Turkey blockchain market is anticipated to grow at a steady CAGR during the forecast period, 2023-2027. Turkey blockchain market is still at a nascent stage. Factors such as increased investments by public and private players in blockchain technology companies and growing popularity of cryptocurrency are driving the demand for Turkey blockchain market. Also, the supportive government policies promoting IT sector and high demand for blockchain technology for applications like smart contracts, digital identities and payments are expected to fuel the growth of Turkey blockchain market over the next five years.
Increased Investments in Blockchain Technology Drives the Market Growth
Blockchain technology has gained immense popularity after the introduction of cryptocurrencies and is being used by several financial institutions to carry out online transactions. In Turkey, like every elsewhere the blockchain is also linked with cryptocurrencies and it has been among the leading countries in adoption of cryptocurrency. The main market players to stay ahead in the market have started to adopt measures to understand the basics of technology and find ways on how to implement in their existing business models. Also, Turkey’s young and tech-savvy population are supporting the growth of blockchain market. A large number of startup companies have entered the Turkey blockchain market and have started developing blockchain solutions. BTCTur, Bitci, BiLira, Barakatech, Colendi are some of the companies who have entered the blockchain market and have started using it to provide solutions to the customers. Blockchain is being used for different business applications such as in smart contracts, digital identity, documentation, payments, exchanges, and others which is another major reason for their high demand in the country.
Integration of Advanced Technologies Fuels the Market Growth
Blockchain technology finds several applications in different areas like banking, IoT and cryptocurrency. The IoT devices are used in several applications such as in smart transportation, smart grids, autonomous vehicles, smart homes, smart infrastructure, and others. Government of Turkey is making efforts to transform the existing infrastructure in Turkey. They had made announcements in past for example 2020-2023 National Smart Cities Strategy to support and guide municipalities to make strategies for the development of smart cities in Turkey. Blockchain technology can be used to make a decentralized network of IoT devices which would eliminate the need the need to central location to handle data sharing between the IoT devices. Blockchain technology is expected to revolutionize the information sharing process between the devices by enabling the devices to communicate with each directly without having the need of monitoring system. Therefore, with the expected transformation of cities into smart cities and growing awareness about the benefits of using blockchain technology for different applications is expected to boost the growth of Turkey blockchain market over the forecast period.
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Market Segmentation
Turkey blockchain market is segmented into component, provider, type, organization size, application area, regional distribution, and company. Based on component, the market is divided into platforms and services. Based on provider, the market is divided into application, middleware, and infrastructure. Based on type, the market is divided into private, public, and hybrid. Based on organization size, the market is divided into large and small & medium. Based on application area, the market is divided into transportation & logistics, agriculture & food, manufacturing, energy & utilities, healthcare, BFSI, entertainment, IT & telecom, and others. Turkey Blockchain market is studied in major regions namely Marmara Region, Central Anatolia, Aegean Region, Mediterranean Region, Black Sea Region, South-Eastern Anatolia Region, Eastern Anatolia Region.
Market Players
IBM Corporation, Amazon Web Services, SAP SE, Intel Corporation, Oracle, Huawei, Accenture PLC, Wipro, Blockcypher, Applied Blockchain Ltd., are among the major market players operating in the Turkey Blockchain market.
| Attribute | Details |
| Base Year | 2021 |
| Historic Data | 2017 – 2020 |
| Estimated Year | 2022 |
| Forecast Period | 2023 – 2027 |
| Quantitative Units | Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027 |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | · Component · Provider · Type · Organization Size · Application Area |
| Regional scope | Marmara Region, Central Anatolia, Aegean Region, Mediterranean Region, Black Sea Region, South-Eastern Anatolia Region, Eastern Anatolia Region |
| Key companies profiled | IBM Corporation, Amazon Web Services, SAP SE, Intel Corporation, Oracle, Huawei, Accenture PLC, Wipro, Blockcypher, Applied Blockchain Ltd. |
| Customization scope | 10% free report customization with purchase. Addition or alteration to regional & segment scope. |
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| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
