Blockchain Market is expected to reach US$ 227,996.6 Million by 2028

Rising Government Support and Initiatives Worldwide to Create Lucrative Opportunities for Blockchain Market During 2021–2028

According to our latest market study on “Blockchain Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Application, and Industry Vertical,” the market was valued at US$ 4,935.0 million in 2021 and is projected to reach US$ 227,996.6 million by 2028; it is expected to grow at a CAGR of 72.9% from 2021 to 2028.

The adoption of blockchain technology is still in its nascent stages worldwide, and it is growing at different speeds in different geographies. The adoption of blockchain in a particular geography depends on government support and a favorable business environment. Blockchain technology has immense potential to transform businesses and government services. For sustainable growth of the Blockchain market, a unified regulatory framework is crucial, and it depends on the governments' will. The opportunities in various countries will grow exponentially depending on the supportive government initiatives worldwide. Various governments worldwide are coming at the forefront to help the fast adoption of Blockchain. For instance, the European Commission has recently supported signing a 27-country pact on Blockchain, known as the European Blockchain Partnership. This partnership will look into EU-wide collaboration on various regulatory and technical matters related to the blockchain market. The EU is also planning to invest EUR 300 million in Blockchain over the next three years. On similar lines, the UAE has also formulated an ideal strategy for blockchain. The focus of this strategy is to do 50% of all government transactions on blockchain technology by 2021. Also, Sweden has announced its Blockchain-based land registry project.

Moreover, the rising use cases of Blockchain in government applications is another positive sign for companies operating in this market. Some of the most common public sector use cases include digital identity, digital voting, inter & intragovernmental transactions, documentation records, and supply chain traceability. The most active governments adopting, investing, and exploring Blockchain include Japan, South Korea, Switzerland, Singapore, Australia, Russia, Canada, Chile, and the Republic of Georgia. All these examples of Blockchain use cases in the government sector and an increase in government support in various geographies are expected to provide ample opportunities for market players operating or planning to enter the blockchain market.

Based on component, the blockchain market is bifurcated into solution and services. In 2021, the solution segment led the market and accounted for a larger market share. Based on application, the market is segmented into payments, exchanges, smart contracts, documentation, digital identity, governance, risk and compliance, and others. In 2021, the payments segment led the market and accounted for the largest market share. Based on industry vertical, the blockchain market is categorized into BFSI, retail, government, transportation and logistics, healthcare, automotive, media and entertainment, and others. In 2021, the BFSI segment led the market and accounted for the largest market share. Geographically, the blockchain market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for a significant share of the global blockchain market.

Impact of COVID-19 Pandemic on Global Blockchain Market

The COVID-19 pandemic has had a negative impact on all aspects of society, including individuals and corporations. The internet ecosystem has become increasingly important around the world. The reliance on online enterprises has expanded dramatically due to the COVID-19 outbreak. The internet is being used by BFSI, healthcare and life sciences, manufacturing, retail, transportation and logistics, and other industries to provide critical services to consumers. The demand for a Blockchain system has surged among vendors. Various governments and regulatory agencies have forced both public and private organizations to accept new techniques of teleworking and preserving social distance in the wake of the COVID-19 pandemic. Since then, digital business practices and the use of emails on home servers have become the new business continuity plan (BCP) for a variety of enterprises. With the increased usage of mobile devices and internet penetration worldwide, people are becoming more interested in using Blockchain. Organizations have become more vulnerable to privacy problems due to changing patterns and scattered IT architectures, fueling demand for blockchain solutions during the COVID-19 outbreak.

IBM Corporation, Microsoft Corporation, Accenture, Amazon Web Services, SAP SE, Bitfury Group Limited, Ripple Labs Inc. , Hewlett Packard Enterprise Development LP (HPE), Oracle Corporation, and Intel Corporation are the key players operating in the global blockchain market. Several other market players have been analyzed to understand the market.

Blockchain Market - by Geography, 2021 and 2028 (%)

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Blockchain Market Size and Growth Analysis by 2028

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Blockchain Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solutions and Services), Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Governance, Risk and Compliance, and Others), and Industry Vertical (BFSI, Retail, Government, Transportation and Logistics, Healthcare, Automotive, Media and Entertainment, and Others)

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