Pune, India., June 08, 2023 (GLOBE NEWSWIRE) -- According to our latest study on "Blockchain Market Size Report and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Application, Industry Vertical, and Geography,” the market is projected to grow from US$ 4,935.0 million in 2021 to US$ 227,996.6 million by 2028; it is estimated to record a CAGR of 72.9% from 2021 to 2028. The blockchain market in North America is projected to witness significant market growth from 2023 to 2028. The increasing use of blockchain technology in various industries such as BFSI, retail, healthcare, logistics, and other industries majorly drives regional market growth.
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Blockchain Market Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 4,935.0 Million in 2021 |
| Market Size Value by | US$ 227,996.6 Million by 2028 |
| Growth rate | CAGR of 72.9% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 190 |
| No. of Tables | 88 |
| No. of Charts & Figures | 89 |
| Historical data available | Yes |
| Segments covered | Component, Application, and Industry Vertical |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
In addition, startups operating in North America are getting funds from investors to develop and deploy new technologies, which fuels the blockchain market. Moreover, the presence of leading market players in the region, including IBM Corporation, Microsoft Corporation, Amazon Web Services, Hewlett Packard Enterprise Development LP (HPE), Oracle Corporation, Intel Corporation, Ripple, and Bitfury Group, is anticipated to propel the market growth during the forecast period. The North American blockchain market players adopt organic and inorganic growth strategies to sustain the growing competition. In December 2022, Oracle Corporation added new features and launched a new version of the Blockchain Platform. The new feature enables the user to deploy and interact with smart contracts on Ethereum Virtual Machine (EVM) chain code. Thus, such new versions and features in blockchain technology contribute to its enhanced and efficient performance.
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Global Blockchain Market: Competitive Landscape and Key Developments
IBM Corporation, Microsoft Corporation, Accenture, Amazon Web Services, SAP Se, Hewlett Packard Enterprise Development LP (HPE), Oracle Corporation, Intel Corporation, Ripple, and Bitfury Group are among the leading market players profiled in the blockchain market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth. A few developments are mentioned below:
In March 2021, IBM Corporation and Moderna announced their plan to use technologies to use artificial intelligence (AI), blockchain, and other technologies for smarter COVID-19 vaccine management to share secure data exchange between the government, healthcare providers, individuals, and others.
In May 2020, one of the largest e-commerce firms, Amazon, patented its blockchain system for tracking its supply chain activities.
The growing adoption of blockchain in the retail industry will provide lucrative opportunities for market growth during the forecast period:
Blockchain technologies widely gained acceptance in the BFSI industry for payments, risk management, fund management, and more, which have encouraged other industries to adopt such technology. The retail industry is one of the growing industries across the world. Also, the rise in disposable income of the people and bolstering e-commerce sales have contributed to the increased operations in the retail industry. Blockchain’s ability to trace, track, and ensure the flow of information and record transactions during the entire product supply chain creates trust and transparency among consumers, leading to the adoption of blockchain in the growing retail industry. In addition, blockchain provides robust security to the information stored. Its distributed structure enables unparallel security due to its transparency across the product's supply chain. Thus, the high level of security provided by the blockchain increases its adoption in the retail industry. Moreover, blockchain capabilities to provide faster payments and transaction transparency in retailer’s logistics and supply chain drives the demand for the technology in the retail industry. Thus, various benefits of blockchain in the retail industry create growth opportunities for the blockchain market.
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Global Blockchain Market: Industry Overview
The blockchain market is segmented based on components, applications, and industry verticals. Based on component, the market is bifurcated into software and services. The blockchain market is segmented by application into payments, exchanges, smart contracts, documentation, digital identity, governance, risk and compliance, and others. Based on industry vertical, the market is segmented into BFSI, retail, government, transportation and logistics, healthcare, automotive, media and entertainment, and others. The blockchain market is segmented by region into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
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