At 67.9% CAGR, Blockchain Market is expected to reach USD 173.68 Billion by 2028, Says Brandessence Market Research
LONDON, June 22, 2022 /PRNewswire/ -- Blockchain Market Size, Share & Trends Analysis Report by Component (Platform, Services) By Services (Technology Advisory And Consulting, Development And Integration Services, Support And Maintenance) By Based Provider (Application, Middleware, Infrastructure) By Type (Public, Private, Hybrid) By Organization Size (Large Enterprises, SMEs) By Application Area (Transportation And Logistics, Agriculture And Food, Manufacturing, Energy And Utilities, Healthcare And Life Science, Media, Advertising And Entertainment, Banking And Financial Services, Insurance, IT And Telecom, Retail And ECommerce, Government), Based On Region, And Segment Forecasts, 2022 – 2028.
Global Blockchain Market is valued at USD 4.62 Billion in 2021 and is expected to reach USD 173.68 Billion by 2028 with a CAGR of 67.9% over the forecast period Report Published by Brandessence Market Research.
Blockchain technology is gathering momentum and it is deemed one of the largest technology breakthroughs in recent history. Trends evolving throughout the pandemic could have a considerable impact on user implementation of blockchain. The rising adoption of blockchain in the various sectors is one of the major factors accelerating the growth of the blockchain market. The number of recorded blockchain wallets was more than 70 million in the second quarter of 2021. Blockchain skills became one of the most sought-after aptitudes in the world with the demand rising by roughly 2,000 percent from 2017 to 2020. Every single year there is a significant upsurge in the growth rate of blockchain technology. In 2022, spending on blockchain solutions will achieve about US$ 11.7 billion all over the world. Whereas more than 50% of businesses view blockchain as a strategic priority worldwide. The adoption of blockchain is enormously revolutionizing the world economy in recent years. As a result, all the above factors are augmenting the market growth and will become a backbone across main industries in the forecast period.
Blockchain Market: Competitive Analysis
The global blockchain market key players are IBM, AWS, SAP, Intel, Oracle, Huawei, Accenture, Wipro, Bitfury, Chain, Blockcypher, Guardtime, Cegeka, Symbiont, Bigchain DB, Applied Blockchain, Auxesis Group, Spinsys, Infosys NTT Data, Factom, R3, Consensys, Records Keeper, Stratis, Blockchain Foundry, Blockpoint, Leewayhertz, and Dragonchain. These are companies which are trying to make sure that they can make it through the government regulations which are going to be against the blockchain entry. They will however look to come up with the solutions.
Blockchain Market: Key Drivers
Blockchain market size is growing because the Blockchain technology has seen a boom after the Bitcoin was introduced and it has been used very regularly by different financial institutions for the carrying out of transactions. The adoption of the Blockchain technology has achieved great popularity in the masses after the world has come to terms with the solutions it offers. The last few years have seen the applications diversify into the payments.
The investments made by the venture capitalists in blockchain technology have gone up by three times and that became an important event in history of the cryptocurrencies and blockchains alike as the projects were announced at both the top level and start-up level in the industry. The venture capitalists' interest and the capital investments are at the all-time peak, which also had resulted in the formation of different blockchain VC firms.
The venture capital firms like the NGC Ventures, Digital Currency Group, Fenbushi Capital, Pantera Capital, Blockchain Capital, Coinbase Ventures, Node Capital, IDG Capital and, Andreessen Horowitz are among the few firms which help people invest in the blockchain technology solutions. The investment brought in the money which was required for this market to achieve its potential and gradually as people became aware about the concept and the benefits, it really worked wonders for the Blockchain market.
Blockchain market statistics suggest that the Blockchain technology has even more potential in many different areas of application such as the cybersecurity, banking and even the Internet of Things. Internet of Things has been growing in stature and ts widespread areas in many regions with projects like the smart transportation, smart city projects, autonomous vehicles, vehicular connectivity and the smarter homes.
The internet of things devices will be increasing at a great scale and many companies are now going to innovate and come up with newer technology solutions with innovation and grow the market. There are many of the first movers in this market as the blockchain solutions have created a network which is decentralized of the Internet of Things devices which is going to eliminate the demand for the central location for handling the communication between the devices.
Blockchain Market: Key Trends
Blockchain market trends show that the blockchain technology has been touted to make the devices enabled to communicate with each other in a direct manner and that will eliminate the need for any monitoring system. There are statistics which suggest that the devices which are connected to the Internet of Things all over the world has been predicted to grow the market as the IoT devices becoming the victims of vulnerabilities massively. These are some important solutions which may require the different levels of security which are being provided by the Blockchain technology. The unsecure IOT devices can offer an easy access to the cybercriminals as they access the devices and security systems.
A huge concern for this market is going to remain the blockchain market. Presently, it is the lack of regulations and the resultant uncertainties which are going to be among the biggest forces which restrain the adoption of blockchain in the verticals. A few countries have banned the usage of the ICOs. Regulatory acceptance has become among the biggest challenges in transforming the transformation systems. With a few advancements, the regulatory bodies need an understanding of what the current scenarios are lacking and how they impact the applications overall. Financial institutions all over the world are trying to come to a solution about this.
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Blockchain Market: Segmentation Analysis
Blockchain companies 2021 in terms of segmentation suggests that the retail and ecommerce segment will be among the fastest growing segment in the Blockchain market in the coming years. the application is going to grow at a great rate as there is an associate network of suppliers and retailers which are using the blockchain technology progressively. They are looking to elevate the customer experience here with this technology and thereby maintain a loyal customer network after providing them a positive experience. It allows the blockchain to maintain features like digital ledgers.
Blockchain Market: Regional Analysis
In terms of the region, the global blockchain market has been expected to be dominated by the region of North America. An early adoption of the Blockchain and several main players being present in the region and the need for cybersecurity are some of the major factors that are growing the market. The businesses in this region have been working hard at creating an ecosystem where the blockchain market is used for implementing the vulnerability and security management solutions in order to enable the data security. This is going to help in prevention of commercial espionage and cyberattacks. This will ensure the privacy and security of data for facilitating the business continuity.
On Special Requirement Blockchain Market Report is also available for below region:
Middle East and Africa
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