Blockchain Market Growth Insights to 2028

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.

Blockchain Market Analysis 

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.

Blockchain

Industry Overview

• A data gathering of records, a technological database allied together by means of cryptography, is called a blockchain. Worldwide increasing cross-border trade operations are projected to boost demand for blockchain technology during the forecast period.
• The mounting demand for transparent and secure transactions across numerous industries is driving the blockchain market growth. Blockchain's immutable and decentralized ledger system ensures the transparency and integrity of transactions, making it particularly appealing to sectors such as healthcare, finance, and supply chain management. Businesses across these fields are progressively integrating blockchain solutions to improve transparency and security in their operations.

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Blockchain Market: Strategic Insights

Blockchain Market

• 
  CAGR (2021 - 2028)

  72.9%
• Market Size 2021
  US$ 4.93 billion
• Market Size 2028
  US$ 227.99 billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• IBM Corporation
• The Linux Foundation
• Digital Asset Holdings LLC
• Microsoft Corporation
• Blockchain Tech LTD
• Ripple Chain
• Deloitte Touche Tohmatsu Limited
• Circle Internet Financial LLC
• Global Arena Holding Inc GAHC
• Monax Labs

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• Public Cloud
• Private Cloud
• Hybrid Cloud

Provider

• Application Provider
• Infrastructure Provider
• Middleware Provider

Component

• Platform
• Services

Organization Size

• Large Enterprises
• Small
• Medium Enterprises

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Blockchain Market Driver

Increasing Demand for Cryptocurrencies to Drive Blockchain Market Growth

• The implementation of blockchain technology for streamlining supply chain procedures is observing a surge. The ability to verify and trace the journey and origin of products in real-time limits fraud and substantially improves traceability and inclusive supply chain efficiency. Consequently, a growing number of enterprises are employing blockchain technology to transform their supply chain management, boosting the technology's growth. Furthermore, the increasing interest in digital assets and cryptocurrencies is another driver responsible for the blockchain market growth.
• Since blockchain serves as the fundamental technology for most cryptocurrencies, the increasing popularity of digital currencies like Ethereum and Bitcoin has unavoidably directed significant attention to the technology itself. Numerous organizations are now exploring how blockchain can be used to manage and create digital assets, further propelling the market's development.

Blockchain

Market Report Segmentation Analysis

• Based on type, the market is segmented into public, private, and hybrid cloud. The public cloud segment held a significant Blockchain market share in 2021.
• Public cloud providers deliver a cost-effective and scalable infrastructure for deploying blockchain solutions. This scalability is important as blockchain networks grow and need additional resources to support increasing transaction volumes. Moreover, public cloud providers have invested pointedly in compliance and security measures, which are critical in blockchain applications, predominantly in sectors like healthcare and finance, where data integrity is principal.

Blockchain

Market Regional Analysis

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.

Blockchain

Market Report Scope

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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.

Blockchain

Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Blockchain market. A few recent key market developments are listed below:

• In December 2023, a blockchain ledger-based payments platform, RYVYL entered into a partnership with R3, a distributed ledger technology company. Through this partnership, the companies have launched a blockchain-as-a-service platform, ‘RYVYL Block,’. The platform intends to simplify the implementation of blockchain technology for industries with high-volume processing environments.

Blockchain

Market Report Coverage & Deliverables

The market report "Blockchain Market Size and Forecast (2021–2028)" provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
• Detailed company profiles.