Vietnam Blockchain Market to be dominated by Public Blockchain till 2026
High-end foreign investments and the growing middle-class
population are driving the growth of Vietnam Blockchain Market in the forecast
period, 2022-2026.
According
to TechSci Research report, “Vietnam Blockchain Market By Component (Platforms
and Services), By Provider (Application, Middleware, and Infrastructure), By
Type (Private, Public, and Hybrid), By Organization Size (Small and Medium
Sized Enterprises, Large Enterprises), By Application Area (Transportation and
Logistics, Food & Agriculture, Manufacturing, Energy & Utilities,
Healthcare, Media and Entertainment, Banking and Financial Services, IT &
Telecom, Others), By Region, Competition Forecast & Opportunities, 2026”,
the Vietnam Blockchain market is expected to witness steady growth in the forecast
period, 2022-2026. Vietnam's flourishing national economy and favorable
government policies creating an ideal start-up environment are driving the
formation and development of many fintech start-ups. Increasing digitalization
across industries and the high demand for improved transparency in digital
transactions are expected to boost the Vietnam Blockchain market growth.
However,
the rise in security and privacy concerns may restrain the Vietnam Blockchain
market growth in the forecast period.
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Blockchain Market"
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The
Vietnam Blockchain market is segmented on the basis of component, provider,
type, organization size, application area, competitional landscape, and
regional distribution.
On the basis of the component, the
Vietnam Blockchain market is divided into platforms and services. The platforms
segment is expected to witness huge growth in the forecast period, 2022-2026.
Customized digital ledger networks for end users are designed by the digital
ledger network and application developers by using the platforms in Blockchain
technology. The growing demand for
different platforms including Ripple, Ethereum, R3 Corda, Hyperledger Fabric in
several industries is influencing the market demand.
On the basis of the type, the Vietnam Blockchain
market is divided into private, public, and hybrid. The public segment is
expected to hold the largest market share in the forecast period. A public Blockchain
can be defined as the public portal and anyone can join the public network as
it has no restrictions on the participation of people. Blockchain technology
helps in the creation of decentralized system and offers maximum security to
the consumers. The presence of reliable and strong internet connection enables
the users to easily log into the system which is irrespective of the type of
device and device location. Everything in public Blockchain is recorded, public
and cannot be changed.
On the basis of the organization size,
the Vietnam Blockchain market is divided into small and medium sized
enterprises and large enterprises. The large enterprises segment is expected to
dominate the market in the predicted period. The growing need for digital
services among different business channels and the high investment for enhanced
security is the driving factor contributing to the growth of Blockchain
technology in the large enterprises segment.
On the basis of the application area, the
Vietnam Blockchain market is divided into transportation and logistics, food
& agriculture, manufacturing, energy & utilities, healthcare, media and
entertainment, banking and financial services, IT & telecom, and others.
The banking and financial services are expected to witness the fastest
incremental growth in the next five years. The growing investments in the Blockchain
technology by the financial service providers and growing demand for
transparency in the digital transactions is expected to contribute to the
market demand.
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“The government is promoting advanced
technologies, including Blockchain and the internet of things, by allocating
huge funds for technological advancements in the country. The growing demand
for IoT technology for applications such as vehicular connectivity, smart
homes, smart grids, and smart transportation fuels the need for Blockchain
technology as it helps create a decentralized network of IoT devices,
eliminating the need for central communication between them the devices. An
increase in the number of cyber-attacks is fueling the demand for
Blockchain-infused IoT, which offers higher security measures and helps
optimize the time spent in communication. The growing use of advanced
technologies and the development of solid ICT infrastructure is expected to
propel the growth of the Vietnam Blockchain market till 2026” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Vietnam Blockchain
Market By Component (Platforms and Services), By Provider (Application,
Middleware, and Infrastructure), By Type (Private, Public, and Hybrid), By
Organization Size (Small and Medium Sized Enterprises, Large Enterprises), By
Application Area (Transportation and Logistics, Food & Agriculture, Manufacturing,
Energy & Utilities, Healthcare, Media and Entertainment, Banking and
Financial Services, IT & Telecom, Others), By Region, Competition Forecast
& Opportunities, 2026”, has evaluated the future
growth potential of Vietnam Blockchain market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Vietnam Blockchain market.
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