Chicago, May 2, 2023 (GLOBE NEWSWIRE) — The global The Blockchain Market size is projected to grow from USD 7.4 billion in 2022 to USD 94.0 billion by 2027, at a CAGR of 66.2%, according to a new report from MarketsandMarkets™. High adoption of blockchain technologies for payments, smart contracts and digital identities is expected to boost the market. Moreover, opposition from incumbents may hinder market growth.
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482 – Tables
56 – Figures
417 – Pages
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Scope of the report:
| Report calculations | Details |
| Market size value in 2022 | 7.4 billion dollars |
| Revenue forecast size in 2027 | $94.0 billion |
| Growth rate | 66.2% CAGR |
| Important growth drivers | Increase risk capital funding and investments in blockchain technology |
| Key opportunities | Increasing government initiatives to increase demand for blockchain platforms and services |
| Period for which market size is studied | 2018–2027 |
| Base year is considered | 2021 |
| Forecast period | 2022–2027 |
| Forecasting units | Value (Billion USD/Billion USD) |
| Segments covered | By component, vendor, type, organization size, application and region |
| Geographies covered | North America, Europe, Asia Pacific, Middle East and Africa (MEA) and Latin America |
| Top players | IBM (USA), AWS (USA), Oracle (USA), Huawei (China), Accenture (Ireland), Wipro (India), Infosys (India), TCS (India), SAP (Germany), Intel (USA), ConsenSys (USA), NTT DATA (Japan) |
| Other players | Bitfury, Guardtime, Blockcypher, Vmware, Spinsys, Leewayhertz, R3, Cegeka, Symbiont, Bigchaindb, Applied Blockchain, Recordskeeper, Blockpoint, Auxesis Group, Blockchain Foundry, Factom, Stratis, Dragonchain |
By component, the services segment is expected to grow at the highest CAGR
The services segment includes various services required to deploy, execute and maintain a blockchain platform in an organization; these services include technology consulting and advisory, development and integration, and support and maintenance. As the use of blockchain platforms increases, the demand for these services is also expected to increase. The largest service providers in the Blockchain market are IBM, AWS, SAP, Accenture, Wipro, NTT Data, ConsenSys, Infosys and LeewayHertz, among others, offering technology consulting and advisory, development and integration, as well as support and maintenance services globally. As part of IBM Blockchain Services, 1,600 IBM business and technical experts have worked on more than 500 IBM Blockchain projects so far.
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By type, hybrid blockchain is expected to account for the largest market share during the forecast period
A blockchain solution cannot scale at the expense of decentralization or security. Public blockchain has a very low transaction speed. On the other hand, private blockchain supports a much faster transaction speed because the consensus conclusion is much faster. So hybrid blockchain is a much better solution that ensures a truly decentralized blockchain that is also fast and secure. This provides immutable trust from the public blockchain as well as scaling opportunities from the private blockchain.
A permissioned blockchain is a type of hybrid blockchain that shares many features of both private and public blockchains. Permissioned blockchains have seen a rise in popularity due to their ability to assign specific permissions to different users on the network. In a hybrid blockchain, each transaction can happen quickly in its own private chain and commit to the public chain when needed for public verification. Layer 2 solutions and sidechains are variations of this concept. A side chain is a block chain that can run parallel to the main chain. Sidechains allow users to move digital assets between two different blockchains to improve scalability and efficiency.
The largest suppliers in The Blockchain Market are IBM (US), AWS (US), Oracle (US), Huawei (China), Accenture (Ireland), Wipro (India), Infosys (India), TCS (India), SAP (Germany), Intel (US) , ConsenSys (USA), NTT DATA (Japan), Bitfury (Netherlands), Guardtime (Estonia), Chain (Saint Kitts and Nevis), VMware (USA), SpinSys (USA), LeewayHertz (USA), R3 (USA), Cegeka (Netherlands), Symbiont (USA), BigchainDB (Germany), Applied Blockchain (UK), RecordsKeeper (USA), Blockpoint (USA), Auxesis Group (India), Blockchain Foundry (Canada), Factom (USA), Stratis ( UK), Dragonchain (US).
Frequently Asked Questions (FAQ)
What is the estimated market cap of the Blockchain Market?
The global blockchain market is expected to grow from $7.4 billion in 2022 to $94.0 billion by 2027.
What is the estimated growth rate (CAGR) of the global Blockchain market for the next five years?
The global blockchain market is estimated to register a CAGR of 66.2% from 2022 to 2027.
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