Blockchain Market: Current Analysis and Forecast (2022-2028)
$4999 – $8699
Emphasis on Component Type (Platform, Services); Organization Size (Large Enterprises, SMEs); End- Users (Banking, Financial Services, and Insurances (BFSI), Government, Healthcare, Media & Entertainment, Retail and E-commerce, Transportation & Logistics, Others); and Region/Country
The Blockchain market is expected to register a CAGR of approx. 70% over the period of 2022-2028. A blockchain is defined as “a distributed database that keeps a continuously growing list of ordered records, known as blocks.” Cryptography is used to connect these blocks. Each block contains the previous block’s cryptographic hash, a timestamp, and transaction data. A blockchain is a decentralized, distributed, and public digital ledger that is used to record transactions across many computers in such a way that the record cannot be changed retroactively without affecting all subsequent blocks and requiring network consensus. The growing demand for blockchain can be attributed to the increasing venture capital funding in blockchain technology companies across the globe. For instance, in May 2021, Circle Internet Financial Ltd., a blockchain technology provider, announced that it raised USD 440 million in funding from strategic and institutional investors. Owing to the glaring statistics the increase in investment in blockchain technology across the globe is leading to the growing demand for blockchain and would contribute to the growth of the market in the forthcoming period as well. Furthermore, the blockchain market is anticipated to grow on account of the BSFI companies adopting digital leader technology to secure end-user’s financial data and identity. However, some of the restraints in the market including the High costs of implementing blockchain technology are impeding the growth of this market all over the world.
Accenture PLC, IBM Corporation, Amazon Web Services Inc, Intel Corporation, Microsoft Corporation, Oracle Corporation, Applied Blockchain, Infosys, Wipro, Tata Consultancy Services Limited are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst component types, the platforms category accounted for the significant share in the market in 2020”
Based on the component type, the blockchain market is segmented into platforms and services. The platform segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe. The platform/solution enables digital ledger network and application developers to create personalized distributed ledger (DLT) networks for end users. Cloud-based solutions can be used to develop and host various advanced applications and smart contracts within the ecosystem. In addition, these services also provide support for resource allocation, bandwidth management, data security features, and hosting needs.
“Amongst organization sizes, the large enterprises category is expected to witness considerable CAGR during the forecast period”
Based on the organization type, the market is fragmented into large enterprises and small & medium enterprises (SMEs). The large enterprise segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. Large enterprises operating in sectors, such as insurance, financial services, healthcare, and supply chain, are increasingly making efforts to digitalize their offerings, which is creating the demand for blockchain technology among them. In addition, large enterprises are increasingly embracing the technology owing to the need for a multi-party infrastructure, i.e., an infrastructure involving multiple parties, such as vendors, clients, suppliers, and the need to build confidence between multiple parties due to variations in processes, structures, data flows, frequencies, and communication modes that add to the complexity of the business.
“Amongst end-users, the BFSI category is expected to witness considerable CAGR during the forecast period”
Based on the end-users, the market is fragmented into banking, financial services, and insurances (BFSI), government, healthcare, media & entertainment, retail and e-commerce, transportation & logistics, and others. The BFSI segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. Financial services use blockchain technology for managing financial transactions taking place in businesses. Blockchain technology provides secured and efficient transactions, and this is driving the demand for the technology in financial services. Blockchain technology enables secure and efficient transactions, which is driving the technology’s adoption in financial services. Because of factors such as rising cryptocurrencies, high compatibility with the industry ecosystem, rapid transactions, Initial Coin Offerings (ICOs), and lower total cost of ownership, the technology is expected to be widely adopted in this vertical.
“North America to witness significant growth during the forecast period”
For a better understanding of the market dynamics of the Blockchain market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the blockchain industry owing to the early adoption of blockchain and the presence of several vendors that provide security and blockchain solutions and the increasing adoption of blockchain technology by organizations in the region is driving the regional market growth.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|2.1. Research Process of the Automotive IoT Market|
|2.2. Research Methodology of the Automotive IoT Market|
|2.3. Respondent Profile|
|5||IMPACT OF COVID-19 ON THE BLOCKCHAIN MARKET|
|6||GLOBAL BLOCKCHAIN MARKET REVENUE (USD BN), 2020-2028F|
|9.1.||Banking, Financial Services and Insurances (BFSI)|
|9.4.||Media & Entertainment|
|9.5.||Retail and E-commerce|
|9.6.||Transportation & Logistics|
|10.1||NORTH AMERICA BLOCKCHAIN MARKET|
|10.1.3||Rest of North America|
|10.2||EUROPE BLOCKCHAIN MARKET|
|10.2.6||Rest of Europe|
|10.3||ASIA PACIFIC BLOCKCHAIN MARKET|
|10.3.5||Rest of Asia Pacific|
|10.4||REST OF THE WORLD BLOCKCHAIN MARKET|
|12||BLOCKCHAIN MARKET OPPORTUNITIES|
|13||BLOCKCHAIN MARKET TRENDS & INSIGHTS|
|14.1||Demand Side Analysis|
|14.2||Supply Side Analysis|
|15||VALUE CHAIN ANALYSIS|
|16.1.1||Porter’s Five forces analysis|
|17.3.||Amazon Web Services, Inc|
|17.10.||Tata Consultancy Services Limited|
Research Methodology for the Global Blockchain Market Analysis (2022-2028)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global Blockchain market were the three major steps undertaken to create and analyze the adoption of Blockchain in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Blockchain market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Blockchain market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Blockchain market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as the component type, organization size, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Blockchain market. Further, we conducted factor analysis using dependent and independent variables such as increasing venture capital funding in blockchain technology companies globally. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Blockchain market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Blockchain market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Blockchain market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Blockchain market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global Blockchain market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of component type, organization size, and end-users in the global Blockchain market.
The main objective of the Global Blockchain Market Study
The current & future market trends of the global Blockchain market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Blockchain market in terms of Value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of component type, organization size, and end-users.
- Define and analysis of the regulatory framework for the Blockchain market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Blockchain market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
- Company profiles of the Blockchain market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry