Chicago, May 02, 2023 (GLOBE NEWSWIRE) -- The global Blockchain Market size is projected to grow from USD 7.4 billion in 2022 to USD 94.0 billion by 2027, at a CAGR of 66.2%, according to a new report by MarketsandMarkets™. High adoption of blockchain technologies for payments, smart contracts and digital identities is expected to boost the market. Moreover, opposition from incumbents may hinder the market growth.
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482 - Tables
56 - Figures
417 - Pages
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Scope of the Report:
| Report Metrics | Details |
| Market Size Value in 2022 | $7.4 billion |
| Revenue Forecast Size in 2027 | $94.0 billion |
| Growth Rate | 66.2% CAGR |
| Key Growth Drivers | Increasing venture capital funding and investments in blockchain technology |
| Key Opportunities | Increasing government initiatives to boost demand for blockchain platforms and services |
| Period for Which Market Size Has Been Studied | 2018–2027 |
| Base Year Considered | 2021 |
| Forecast Period | 2022–2027 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | By Component, Provider, Type, Organization size, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America |
| Top Players | IBM (US), AWS (US), Oracle (US), Huawei (China), Accenture (Ireland), Wipro (India), Infosys (India), TCS (India), SAP (Germany), Intel (US), ConsenSys (US), NTT DATA (Japan) |
| Other Players | Bitfury, Guardtime, Blockcypher, Vmware, Spinsys, Leewayhertz, R3, Cegeka, Symbiont, Bigchaindb, Applied Blockchain, Recordskeeper, Blockpoint, Auxesis Group, Blockchain Foundry, Factom, Stratis, Dragonchain |
By component, services segment is expected to grow at highest CAGR
The services segment includes various services required to deploy, execute, and maintain a blockchain platform in an organization; these services include technology advisory and consulting, development and integration, and support and maintenance. As the adoption of blockchain platforms increases, the demand for these services is also expected to increase. The major service providers in the Blockchain Market are IBM, AWS, SAP, Accenture, Wipro, NTT Data, ConsenSys, Infosys, and LeewayHertz, among others who offer technology advisory and consulting, development and integration, and support and maintenance services globally. As part of IBM Blockchain Services, 1,600 IBM business and technical experts have worked on more than 500 IBM Blockchain projects thus far.
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By type, hybrid blockchain is expected to account for largest market share during forecast period
A blockchain solution cannot scale at the expense of decentralization or security. Public blockchain has a very low transaction speed. On the other hand, private blockchain supports a much faster transaction speed because the consensus finality is much faster. So hybrid blockchain is much better solution which ensures a truly decentralized blockchain that is also fast and secure. This provides an immutable trust from the public blockchain as well as scaling capabilities from the private blockchain.
A permissioned blockchain is a type of hybrid blockchain that shares many features of both, private and public blockchains. Permissioned blockchains have seen an increase in popularity due to their ability to allocate specific permissions to various users on the network. In a hybrid blockchain, every transaction can happen quickly in its own private chain and commit to the public chain when necessary for public verification. Layer 2 solutions and sidechains are variations of this concept. A sidechain is a blockchain that can run in parallel to the main chain. Sidechains allow users to move digital assets between two different blockchains to improve scalability and efficiency.
The major vendors in the Blockchain Market are IBM (US), AWS (US), Oracle (US), Huawei (China), Accenture (Ireland), Wipro (India), Infosys (India), TCS (India), SAP (Germany), Intel (US), ConsenSys (US), NTT DATA (Japan), Bitfury (Netherlands), Guardtime (Estonia), Chain (Saint Kitts and Nevis), VMware (US), SpinSys (US), LeewayHertz (US), R3 (US), Cegeka (Netherlands), Symbiont (US), BigchainDB (Germany), Applied Blockchain (UK), RecordsKeeper (US), Blockpoint (US), Auxesis Group (India), Blockchain Foundry (Canada), Factom (US), Stratis (UK), Dragonchain (US).
Frequently Asked Questions (FAQ)
What is the projected market value of Blockchain Market?
The global Blockchain Market is anticipated to grow from $7.4 billion in 2022 to $ 94.0 billion by 2027.
What is the estimated growth rate (CAGR) of the global Blockchain Market for the next five years?
The global Blockchain Market is estimated to register a CAGR of 66.2% from 2022 to 2027.
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