Global Blockchain Market is valued at USD 4.62 Billion in 2021 and is expected to reach USD 173.68 Billion by 2028 with a CAGR of 67.9% over the forecast period.
Global Blockchain Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2028: Growing adoption of blockchain across many sectors and supportive government initiatives are some of the major factors driving the growth of the Global Blockchain Market.
Blockchain is a distributed, immutable database that makes it easier to record transactions and manage assets in a business network. Blockchains are well known for their critical function in keeping a secure and decentralized record of transactions in cryptocurrency systems like Bitcoin. Blockchain is a remarkably promising and revolutionary technology because it reduces risk, eliminates fraud, and provides scalable transparency for a wide range of applications. It is considered as a distributed ledger technology since first discussed by Stuart Haber and W. Scott Stornetta in 1991.
Covid-19 has been a fantastic accelerator for blockchain technology. The abrupt outbreak of the Covid-19 pandemic in 2020 has generated a drastic effect on sports production by enforcing strict lockdowns and strict regulations to provide protocols. Due to the pandemic, the reliance on online businesses has improved appreciably. The future of sports is in the hands of cryptocurrencies with its blockchain technology retaining the global market. The sports trade has realized the potential of cryptocurrencies to endure in the tech-driven era post-pandemic. Vendors have experienced an improved demand for a Blockchain Market. Blockchain technology has also benefitted the BFSI, healthcare and life sciences, manufacturing, retail, transport, and logistics.
Global blockchain market is segmented into components, services, provider, type, organization size, application area, and geography. On the basis of components, the global blockchain market is divided into platforms and services. Based on services, the market is divided into technology advisory and consulting development and integration services, and support & maintenance. Based on the provider, the global blockchain market is divided into application, middleware, and infrastructure. Based on type, the market is divided into public, private, and hybrid. Based on organization size, the global blockchain market is divided into large enterprises and SMEs. Based on the application area, the global blockchain market is divided into transportation and logistics, agriculture and food, manufacturing, energy and utilities, healthcare and life science, media, advertising and entertainment, banking and financial services, insurance, IT and telecom, retail and e-commerce, government, and other application areas.
Some of the key players for global blockchain market are
On June 7th, 2022; the American arm of the world’s largest cryptocurrency exchange, Binance.US unveiled a blockchain staking product encouraging high yields on staked crypto, with the aim of outflanking comparable offerings from rival U.S.-based exchanges.
On November 19th, 2021; ecofashionCORP is a leader in the sustainable fashion business, utilizing technology to meet rising customer demand for greater brand transparency. Through their house brands Seed to Style and YesAnd, ecofashionCORP will organise, digitize, and communicate value chain processes showcasing farms and factories for the launch.
Blockchain technology is gathering momentum and it is deemed one of the largest technology breakthroughs in recent history. Trends evolving throughout the pandemic could have a considerable impact on user implementation of blockchain. The rising adoption of blockchain in the various sectors is one of the major factors accelerating the growth of the blockchain market. The number of recorded blockchain wallets was more than 70 million in the second quarter of 2021. Blockchain skills became one of the most sought-after aptitudes in the world with the demand rising by roughly 2,000 percent from 2017 to 2020. Every single year there is a significant upsurge in the growth rate of blockchain technology. In 2022, spending on blockchain solutions will achieve about US$ 11.7 billion all over the world. Whereas more than 50% of businesses view blockchain as a strategic priority worldwide. The adoption of blockchain is enormously revolutionizing the world economy in recent years. As a result, all the above factors are augmenting the market growth and will become a backbone across main industries in the forecast period.
Blockchain technology experienced a prosperous growth after the introduction of Bitcoin and is previously being used by several financial institutions for conducting transactions. Blockchain technology has surged in popularity in the last two to three years for a number of businesses uses, including payments, exchanges, smart contracts, documentation, and digital identification. Several startups have entered the market and begun developing blockchain-based solutions. Auxesis Group, Blockpoint, SpinSys, Symbiont, Bitfury, Confirm, Genomes, Neufund, Fetch.AI, CiveQ, and QubiTech are among the many start-ups. In 2018, venture capitalists increased their investments in blockchain technology. For example; Digital Currency Group, has completed more than 197 blockchain and crypto deals until August 2021, primarily investing in cryptocurrency, fintech, and blockchain companies; its most recent investments include Circle and Figure Technologies, both of which develop technology to facilitate financial transactions. As a result, growing venture capital funding and investments in blockchain technology are intensifying the blockchain market size all over the globe.
Despite the aforementioned driving factors, regulatory uncertainty remains a worry in the blockchain market. The lack of regulations and the subsequent insecurities persist to be one of the biggest restraining factors for the adoption of blockchain among most verticals. In spite of that, massive investment in IoT, AI, and blockchain technology is generating a plethora of opportunities for the further growth of the market.
North America is anticipated to account for the major market share in the global blockchain market owing to the early adoption of Blockchain and the presence of various vendors offering security and Blockchain solutions in this region. For example; the U.S. accounts for 56% of the global blockchain investments. And there are almost 5,000 blockchain startups recorded on AngelList. Protection and vulnerability management solutions are increasingly being used by businesses in this region to ensure business continuity by enabling data security, preventing cyber-attacks and commercial espionage, and safeguarding data security and privacy.
Asia Pacific is expected to be the fastest growing region in the global blockchain market due to the advent of the latest technologies, government support, large investment, and many other factors. China has made blockchain technology of strategic significance. The central government of China has progressively seen it as an opportunity, as has been the case with most promising technologies. Also, more than 56% of Indian corporations are turning towards blockchain technology, making it a part of their core business. In several Asian countries, blockchain adoption has seen a lot of traction in recent years. Implementation of blockchain and adoption among many Asian countries are driving market growth in this region.
|2018 - 2021
|2021 - 2028
|Market Size in 2021:
|USD 4.62 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 173.68 Billion
|Tables, Charts & Figures:
|IBM, AWS, SAP, Intel, Oracle, Huawei, Accenture, Wipro, Bitfury, Chain, Blockcypher, Guardtime, Cegeka, Symbiont, BigchainDB, Applied Blockchain, Auxesis Group, Spinsys, Infosys, NTT Data, Factom, R3, Consensys, RecordsKeeper, Stratis, Blockchain Foundry, Blockpoint, Leewayhertz, and Dragonchain and others.
|By Component, By Service, By Based Provider, By TypeBy Organization Size, By Application Area
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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