Europe Blockchain Market is expected to reach US$ 59,142.33 million by 2028

Payments Segment to Dominate Europe Blockchain Market during 2019–2028

According to The Insight Partners market research study on “Europe Blockchain Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Application, and Industry Vertical,” is expected to reach US$ 59,142.33 million by 2028 from US$ 1,234.08 million in 2021. The market is estimated to grow at a CAGR of 73.8% from 2021 to 2028. Rise in innovative start-ups is the major factor driving the growth of the Europe blockchain market. However, unclear regulatory environment may hinder the growth of Europe blockchain market. The report provides trends prevailing in the Europe blockchain market along with the drivers and restraints pertaining to the market growth.

The COVID-19 pandemic is expected to have a positive impact on market growth. During the COVID-19 pandemic, various sectors adopted blockchain technology to improve the supply chain due to its ability to overcome the challenges faced by traditional supply chains, such as inefficiency and excessive costs. Businesses have used blockchain technology to facilitate contract, supply chain, and financial activities during the last decade.

The Europe blockchain market is segmented based on component, application, industry vertical, and country. Based on component, the Europe blockchain market is segmented into solutions and services. In 2020, the solutions segment held the largest share Europe blockchain market. Based on application, the Europe blockchain market is segmented into payments, exchanges, smart contracts, documentation, digital identity, governance, risk and compliance, and others. In 2020, the payments segment held the largest share Europe blockchain market. Based on industry vertical, the Europe blockchain market is segmented into BFSI, retail, government, transportation and logistics, healthcare, automotive, media and entertainment, and others. In 2020, the BFSI segment held the largest share Europe blockchain market. Similarly, based on country, the market is segmented into the Germany, UK, France, Italy, Russia, and rest of Europe. The UK contributed a substantial share in 2020. 

Accenture, Amazon Web Services, Bitfury Group Limited, Hewlett Packard Enterprise Development LP (HPE), IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, Ripple Labs Inc., and SAP SE are among the leading companies in the Europe Blockchain Market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Accenture and Generali Group launched a blockchain solution for employee benefits. The solution would enable data sharing for parties involved in the reinsurance process for pooling and captive services.

Europe Blockchain Market, By Country, 2020 and 2028 (%)

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