Blockchain technology is still in its emerging phase; however, the skyrocketing growth in the adoption of blockchain across diverse industry verticals has attracted a lot of attention from well-established players such as IBM and Microsoft and the startups. In the past few years, many startups have emerged in the blockchain market majorly due to the immense amount of funds being poured in by venture capitalists. These tech-savvy, robust, and "think-big" startups are shaking the Blockchain market with innovative and disruptive Blockchain solutions. Startups are also working with independent consortia to develop Blockchain solutions for various industries ranging from banking to entertainment. There is a huge influx of well-funded startups in the blockchain market. The positive outlook on the part of funding and startup activity is expected to boost the growth of the blockchain market in various industries such as BFSI, retail, government, logistics, and healthcare. Examples of successful Blockchain adoption by big players to streamline diverse business functions include Walmart, Maersk, British Airways, UPS, and FedEx. Cost reduction and cost savings are major priorities for any business. Blockchain eliminates unnecessary third parties or intermediaries to reduce time and costs. With all these advantages, Blockchain enables businesses to improve operational efficiency and transparency and lower operating costs, thereby helping them enhance service quality and customer experience, which drive the Europe blockchain market during the forecast period.
The COVID-19 pandemic is expected to have a positive impact on market growth. During the COVID-19 pandemic, various sectors adopted blockchain technology to improve the supply chain due to its ability to overcome the challenges faced by traditional supply chains, such as inefficiency and excessive costs. Businesses have used blockchain technology to facilitate contract, supply chain, and financial activities during the last decade.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,234.08 Million |
| Market Size by 2028 | US$ 59,142.33 Million |
| Global CAGR (2021 - 2028) | 73.8% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Component
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| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |