Europe Blockchain Market to Grow at a CAGR of 73.8% to reach US$ 59,142.33 million from 2021 to 2028

The blockchain market in Europe is expected to grow from US$ 1,234.08 million in 2021 to US$ 59,142.33 million by 2028; it is estimated to grow at a CAGR of 73.8% from 2021 to 2028.

Blockchain technology is still in its emerging phase; however, the skyrocketing growth in the adoption of blockchain across diverse industry verticals has attracted a lot of attention from well-established players such as IBM and Microsoft and the startups. In the past few years, many startups have emerged in the blockchain market majorly due to the immense amount of funds being poured in by venture capitalists. These tech-savvy, robust, and "think-big" startups are shaking the Blockchain market with innovative and disruptive Blockchain solutions. Startups are also working with independent consortia to develop Blockchain solutions for various industries ranging from banking to entertainment. There is a huge influx of well-funded startups in the blockchain market. The positive outlook on the part of funding and startup activity is expected to boost the growth of the blockchain market in various industries such as BFSI, retail, government, logistics, and healthcare. Examples of successful Blockchain adoption by big players to streamline diverse business functions include Walmart, Maersk, British Airways, UPS, and FedEx. Cost reduction and cost savings are major priorities for any business. Blockchain eliminates unnecessary third parties or intermediaries to reduce time and costs. With all these advantages, Blockchain enables businesses to improve operational efficiency and transparency and lower operating costs, thereby helping them enhance service quality and customer experience, which drive the Europe blockchain market during the forecast period.

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.

 

Europe Blockchain Market Revenue and Forecast to 2028 (US$ Million)

 

Europe Blockchain Market Segmentation   

Europe Blockchain Market – By Component

• Solutions
• Services

Europe Blockchain Market – By Application

• Payments
• Exchanges
• Smart Contracts
• Documentation
• Digital Identity
• Governance, Risk and Compliance
• Others

Europe Blockchain Market – By Industry Vertical

• BFSI
• Retail
• Government
• Transportation and Logistics
• Healthcare
• Automotive
• Media and Entertainment
• Others

Europe Blockchain Market– By Country

• Germany
• UK
• France
• Italy
• Russia
• Rest of Europe

Europe Blockchain Market-Companies Mentioned

• Accenture
• Amazon Web Services
• Bitfury Group Limited
• Hewlett Packard Enterprise Development LP (HPE)
• IBM Corporation
• Intel Corporation
• Microsoft Corporation
• Oracle Corporation
• Ripple Labs Inc.
• SAP SE

Europe Blockchain Market Report Scope