Pune, India, March 11, 2022 (GLOBE NEWSWIRE) -- The global blockchain market is expected to rise during the forecast period due to increasing investments and reinvestment strategies by key players in health sector due to the pandemic. Fortune Business Insights™ publishes this information in a report titled, "Blockchain Market Share, 2022-2029". As per the report, the blockchain market size was USD 4.67 billion in 2021. The blockchain market size is expected to rise from USD 7.18 billion in 2022 to USD 163.83 billion by 2029 at a CAGR of 56.3% during the forecast period.
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Blockchain technology is a system developed to record and store information which ensures safety and security of the data recorded. It is a digital ledger of transactions that is duplicated and distributed across the network. Developing technologies and increasing investments in technical advancements are expected to drive the market during the projected period.
Leading Global Players in Blockchain Market:
- Accenture PLC (Ireland)
- Amazon Web Services, Inc. (U.S.)
- Applied Blockchain Ltd. (U.K.)
- IBM Corporation (U.S.)
- Intel Corporation (U.S.)
- LeewayHeartz (U.S.)
- Microsoft Corporation (U.S.)
- Oracle Corporation (U.S.)
- R3 (U.S.)
- Tata Consultancy Services Limited (India)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 56.3% |
| 2029 Value Projection | USD 163.83 Billion |
| Base Year | 2021 |
| Blockchain Market Size in 2021 | USD 4.67 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Component, Type, Application, Deployment, Industry and Geography |
| Blockchain Market Growth Drivers | Digitalization in Health Sector Amid Pandemic to Propel Growth |
| BaaS Dominates Market Owing to Rising Adoption of Cloud Applications | |
| Rising Demand for Data Security to Stimulate Market Growth | |
| North America Holds Highest Market Share Due to Presence of Key Players | |
| Collaboration Allow Key Players to Maintain Market Position |
COVID-19 Impact:
Digitalization in Health Sector Amid Pandemic to Propel Growth
The outbreak of COVID-19 affected various industries. However, the healthcare sector was benefited due to increasing demand for wellness services. The healthcare sector focused on digitalization to develop customer experience and maintain bulk data through implementing several technological advancements. The World Health Organization collaborated with Oracle Corporation, IBM, and Microsoft to develop digital ledger-based platform named MiPasa. This collaboration is expected to drive the market during pandemic.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Segments:
BaaS Dominates Market Owing to Rising Adoption of Cloud Applications
By component, the market is bifurcated into platform/solution and blockchain as a service (BaaS).
Based on type, the market is trifurcated into public, private, and consortium.
On the basis of application, the market is divided into digital identity, payments, smart contracts, supply chain management, and others.
According to the deployment, the market is segmented into proof of concept, pilot, and production.
As per the industry, the market is segregated into BFSI, energy & utility, government, healthcare and life sciences, manufacturing, telecom, media & entertainment, retail & consumer goods, travel, transportation, and others.
By region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report provides complete statistical information regarding market development and advancements in the industry. Furthermore, the report elaborates business expansion strategies such as mergers, acquisitions, partnerships, and collaborations. Drivers and restraints affecting market growth are discussed further to understand potential scope for development. Impact of COVID-19 pandemic of industrial performance is elaborated further.
Drivers & Restraints:
Rising Demand for Data Security to Stimulate Market Growth
The market is expected to witness significant growth, owing to increasing technological advancements in various industries such as healthcare and manufacturing. Rising data security and availability in healthcare industry are likely to propel market growth in the coming years. Developing technological platforms in emerging countries are expected to boost the demand for these applications. These factors are likely to ensure the blockchain market growth during the forecast period.
However, lack of skilled professionals may hinder the market growth.
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Regional Insights:
North America Holds Highest Market Share Due to Presence of Key Players
North America dominates the global blockchain market share during the forecast period due to the presence of key market players in the region. These key players focus on providing customized services to their clients across the region.
Europe is expected to hold the second-largest global market share due to increasing industrialization and business exposure through private and government firms. This bolsters the business investments by governments during the projected period.
Competitive Landscape:
Collaboration Allow Key Players to Maintain Market Position
The key players focus on implementing various business development strategies such as collaborations, mergers, and acquisitions. These strategies allow companies to expand their business globally by attracting overseas customers. Also, implementing innovative strategies allow key players to enhance their product portfolio.
Industry Developments:
- March 2021: IBM Corporation partnered with Moderna to build smart supply chain for COVID-19 vaccines. This would further help individuals, governments, and healthcare providers to securely share the information of COVID-19 vaccines using distributed ledger applications such as Digital Health Pass.
- February 2021: Applied Blockchain Ltd. collaborated with Confidential Computing Consortium. This collaboration will help Confidential Computing Consortium to drive innovation and bring new perspectives to advanced category of confidential computing.
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- 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 Key Players Market Share Insights and Analysis, 2021
- Porter’s Five Force Analysis
- Global Blockchain Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Platform/Solution
- Blockchain as a service
- By Type (USD)
- Public Blockchain
- Private Blockchain
- Consortium Blockchain
- By Application (USD)
- Digital Identity
- Payments
- Smart Contracts
- Supply Chain Management
- Others (Exchange, Documentations, etc.)
- 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 (Education, etc.)
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Blockchain Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Platform/Solution
- Blockchain as a service
- By Type (USD)
- Public Blockchain
- Private Blockchain
- Consortium Blockchain
- By Application (USD)
- Digital Identity
- Payments
- Smart Contracts
- Supply Chain Management
- Others (Exchange, Documentations, etc.)
- 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 (Education, etc.)
- By Country (USD)
- United States
- By Industry
- Canada
- By Industry
- United States
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