The adoption of blockchain technology is still in its nascent stages, and it is growing at different speeds in different countries. The adoption of blockchain depends on government support and a favorable business environment. blockchain technology has immense potential to transform businesses and government services. For sustainable growth of the blockchain market, a unified regulatory framework is crucial, and it depends on the governments' will. The opportunities in various countries will grow exponentially depending on the supportive government initiatives. Moreover, the rising use cases of blockchain in government applications is another positive sign for companies operating in this market. Some of the most common public sector use cases include digital identity, digital voting, inter & intragovernmental transactions, documentation records, and supply chain traceability.
Governments of South American countries have taken an array of actions to protect their citizens and contain the spread of COVID-19 infection through lockdowns, trade bans, and travel restrictions. The spread of SARS-CoV-2 has interrupted the operations of the BFSI sector. With growing manufacturing, energy & utilities, retail industries, businesses in this region are increasingly implementing security and vulnerability management solutions to enable data security, prevent cyber-attacks and commercial espionage, and ensure security and privacy of data to facilitate business continuity.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 171.52 Million |
| Market Size by 2028 | US$ 5,494.72 Million |
| Global CAGR (2021 - 2028) | 64.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Component
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| Regions and Countries Covered | South and Central America
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| Market leaders and key company profiles |