South America Blockchain Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solutions and Services), Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Governance, Risk and Compliance, and Others

South America Blockchain Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solutions and Services), Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Governance, Risk and Compliance, and Others), and Industry Vertical (BFSI, Retail, Government, Transportation and Logistics, Healthcare, Automotive, Media and Entertainment, and Others)

The blockchain market in South America is expected to grow from US$ 171.52 million in 2021 to US$ 5,494.72 million by 2028; it is estimated to register a CAGR of 64.1% from 2021 to 2028. Artificial intelligence (AI) and its applications, such as machine learning and deep learning, have grown tremendously over the last few years. AI is being utilized extensively in numerous areas, ranging from cloud computing applications to digital assistants and self-driving/autonomous vehicles. With a few of the most prominent tech players, such as Google, Amazon, Apple, Facebook, Microsoft, IBM, Baidu, Alibaba, and Tencent, at the forefront of AI research and development, this technology is expected to change the face of every industry in the coming years. Blockchain and AI are two breakthrough technologies; they work well in unison. Combining these two technologies helps build and organize massive databases, strengthen various cybersecurity protocols, and perform tasks in less time than humans. AI works on the data gathered from multiple sources to extract valuable insights related to various business processes and customer preferences while saving costs and increasing operational efficiency for companies. Using AI to collect information is the most common way to use this technology. This data collection and its ethical use pose difficulties in the wide adoption of AI. In this matter, Blockchain can help by storing the AI mechanisms that process data on a distributed and decentralized registry, which will help secure personal information. In blockchain solutions, users can control access to their personal information by using private and public keys. AI-powered blockchains can provide decentralized identification to protect user identity. Various companies are using Blockchain and AI together in diverse applications. Most advanced economies have adopted AI and Blockchain as essential strategies to gain and enhance competitiveness in the South America market. Government initiatives and the increase in use cases of combining Blockchain and AI are expected to be a major trend during the forecast period.

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.

Based on application, the South America blockchain market is segmented into payments, exchanges, smart contracts, documentation, digital identity, governance, risk and compliance, and others. In 2020, the payments segment held the largest share in the South America blockchain market. Blockchain technology delivers secure, fast, low-cost international payment processing services via encrypted distributed ledgers that deliver trusted real-time verification of transactions. The payment segment include inter and intra-bank payments, cross-border payments, remittances, in the banking & financial sector. International payments are evolving as clients increasingly require faster processing, easier settlement, and greater transparency on fees. Several companies are integrating blockchain technology with their payment solutions to meet the expectations of the customers.

The overall South America blockchain market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the South America blockchain market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the South America blockchain market. Accenture, Amazon Web Services, Hewlett Packard Enterprise Development LP (HPE), IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, Ripple Labs Inc., and SAP SE are among the key players operating in the South America blockchain market.

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