DUBLIN--(BUSINESS WIRE)--The "Global Blockchain Market, By Component, By Type, By Application, & By Region - Forecast and Analysis 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Blockchain Market was valued at USD 4.56 Billion in 2021, and it is expected to reach a value of USD 117.77 Billion by 2028, at a CAGR of more than 59.12% over the forecast period (2022 - 2028).
The global blockchain market is rapidly growing and is expected to continue to do so in the future years, due to the expanding number of innovations and consumer awareness of the benefits of employing blockchain technology is expected to propel the industry forward in the near future. The key aspects driving the growth of the global blockchain market include the adoption of blockchain technology across BFSI, healthcare, media and entertainment, and many others.
Wide acceptance of blockchain solutions for payment, digital identities, and smart contracts are also among some of the prospects that drive the industry growth during the forecast period. The increased venture capital investing in blockchain technology startups can also be attributed to the market's growth. Blockchain technology witnessed significant growth after the advent of Bitcoin, and it is now being used by various financial institutions for transactions.
In the last two to three years, blockchain technology solutions have gained in popularity for a variety of commercial applications, including payments, exchanges, documentation, and many others. Many startups such as Blockpoint, Auxesis Group, Symbiont, SpinSys, Bitfury, Neufund, Fetch.AI, Confirm, Genomes, QubiTech, and CiveQ among others have entered the market and begun developing blockchain-based solutions
Aspects covered in this report
The global blockchain market is segmented on the basis of component, type and application. Based on the component, the market is segmented as platform and services. Based on the type, the market is segmented as public, private, and hybrid. Whereas, based on the applications, the market is segmented as Food & Agriculture, Transportation & Logistics, Manufacturing, Energy & Utilities, Healthcare & Life Sciences, Media & Entertainment, BFSI, Retail & E-Commerce, IT & Telecom, and Others.
- The legalization of cryptocurrencies is considered a major factor driving industry growth forwards, as companies and investors are more likely to invest in blockchain technology. Legalized cryptocurrencies also push market participants to put in more effort to improve their services in order to acquire a competitive advantage. In the near future, these companies' efforts are projected to make blockchain technology more effective and efficient. DeFi is a new financial system based on blockchain that aims to reduce banks' influence over financial services and money. Over the forecast period, market growth is also expected to be driven by increased strategic initiatives in the decentralized financial domain. For example, Square, a payment company, said in July 2021 that it is developing a DeFi business using bitcoin. Thus, such activities are likely to aid the industry growth during the forecast period.
- An uncertain regulatory and compliance environment is one of the major factors that hinder market growth. Some governments have outlawed the use of initial coin offerings (ICOs). One of the most difficult aspects of modernizing transaction systems is regulatory acceptance; which is hindering market growth. With the rapid advancement of technology, regulatory agencies must evaluate what gaps exist in current regulations and how they affect total technological applications. Financial institutions from all across the world are collaborating to develop blockchain technology standards; which might influence market growth.
Key Market Trends
- The rapid digitalization of the banking and finance industries has resulted in significant growth in the blockchain technology market. Digital India and other government efforts aimed at boosting digitization in the BFSI sector could serve as growth pillars for the blockchain technology market. The significant adoption of blockchain technology across healthcare and media & entertainment also enacts as major growth pillars for the global blockchain market.
- The blockchain technology sector has seen an influx of investments from a variety of investors and companies, which is projected to result in enormous market growth. The large number of collaborations, partnerships, joint ventures, mergers, and acquisitions that have taken place in the blockchain technology industry is proven to be a substantial growth multiplier.
- Various venture capital companies including NGC Ventures, Digital Currency Group, Fenbushi Capital, Pantera Capital, Node Capital, Blockchain Capital, Coinbase Ventures, Andreessen Horowitz, and IDG Capital among others are some of the top venture capital companies that invested in blockchain technology solutions. This thus contributes to the growth of the market
- IBM Corp.
- Aws Inc.
- Sap Se
- Intel Corp.
- Oracle Corp.
- Huawei Technologies
- Accenture plc
- Wipro Ltd.
- Infosys Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/e2mwxc
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900