Turkey Blockchain Market to be dominated by BFSI industry till 2027
Expansion of cryptocurrency
market and growing rate of digitalization across industries is expected to
drive the demand of Turkey Blockchain Market in the forecast period, 2023-2027.
According to TechSci Research
report, “Turkey Blockchain Market
By Region, Competition Forecast & Opportunities, 2027”, the Turkey blockchain market is
expected to witness steady growth in the forecast period, 2023-2027. The demand
for blockchain solutions is increasing at a rapid rate as they provide enhanced
transparency in financial transaction management in cryptocurrency. The
blockchain solutions are increasingly deployed as they find several
applications in retail, banking and e-commerce platforms and reduce the chances
of human error. Blockchain technology allow the users to view, verify and track
entire transactions and maintain a track record of their transactions more
easily.
However, uncertainty in
regulations and concerns regarding security, privacy, and control of blockchain
transactions and lack of skilled professionals may restrain the Turkey Blockchain
market growth in the forecast period.
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data Figures spread through 70 Pages and an in-depth TOC on "Turkey Blockchain Market"
Turkey Blockchain market is
segmented into component, provider, type, organization size,
application area, regional distribution, and company.
Based on provider, the market
is divided into application, middleware, and infrastructure. The infrastructure
segment is expected to account for significant market share in the forecast
period owing to the growing demand for blockchain protocols and standards among
the end-users. The high demand for these protocols and standards is because
they enable the end users to share information reliably and securely across the
cryptocurrency networks.
Based on type, the market is
divided into private, public, and hybrid. The public type is expected to
dominate the market over the next five years as its cost-effective solutions to
enterprises. Also, the growing popularity of cloud-based platforms and
increased focus of government authorities on adopting new technologies is
expected to propel the segment growth over the next five years.
Based on organization size,
the market is divided into large and small & medium. Large enterprises are
expected to capture the highest market share as they can invest significant
amount and capital to upgrade their existing infrastructure and adopt novel
technologies. The large enterprises which work primarily in sectors such as
healthcare, financial services, insurance, and supply chain are transforming
towards the adoption of digital platforms for online payments. Enterprises have
started to invest in cloud-based services to provide work from home access to
its employees. They are promoting the development of cloud-based platforms
which in turn is increasing the demand for software across various industries.
The companies are also using distributor ledger-based services which uses
blockchain technology to safeguard the digital information and authenticate the
access of employees to confidential information.
Based on application area, the
market is divided into transportation & logistics, agriculture & food,
manufacturing, energy & utilities, healthcare, BFSI, entertainment, IT
& telecom, and others. Healthcare industry is expected to own significant
market share over the next five years due to the need to protect the
confidential data of patients by using blockchain technology. To counter the
incidences of data breaches and cyber-attacks and growing popularity of IoT and
wearable devices among patients is expected to bolster the growth of Turkey
blockchain market over the forecast period.
Major market players
operating in the Turkey blockchain market are:
·
IBM
Corporation
·
Amazon
Web Services
·
SAP
SE
·
Intel
Corporation
·
Oracle
·
Huawei
·
Accenture
PLC
·
Wipro
·
Blockcypher
·
Applied
Blockchain Ltd.
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“Government of Turkey have
begun working on the developing structure to support blockchain technology.
They had announced plans for national blockchain infrastructure along with
digital roadmap for blockchain based central currency, the digital Lira which is
expected to create significant growth opportunities for the blockchain market players
over the next five years. The Ministry Industry and Technology had announced Strategy
2023 which emphasized the use of blockchain and DLT technology and has planned
to develop open-source platform for blockchain is acting as a positive factor
for Turkey blockchain market. Also, the entry of new market players owing to
favorable government regulations and increase in investments for development of
blockchain technology is expected to propel the growth of Turkey blockchain
market till 2027” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Turkey Blockchain Market
By Component (Platforms and Services), By Provider (Application, Middleware,
and Infrastructure), By Type (Private, Public, and Hybrid), By Organization
Size (Large, Small & Medium), By Application Area (Transportation &
Logistics, Agriculture & Food, Manufacturing, Energy & Utilities,
Healthcare, BFSI, Entertainment, IT & Telecom, Others), By Region,
Competition Forecast & Opportunities, 2027”, has evaluated the future
growth potential of Turkey 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 Turkey Blockchain market.
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