The global blockchain market share worth $227.99 billion by 2028, at a growing CAGR of 72.9% from 2021 to 2028.
Pune, India, Nov. 08, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Blockchain Market Size and Forecast (2021–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component (Solutions and Services), Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Governance, Risk and Compliance, and Others), and Industry Vertical (BFSI, Retail, Government, Transportation and Logistics, Healthcare, Automotive, Media and Entertainment, and Others)” the market in terms of revenue was estimated to be worth $4.93 billion in 2021 and is poised to reach $227.99 billion by 2028, growing at a CAGR of 72.9% from 2021 to 2028.
The growth of the blockchain market is driven by the extensive adoption of blockchain solutions in the BFSI industry vertical and high transparency and operational efficiency with substantial cost savings. However, a combination of blockchain and artificial intelligence for advanced applications and application of blockchain in vaccine manufacture and tracking.
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Global Blockchain Market Scope:
|Market Size Value in||US$ 4.93 billion in 2021|
|Market Size Value by||US$ 227.99 billion by 2028|
|Growth rate||CAGR of 72.9% from 2021 to 2028|
|Segments covered||Component, Application, Industry Vertical, and Geography|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Blockchain technology and its applications in the banking, financial services, and insurance (BFSI) sector have attracted a lot of attention in the past few years, majorly due to its ability to transform existing industries' foundations and business models. Presently, apart from cryptocurrency applications, the other major practical applications of Blockchain are still in the banking and financial sector; however, various companies and institutions are now rapidly developing Blockchain-based solutions to solve complex business problems. In general terms, Blockchain is a subset of a broader distributed ledger technology (DLT), and it combines three significant concepts – cryptography, smart contracts, and distributed ledger design. Distributed ledger technology (DLT) is a fast-emerging approach that records and shares data across various data stores/ledgers. DLT facilitates the recording, sharing, and synchronization of transactions and data across a distributed network of different network participants.
Blockchain can be classified into three major categories – public blockchains, federated blockchains or consortium blockchains, and private blockchains. Some examples of public blockchains are Bitcoin, Ethereum, Monero, Dash, Litecoin, and Dogecoin, among others. Federated blockchains or consortium blockchains include R3 (Banks), EWF (Energy), B3i (Insurance), Corda, and others. Private blockchains' examples include MONAX and Multichain. Private Blockchains allow companies to solve efficiency, security, and fraud problems in traditional financial institutions, but only at an incremental level. Due to this, private blockchains presently are not expected to revolutionize the traditional banking and financial system. However, public blockchains hold great potential to reshape the existing financial system by replacing most functions of financial institutions with software.
Global Blockchain Market: Application Overview
The global blockchain market is segmented into payments, exchanges, smart contracts, documentation, digital identity, governance, risk and compliance, and others in terms of application segment. The others segment include digital voting, ride-sharing, advertising, and many others. Blockchain reduces cost, increases security and transparency, and decreases transaction time while reducing the need for a trusted third party. Blockchain handles a varying set of rules and configurations. Applications such as smart contracts can greatly improve process efficiency, reliability, and transparency, and reduce risk. The prospective uses of blockchain are varied and wide, and the technology is becoming more prevailing. The blockchain will be adopted by the largest companies that drive innovation and solutions due to blockchain's global and collaborative nature. Blockchain has strengthened the BFSI industry globally. Blockchain technology can enhance the infrastructure to deal with issues more efficiently than current systems. The future market growth of blockchain is expected to be phenomenal, mainly due to the interest of major market players such as IBM, Microsoft, Oracle, HPE, and Intel. In 2020, the payments segment led the market and accounted for a larger market share.
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Global Blockchain Market: Competitive Landscape and Key Developments
IBM Corporation, Accenture, Amazon Web Services, Oracle Corporation, and Intel Corporation are among the key players profiled during the study of the global blockchain market. In addition, several other essential market players were studied and analyzed to get a holistic view of the market and its ecosystem.
- In 2019: Bitfury partnered with the Astana International Financial Centre (AIFC), a Kazakhstan-based financial hub, to apply blockchain technology across several industries. The Astana International Financial Centre (AIFC) would apply the company's blockchain expertise in creating projects and promoting new startups on an international scale.
- In 2019: Ripple and Forte announced an ambitious project to integrate blockchain technology into video games. The plan features US$ 100 million funds for developers. This project would expand its blockchain services beyond its core business.
- In 2019: Carrefour and Nestle Partnered with IBM to use blockchain technology in food categories. The partnership would enable a rapid expansion of a blockchain-based network that brings more transparency to the global food supply chain of retailers, growers, wholesalers, processors, distributors, and manufacturers ambitions. Summit will partner with Turn/River Capital, which made its initial investment in Invicti in 2017 both these company are forecasted to be a key stakeholder to build strong strategic alliance.
- In 2019: IBM blockchain solution used by Volkswagen Group to track minerals supply chain. The solution would help Volkswagen Group meet the reliable sourcing standards plan by the Organization for Economic Cooperation and Development by offering a permanent record of mineral movements to help the compliance process.
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