The market size is expected to grow from US$ 4.93 billion in 2021 to US$ 227.99 billion by 2028; it is anticipated to expand at a CAGR of 72.9% from 2021 to 2028.
The blockchain market forecast is estimated on the basis of various secondary and primary research findings, such as key company publications, association data, and databases. The commencement of Bitcoin marked the growth in blockchain technology, which has found widespread usage in transactions for several financial organizations. The implementation of blockchain technology solutions has observed extensive approval across various business sectors, encircling applications like document exchanges, management, payments, smart contracts, and receipts. This growth has attracted several startups, actively contributing to the development of groundbreaking blockchain solutions.
Increasing Demand for Cryptocurrencies to Drive Blockchain Market Growth
The scope of the Blockchain market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is observing rapid growth and is expected to hold a noteworthy blockchain market share in 2023. The region has a strong ecosystem of technology startups, leading research institutions, and established corporations, generating a productive ground for blockchain technology development. Silicon Valley, in particular, has been a hotspot for venture capital investments and blockchain startups. Furthermore, North America is home to a wide range of industries, from finance to healthcare to energy and supply chain management, all of which identify the transformative potential of blockchain technology.
The regional trends and factors influencing the Blockchain Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Blockchain Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 4.93 billion |
| Market Size by 2028 | US$ 227.99 billion |
| Global CAGR (2021 - 2028) | 72.9% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Blockchain Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Blockchain Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The "Blockchain Market Analysis" was carried out based on card type and geography. In terms of type, the market is segmented into public cloud, private cloud, and hybrid cloud. By component, the market is segmented into platforms and services. By organization size, the market is divided into large enterprises and small and medium enterprises. By application, the market is segmented into government, healthcare, banking & financial services, media & entertainment, retail & e-commerce, transportation & logistics, travel, manufacturing, IT & Telecom, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Blockchain market. A few recent key market developments are listed below:
The market report "Blockchain Market Size and Forecast (2021–2028)" provides a detailed analysis of the market covering below areas-
Digital advancements in the blockchain market to play a significant role in the global blockchain market in the coming years.
The global blockchain market is expected to reach US$ 227.99 billion by 2028.
The global blockchain market was estimated to be US$ 4.93 billion in 2021 and is expected to grow at a CAGR of 72.9% during 2021 - 2028.
The key players holding majority shares in the global blockchain market are Microsoft Corporation, IBM Corporation, Blockchain Tech LTD, The Linux Foundation, and Chain.
Increasing interest in cryptocurrencies and increasing government initiatives by market players are the major factors that propel the global blockchain market.