutions, driving significant expansion in the blockchain market. Browse in-depth TOC on "Blockchain Market" 632 - Tables 62 - Figures 444 - Pages Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=90100890 Blockchain ensures simplification of processes, along with transparency, and security. It has a significant potential in application areas such as payments, smart contracts, and digital identities. Blockchain Market Dynamics: Drivers: Increasing venture capital funding and investments in blockchain technology Growing demand for secure and transparent transactions in retail, SCM, and banking applications Need for simplification, transparency, security, and immutability of processes High adoption of blockchain solutions for payments, smart contracts, and digital identities Low operational costs offered Opportunities: Increasing government initiatives to boost demand for blockchain platforms and services Amalgamation of blockchain, IoT, and AI Rising demand for real-time data analysis, enhanced visibility, and proactive maintenance Potential of blockchain technology in novel industries Restraints: Uncertain regulatory and compliance environment High cost of implementing blockchain technology List of Blockchain Companies: AWS (US) Oracle (US) IBM (US) Huawei (China) Accenture (Ireland) TCS (India) Google (US) Alibaba (China) Microsoft (US) OVHcloud (France) SAP (Germany) Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=90100890 Trend: Web3 Web3 represents the next generation of the internet, emphasizing decentralization and user control. Web3 leverages blockchain ...