DUBLIN – (BUSINESS WIRE) – The report “Global blockchain market, by component, by type, by application and region – forecast and analysis 2022 – 2028” has been added ResearchAndMarkets.com sine Offering.
The global blockchain market was valued at USD 4.56 billion in 2021, and is expected to reach a value of USD 117.77 billion by 2028, at a CAGR of more than 59.12% over the forecast period (2022 – 2028).
The global blockchain market is growing rapidly and is expected to continue to do so in the years to come, due to the growing number of innovations and consumers’ awareness of the benefits of using blockchain technology is expected to drive the industry forward in the near future. The key aspects that drive the growth of the global blockchain market include the adoption of blockchain technology across BFSI, healthcare, media and entertainment and many others.
Broad acceptance of blockchain solutions for payment, digital identities and smart contracts are also among some of the prospects that drive industry growth in the forecast period. The increased venture capital investment in the start-up of blockchain technology can also be attributed to market growth. Blockchain technology experienced significant growth after the use of Bitcoin, and it is now used by various financial institutions for transactions.
Over the last two to three years, blockchain technology solutions have become popular for a variety of commercial applications, including payments, exchanges, documentation and many others. Many startups such as Blockpoint, Auxesis Group, Symbiont, SpinSys, Bitfury, Neufund, Fetch.AI, Confirm, Genomes, QubiTech and CiveQ among others have entered the market and started to develop blockchain-based solutions
Aspects covered in this report
The global blockchain market is segmented on the basis of component, type and application. Based on the component, the market is segmented as a platform and services. Based on the type, the market is segmented as public, private and hybrid. While the market, based on the applications, is segmented as food and agriculture, transport and logistics, manufacturing, energy and tools, healthcare and life sciences, media and entertainment, BFSI, retail and e-commerce, IT and telecom and others.
Driver
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Legalization of cryptocurrencies is considered an important factor driving industry growth forward, as companies and investors are more likely to invest in blockchain technology. Legalized cryptocurrencies also force market participants to make more efforts to improve their services in order to gain a competitive advantage. In the near future, these companies’ efforts to make blockchain technology more efficient and effective are estimated. DeFi is a new financial system based on the blockchain that aims to reduce the banks’ influence over financial services and money. Over the forecast period, market growth is also expected to be driven by increased strategic initiatives in the decentralized financial domain. For example, Square, a payment company, said in July 2021 that it was developing a DeFi business using bitcoin. Thus, such activities are likely to help industry growth during the forecast period.
Restraint
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An uncertain regulatory and compliance environment is one of the most important factors hindering market growth. Some governments have banned the use of initial coin offerings (ICOs). One of the most difficult aspects of modernizing transaction systems is regulatory acceptance; which hinders market growth. With the rapid development of technology, regulatory bodies must assess the gaps in existing regulations and how they affect overall technological applications. Financial institutions from around the world work together to develop blockchain technology standards; which may affect market growth.
Important market trends
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The rapid digitalisation of the banking and finance industry has resulted in significant growth in the blockchain technology market. Digital India and other government efforts aimed at increasing digitalisation in the BFSI sector can serve as growth pillars for the blockchain technology market. The significant use of blockchain technology across healthcare and media and entertainment also serves as key growth pillars for the global blockchain market.
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The blockchain technology sector has seen an influx of investment from a number of investors and companies, which is estimated to result in huge market growth. The large number of collaborations, partnerships, joint ventures, mergers and acquisitions that have taken place in the blockchain technology industry has proven to be a significant growth multiplier.
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Various venture capital companies including NGC Ventures, Digital Currency Group, Fenbushi Capital, Pantera Capital, Node Capital, Blockchain Capital, Coinbase Ventures, Andreessen Horowitz and IDG Capital among others are some of the best venture capital companies that invested in blockchain technology solutions. This thus contributes to the growth in the market
Companies mentioned
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IBM Corp.
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Aws Inc.
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Sap Se
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Intel Corp.
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Oracle Corp.
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Huawei technologies
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Accenture plc
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Wipro Ltd.
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Bitfury
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Infosys Ltd.
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Blockcypher
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