Post the financial crisis in 2008, Bitcoin and other cryptocurrencies entered the financial sector and gradually gained a lot of prominence. However, with recent developments and uncertainties crowding the cryptocurrency space, its future is unclear. While the future cryptocurrency is still speculative, the underlying technology blockchain has emerged as a prime technology with huge potential to open many opportunities across various industries. The popularity of Blockchain is growing at an exponential rate with successful use cases in various industries, ranging from BFSI to media and entertainment. In terms of technology adoption and use cases, the BFSI industry is leading the market. Blockchain solutions are being implemented in payments, remittances, identity management, fund processing, dispute management, risk management, and many other applications. The BFSI sector has been held back due to limitations and obsolete aspects of the mainframe computing technology; however, with the BFSI industry moving into the advanced age of real-time transaction processing, Blockchain is a principal facilitating technology. This technology has become progressively attractive to the BFSI sector for its tamper-proof ledger. With big market players such as IBM, Accenture, and Microsoft, more and more blockchain solutions are being implemented across major banks and insurance companies. When it comes to blockchain solution providers, IBM holds a prominent place in the market. The company provides a blockchain platform for various industries. For instance, with the help of IBM's Blockchain platform, banks can create secure, low-cost, and high-volume cross-border payments. There are numerous examples of the successful implementation of Blockchain in the BFSI sector. With an increasing number of well-established market players and startups entering the BFSI blockchain market, it is expected that the BFSI segment will drive the North America blockchain market during the forecast period.
The US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 patients. Blockchain is projected to provide numerous security features, including decentralization, encryption, and cryptography, to safeguard healthcare industry privacy following the emergence of the COVID-19 pandemic. The pandemic has resulted in a surge in e-commerce demand. Businesses are using fintech and blockchain technologies to streamline and modernize their operations. This could lead to a rise in the number of companies offering contactless transactions and revamped financial services. The pharmaceutical business is likely to benefit from blockchain. The technique helped overcome the logistical difficulties of administering a COVID-19 vaccination. Blockchain is being utilized to ensure correct distribution of the COVID-19 vaccines and keep a record of vaccine maintenance and storage.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 2,372.21 Million |
| Market Size by 2028 | US$ 1,06,793.63 Million |
| Global CAGR (2021 - 2028) | 72.3% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |