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
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Blockchain Market: Strategic Insights
Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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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
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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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Frequently Asked Questions
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.
- 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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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