Pune, India., June 08, 2023 (GLOBE NEWSWIRE) — According to our latest study on “The Blockchain Market Size Report and Forecast to 2028 – COVID-19 Impact and Global Analysis – By Component, Application, Industry Vertical and Geography,” the market is estimated to grow from USD 4,935.0 million in 2021 to USD 227,996.6 million by 2028; it is estimated to register a CAGR of 72.9% from 2021 to 2028. The blockchain market in North America is estimated to witness significant market growth from 2023 to 2028. The growing adoption of blockchain technology in various industries such as BFSI, retail, healthcare, logistics and other industries mainly drive regional market growth.
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Blockchain Market Strategic Insights:
| Report coverage | Details |
| Market size Value i | USD 4,935.0 million in 2021 |
| Market size Value by | USD 227,996.6 million by 2028 |
| Growth rate | CAGR of 72.9% from 2021 to 2028 |
| Forecast period | 2021-2028 |
| Foundation year | 2021 |
| Number of pages | 190 |
| Number of tables | 88 |
| Number of diagrams and figures | 89 |
| Historical data available | Yes |
| Segments covered | Component, application and industry vertical |
| Regional scope | North America, Europe, Asia Pacific, Middle East and Africa, South and Central America |
| Nationwide | USA, Canada, Mexico, UK, Germany, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors and trends |
In addition, startups operating in North America receive funding from investors to develop and deploy new technologies, which drive the blockchain market. Moreover, the presence of leading market players in the region including IBM Corporation, Microsoft Corporation, Amazon Web Services, Hewlett Packard Enterprise Development LP (HPE), Oracle Corporation, Intel Corporation, Ripple and Bitfury Group is expected to propel the market. growth in the forecast period. The North American blockchain market players are adopting organic and inorganic growth strategies to sustain the increasing competition. In December 2022, Oracle Corporation added new features and launched a new version of the Blockchain platform. The new feature enables the user to deploy and interact with smart contracts on the Ethereum Virtual Machine (EVM) chain code. Thus, such new versions and features of blockchain technology contribute to its improved and efficient performance.
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Global Blockchain Market: Competitive Landscape and Key Developments
IBM Corporation, Microsoft Corporation, Accenture, Amazon Web Services, SAP Se, Hewlett Packard Enterprise Development LP (HPE), Oracle Corporation, Intel Corporation, Ripple, and Bitfury Group are among the leading market players profiled in the blockchain market report. Several other important market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players to plan their market growth. A few developments are mentioned below:
In March 2021, IBM Corporation and Moderna announced their plan to use technologies to use artificial intelligence (AI), blockchain and other technologies for smarter COVID-19 vaccine management to share secure data exchange between the government, healthcare providers, individuals and others.
In May 2020, one of the largest e-commerce companies, Amazon, patented its blockchain system to track supply chain activities.
The growing use of blockchain in retail will provide lucrative opportunities for market growth during the forecast period:
Blockchain technologies have gained wide acceptance in the BFSI industry for payments, risk management, fund management and more, which has encouraged other industries to adopt such technology. Retail is one of the growing industries worldwide. The increase in the people’s disposable income and the strengthening of e-commerce sales have also contributed to increased activity in the retail trade. Blockchain’s ability to track, trace and secure the flow of information and record transactions throughout the product supply chain creates trust and transparency among consumers, leading to blockchain adoption in the growing retail industry. In addition, blockchain provides robust security to the information stored. The distributed structure enables unmatched security due to its transparency throughout the product’s supply chain. Thus, the high level of security offered by the blockchain increases its use in retail. Also, blockchain capabilities to provide faster payments and transparency in retail logistics and supply chain are driving demand for the technology in retail. Thus, various benefits of blockchain in retail create growth opportunities for the blockchain market.
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Global Blockchain Market: Industry Overview
The blockchain market is segmented based on components, applications, and industry verticals. Based on component, the market is divided into software and services. The blockchain market is segmented by application into payments, exchanges, smart contracts, documentation, digital identity, governance, risk and compliance, and others. Based on industry vertical, the market is segmented into BFSI, retail, government, transportation and logistics, healthcare, automotive, media and entertainment, and others. The blockchain market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our customers find solutions to their research needs through our syndicated and consulting services. We specialize in industries such as semiconductors and electronics, aerospace and defence, automotive and transport, biotechnology, health IT, manufacturing and construction, medical equipment, technology, media and telecommunications, chemicals and materials.
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