Global Blockchain Market Research and Forecast, 2022-2028

Global Blockchain Market Size, Share & Trends Analysis Report by Provider(Infrastructure Providers, Middleware Providers, Application Providers) By Application(Financial Services, Transportation & Logistics, Security & Legal Work Application, Healthcare, Technical Applications, and Others), By Type(Private, Public, Hybrid) Forecast, 2022-2028

The global blockchain market is growing at a considerable CAGR of around 56.1% during the forecast period. Blockchain technology is a tool with potential applications for organizations, which allow secure transactions without the need for a central authority. The key factors that drive the market growth include, that blockchain technology has emerged as a transparent and safe mode for financial services with the benefit of its encrypted transactions. Moreover, the increasing global demand for digital payment systems, increasing cases of hacking that include unauthorized access to records, unauthorized disclosure of personal information, and others in the financial sector also propel the market growth. As per the estimation of Verizon’s 2020 Data Breach Investigations Report, 63.0% of attacks carried out against financial institutions are done by external threat actors motivated by monetary gain.

Digital currencies are encouraged from both the demand side and supply side as well. Several digital currencies are being developed by the software companies offering these services such as Ethereum, Litecoin, Dash, and few others. Private banks are exploring opportunities in the form of digital currencies to offer services to their clients. After Bitcoin, Ethereum shares the highest market cap. Security is the key factor that is encouraging customers to make transactions through cryptocurrency. Despite positive nodes, many countries have banned the use of cryptocurrency and some are reluctant to implement the protocol for its application.

Impact of COVID-19 on the Blockchain Market

The COVID-19 pandemic is expected to create a collapse in global economies, as most of the economies will witness negative growth in 2020. Manufacturing sector to the automotive and retail sector, everything has been impacted by this pandemic. However, some industries are anticipated to gain traction during this pandemic, among which, the blockchain industry too, will witness a slight positive growth in 2020 and following years. The COVID-19 outbreak has been the motivator for early implementations of blockchain-based systems. Blockchain technology plays an important role in developing a platform for managing the COVID-19 pandemic. Various hospitals are using blockchain technology for tracking the COVID-19 vaccine.

Segmental Outlook

The market is segmented based on provider, application, and type. Based on the provider, the market is segmented into infrastructure providers, middleware providers, and application providers. On the basis of application, the market is segmented into financial services, transportation & logistics, security & legal work application, healthcare, and technical applications. Based on type, the market is segmented into private, public, and hybrid.

Global Blockchain Market Share by Provider, 2020 (%)

Global Blockchain Market Share by Provider

The Application Provider Segment is Projected To Grow Significantly In The Global Blockchain Market

Among provider segments, the application provider is the fastest-growing segment in the overall blockchain market due to the government initiatives in the blockchain market. The application provider of blockchain technology as an application platform to build the primary trust base of the system including vendors, investors, financiers, and service providers is driving the growth of the market. The providers offer infrastructure to develop in the blockchain-based platforms. The blockchain applications can be used for the secure sharing of medical data, NFT marketplaces, music royalties tracking, cross-border payments, real-time IoT operating systems, personal identity security, anti-money laundering tracking system, supply chain, and logistics monitoring, and others.

Regional Outlook

The global blockchain market is analyzed on the basis of the geographical regions that are contributing significantly to the growth of the market. The market report covers the analysis of four major regions including North America (the US and Canada), Europe (UK, Germany, Italy, Spain, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific) and Rest of the World (RoW). North America is estimated to hold a significant share in the global blockchain market. The growth of the region is mainly due to the presence of major IT companies and their broad blockchain service providing in the US. These major players include Amazon Web Services, Microsoft, IBM Corp., Oracle Corp., and others. Well-developed IT infrastructure is further strengthening the regional growth of the market. Moreover, the significant adoption of Blockchain technology in various sectors such as healthcare, BFSI, and others further contribute to the market share. The growing patent approval for healthcare Blockchain technology is further contributing to the growth of the market in the US.

Global Blockchain Market Growth by Region, 2022-2028

Global Blockchain Market Growth by Region

Market Players Outlook

The global blockchain market is characterized by the presence of several market players that are providing blockchain solutions to a wide range of customers across the globe. Some of the key players in the market include Amazon Web Services, Inc., Bitfury Group LTD., BTL Group Ltd., Evernym Inc., IBM Corp., KYC-CHAIN LTD., Microsoft Corp., Netki, Oracle Corp., and Peer Ledger, Inc. among others. These players adopt various strategies to remain competitive in the market and gain a competitive advantage over other players operating in the market. Mergers and acquisitions, product launches, partnerships and collaborations, and geographical expansion are some of the major activities adopted by the market players.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global blockchain market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.