Pune, India, Feb. 03, 2022 (GLOBE NEWSWIRE) -- The global blockchain market size is projected to reach USD 104.19 Billion by 2028, exhibiting at a CAGR of 55.8% in the forecast period. In its report titled “Blockchain Market Analysis Research Report, 2021-2028” Fortune Business Insights mentions that the market size stood at USD 3.06 billion in 2020.
In recent times, demand for cloud-based services has increased dramatically. Moreover, the pandemic acted as a catalyst in creating even more new opportunities for this technology. Technology is demanded in setting up virtual work platforms, and this has created a demand for software as a service in companies to ensure work continuity. Additionally, B-a-a-S has also emerged as an ideal solution to cater to demand for small and medium-sized enterprises (SMEs). SME's are using this service to safeguard their digital entities and authenticate human identities, increasing demand for B-a-a-S products. The aforementioned factors are expected to fuel the market growth during the forecast period.
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Companies Profiled in Blockchain Market:
- Accenture PLC (Dublin, Ireland)
- Amazon Web Services, Inc. (Washington, U.S.)
- Applied Blockchain Ltd. (London,U.K.)
- IBM Corporation (New York, U.S.)
- Intel Corporation (California, U.S.)
- LeewayHeartz (California,U.S.)
- Microsoft Corporation (Washington, U.S.)
- Oracle Corporation (Texas,U.S.)
- R3 (New York,U.S.)
- Tata Consultancy Services Limited (Mumbai, India)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 55.8% |
| 2028 Value Projection | USD 104.19 Billion |
| Base Year | 2020 |
| Blockchain Market Size in 2020 | USD 3.06 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 160 |
| Segments covered | Component, Type, Applications, Deployment, Industry and Geography |
| Blockchain Market Growth Drivers | Increasing Issues of Financial Data Safety to Drive Blockchain Market Growth |
| North America to Dominate Backed by Presence of Prominent Players | |
| Key Players to Focus on New Application Launches to Strengthen their Market Prospects |
COVID-19 Impact
The COVID-19 pandemic acted as an accelerator for digital infrastructure. Owing to the pandemic almost all the sectors shifted towards digitalization to ensure their work continuity. The increasing adoption of cloud and internet of things devices has brought up security and privacy issues across all the verticals. Thus, demand for the technology has increased as it provides identity protection, transparency in supply chain operations, and protects health records. Thus with its increasing usage, companies are building up new platforms. For instance, in April 2020, the World Health Organization made a collaboration with IBM, Microsoft, Oracle to build a blockchain-based, distributed data platform, named MiPasa. This will help in detecting infection hotspots and virus carriers worldwide. Thus, blockchain market share is expected to increase during the forecast period.
To get the short-term and long-term impact of COVID-19 on the global blockchain market,
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What does the Report Provide?
The market report offers a comprehensive analysis of various factors such as the key drivers, and restraints that are likely to impact the revenue growth in upcoming years. The report also provides insights into different regions that are contributing to the global growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.
Driving Factor
Increasing Issues of Financial Data Safety to Drive Blockchain Market Growth
The increasing issue of safety and privacy is forcing BFSI and IT companies to adopt digital ledger technology, as this will offer users financial data safety. With its features of cross-border transactions, clearing and settlements, trade finance platforms, digital identity verification, and credit reporting, the technology demand is growing and this is expected to drive the blockchain market growth in upcoming years. For instance, In June 2021, major banks of India such as the State bank of India (SBI), HDFC, ICICI Bank, and others made collaboration with Indian Bank’s blockchain infrastructure company private limited (IBBIC) to secure transactions, reduce transaction processing time and speed up the process of letter s of credit.
Market Segmentation:
By component, the market is divided into platform/solution and blockchain as a service. By type, it is segmented into the public blockchain, private blockchain, and consortium blockchain. By applications, it is segmented into digital identity payments, smart contracts, supply chain management, and others. By deployment, it is divided into proof of concept, pilot, and production. By Industry, it is segmented into BFSI, energy & utilities, government, healthcare, and life sciences, manufacturing, telecom, media & entertainment, retail & consumer goods, travel and transportation, and others.
Based on industry, the BFSI segment held a blockchain market share of 31.4% in 2020. This is attributable to the increasing investments and adoption of ledger technology by banks and financial service providers.
Lastly, in terms of geography, the blockchain market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
By Component
- Platform/Solution
- Blockchain as a service
By Type
- Public blockchain
- Private blockchain
By Applications
- Digital Identity Payments
- Smart Contracts
By Deployment
- Proof of Concept
- Pilot
- Production
By Industry
- BFSI
- Energy & Utilities
- Government
- Healthcare and Life Sciences
- Manufacturing
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Regional Insights
North America to Dominate Backed by Presence of Prominent Players
North America is expected to remain at the forefront and hold the largest position in the blockchain market during the forecast period owing to the presence of key market players such as IBM Corporation, Microsoft Corporation, Oracle Corporation, AWS, Digital Asset Holdings, and others in the region. The region’s market stood at USD 1.44 billion in 2020.
Europe is expected to showcase significant blockchain market share in upcoming years because governments and private businesses of the European regions such as France, Germany, Italy, Spain, Luxembourg, the Netherlands, and others are heavily investing in digital currencies and data mining. This is expected to fuel the region’s market demand in upcoming years.
Competitive Landscape
Key Players to Focus on New Application Launches to Strengthen their Market Prospects
The blockchain market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development:
- October 2020: Tata Consultancy Service announced the launch of Blockchain Quality Engineering service applications. This service works by combining smart contracting auditing with API audits, cloud deployment design, and usability testing to offer safety to organizations from any kind of privacy threats.
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Blockchain Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Blockchain Market Key Players, Industry Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments in Blockchain Market
- Overview
- Annexure / Appendix
- Global Blockchain Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component(USD)
- Platform/Solution
- Blockchain as a service
- By Type(USD)
- Public blockchain
- Private blockchain
- Consortium blockchain
- By Applications(USD)
- Digital Identity
- Payments
- Smart Contracts
- Supply Chain Management
- Others
- By Deployment(USD)
- Proof of Concept
- Pilot
- Production
- By Industry (USD)
- BFSI
- Energy & Utilities
- Government
- Healthcare and Life Sciences
- Manufacturing
- Telecom, Media & Entertainment
- Retail & Consumer Goods
- Travel and Transportation
- Others
- By Region(USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component(USD)
- North America Blockchain Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component(USD)
- Platform/Solution
- Blockchain as a service
- By Type(USD)
- Public blockchain
- Private blockchain
- Consortium blockchain
- By Applications(USD)
- Digital Identity
- Payments
- Smart Contracts
- Supply Chain Management
- Others
- By Component(USD)
- Global Blockchain Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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