Blockchain Market Overview and Growth by 2028

Historic Data: 2019-2020 | Base Year: 2021 | Forecast Period: 2022-2028

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)

Report Date : Jan 2022
Report Code : TIPTE100002172

Category : Banking, Financial Services, and Insurance
Status : Published

Available Report Formats :
No. of Pages : 190

Analysis Strategic Insights Market Drivers Regional Insights Report Scope Recent Developments FAQs

The blockchain market is expected to grow from US$ 4,935.0 million in 2021 to US$ 227,996.6 million by 2028; it is estimated to grow at a CAGR of 72.9% from 2021 to 2028.

Blockchain technology and its applications in the banking, financial services, and insurance (BFSI) sector have attracted a lot of attention in the past few years, majorly due to its ability to transform existing industries' foundations and business models. Presently, apart from cryptocurrency applications, the other major practical applications of Blockchain are still in the banking and financial sector; however, various companies and institutions are now rapidly developing Blockchain-based solutions to solve complex business problems. In general terms, Blockchain is a subset of a broader distributed ledger technology (DLT), and it combines three significant concepts – cryptography, smart contracts, and distributed ledger design. Distributed ledger technology (DLT) is a fast-emerging approach that records and shares data across various data stores/ledgers. DLT facilitates the recording, sharing, and synchronization of transactions and data across a distributed network of different network participants.

The global Blockchain market is anticipated to exhibit very high growth in the near future. Major driving factors contributing to the market growth include extensive adoption of Blockchain solutions in the BFSI sector; advantages such as higher transparency, higher operational efficiency, and substantial cost savings; and an increase in the number of innovative startups. During the forecast period, trends such as rising government support and initiatives and a combination of Blockchain and artificial intelligence for advanced applications are expected to provide exciting opportunities for the players operating in the Blockchain market.

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Blockchain Market: Strategic Insights

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Impact of COVID-19 Pandemic on Blockchain Market

While the COVID-19 pandemic has posed significant issues for organizations worldwide, the Blockchain market has grown steadily during the crisis. Most crucially, throughout the epidemic, healthcare workers have moved to use chats, emails, phones, and video conversations to treat patients remotely, preventing the virus from spreading. The use of penetration testing tools for safe online transactions and conversational data increased due to this. The adoption of the Blockchain market by various firms to give optimal security during a chaotic environment is also a crucial element driving the Blockchain market vertical. The COVID-19 pandemic has impacted all aspects of society, including individuals and corporations. The internet ecosystem has become increasingly important globally. 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 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.

Blockchain Market Insights

Leading industries worldwide—including banking, financial services, and insurance (BFSI); retail; logistics and transportation; healthcare; automotive; media and entertainment; and public sector organizations—are increasingly integrating disruptive technologies such as blockchain, artificial intelligence (AI), the Internet of Things (IoT), big data, and predictive analytics into their operations. Among these, blockchain has emerged as a transformative force, gaining widespread adoption due to its proven ability to deliver greater transparency, enhance operational efficiency, and reduce transactional and administrative costs. The accelerating adoption of blockchain is underpinned by a growing number of successful deployments and pilot programs that demonstrate real-world benefits. Enterprises face mounting pressure to maintain competitiveness in a rapidly evolving digital economy, and blockchain offers a decentralized, secure, and tamper-resistant infrastructure that supports this imperative. Moreover, businesses are recognizing the strategic value of blockchain as it enables more agile, data-driven operations and fosters trust among stakeholders.

In the financial services sector, blockchain has found extensive application across areas such as cross-border payments, capital markets, trade finance, investment and wealth management, and securities clearing and settlement. Its ability to streamline and automate traditionally manual, time-intensive processes reduces reliance on intermediaries, significantly lowers processing times, and minimizes the risk of errors and fraud. Moreover, organizations handling sensitive data—such as healthcare and government—leverage blockchain to ensure data integrity and secure information sharing. By offering immutable audit trails and real-time data access, blockchain enhances regulatory compliance and fosters confidence among all participants in any market ecosystem.

The reduction of operational costs remains a central goal for enterprises worldwide. Blockchain contributes to this objective by optimizing workflow efficiencies and eliminating redundant verification processes. As businesses continue to pursue digital transformation strategies, blockchain is positioned as a key enabler of innovation. It facilitates improved customer experiences through faster services, better data accuracy, and enhanced accountability, positioning it as a long-term asset for business resilience and scalability.

Component Segment Insights

Based on component, the blockchain market can be bifurcated into services and solution. The solution segment led the blockchain market. The increasing adoption of blockchain solutions due to their capacity to provide more transparency in financial transaction management in bitcoin, as well as increasing digitization, is propelling the blockchain market forward. Customers can use the market's blockchain platform to create private, public, and consortium-based blockchain environments and construct their own blockchain applications and solutions. People, products, apps, and services can interact across the blockchain network, cloud providers, and enterprises using these platforms.

Blockchain Market Regional Insights

The regional trends and factors influencing the Blockchain Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Blockchain Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

blockchain-technology-market-global-geography

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Blockchain Market Report Scope

Report Attribute	Details
Market size in 2021	US$ 4.94 Billion
Market Size by 2028	US$ 228 Billion
Global CAGR (2021 - 2028)	72.9%
Historical Data	2019-2020
Forecast period	2022-2028
Segments Covered	By Component Solutions and Services By Application Payments Exchanges Smart Contracts Documentation Digital Identity Governance Risk and Compliance By Industry Vertical BFSI Retail Government Transportation and Logistics Healthcare Automotive Media and Entertainment
Regions and Countries Covered	North America US Canada Mexico Europe UK Germany France Russia Italy Rest of Europe Asia-Pacific China India Japan Australia Rest of Asia-Pacific South and Central America Brazil Argentina Rest of South and Central America Middle East and Africa South Africa Saudi Arabia UAE Rest of Middle East and Africa
Market leaders and key company profiles	IBM Corporation Microsoft Corporation Accenture Amazon SAP SE Bitfury Group Limited Ripple Labs Inc. Hewlett Packard Enterprise Development LP (HPE) Oracle Corporation

Blockchain Market Players Density: Understanding Its Impact on Business Dynamics

The Blockchain Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Blockchain Market are:

IBM Corporation
Microsoft Corporation
Accenture
Amazon
SAP SE

Disclaimer: The companies listed above are not ranked in any particular order.

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Application Segment Insights

The global blockchain market is segmented into payments, exchanges, smart contracts, documentation, digital identity, governance, risk & compliance, and others. The payment segment led the blockchain market. The others segment includes digital voting, ride-sharing, advertising, and many others. Blockchain reduces cost, increases security, increases transparency, and decreases transaction time while reducing the need for a trusted third party. Blockchain handles a varying set of rules and configurations. An application such as smart contracts, can greatly improve process efficiency, reliability, transparency, and reduce risk. The prospective uses of blockchain are varied and wide, and the technology is becoming more prevailing.

Industry Vertical Type Segment Insights

Blockchain is a distributed ledger capable of automatically verifying and recording a high volume of digital transactions, regardless of location. As startups use blockchain technology to drive greater transparency across the digital information network, they are increasing the awareness of blockchain technology in various sectors. Based on industry vertical, the global Blockchain market is categorized into BFSI, retail, government, transportation & logistics, healthcare, automotive, media & entertainment, and others. The others segment includes manufacturing, real estate, power and utilities, telecom, and sports.

The Blockchain market players focus on new product innovations and developments by integrating advanced technologies and features to compete. For instance, in 2019, Carrefour and Nestle Partnered with IBM to use blockchain technology in food categories. The partnership would enable a rapid expansion of a blockchain-based network that brings more transparency to the global food supply chain of retailers, growers, wholesalers, processors, distributors, and manufacturers.

Blockchain Market – Company Profiles

IBM Corporation, Microsoft Corporation, Accenture, Amazon, SAP Se, Hewlett Packard Enterprise Development LP (HPE), Oracle Corporation, Intel Corporation, Ripple, Bitfury Group

Frequently Asked Questions

What is the market opportunity for Blockchain market?

The rising Government Support and Initiatives Worldwide is anticipated to offer ample future growth opportunity to the Blockchain market solution providers over the forecast period of 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 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 in the Middle East 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 to market players operating or planning to enter the Blockchain market

Who are the major vendors in the Blockchain market?

Key companies in the Blockchain market include IBM Corporation, Microsoft Corporation, Accenture, Amazon Web Services, SAP Se, Hewlett Packard Enterprise Development LP (HPE), Oracle Corporation, Intel Corporation, Ripple, and Bitfury Group.

Which country has the largest market share in the Blockchain market?

The US is a significant contributor to the blockchain market in 2020. The US accounts for the largest market share in the blockchain market. The rapid evolution of blockchain technology is witnessing the developments of new platforms, partnerships, and applications in the country. Many companies in the U.S are collaborating with blockchain startups and some of the large players. Also, with the increased digitalization of business, maintaining trust can become expensive, inefficient, and time-consuming. Blockchain improves the reliability of data and reduced chances of fraud. These factors would fuel the demand of blockchain technology in the U.S.

Which component-based segment has the largest Blockchain market share in 2020?

Based on component, the global Blockchain market is segmented into Services, and Solution. The solution segment led the Blockchain market with a market share of 67.2% in 2020. It is expected to account for 69.1% of the total market in 2028.

What is the future trend for Blockchain market?

Artificial intelligence (AI) and its applications such as machine learning and deep learning have grown tremendously over the last few years. AI is being utilized extensively in numerous areas, ranging from cloud computing applications to digital assistants and self-driving/autonomous vehicles. With some of the most prominent tech players from the US and China, such as Google, Amazon, Apple, Facebook, Microsoft, IBM, Baidu, Alibaba, and Tencent, at the forefront of artificial intelligence research and development, this technology is expected to change the face of every industry in the coming future. Blockchain technology and Artificial intelligence are two breakthrough technologies, and they work very well in unison. Combining these two technologies helps build and organize massive databases, strengthen various cybersecurity protocols, and perform tasks in less time than humans. Artificial intelligence works on the data gathered from multiple sources to extract valuable insights related to various business processes and customer preferences while saving costs and increasing operational efficiency for companies. Using AI to collect information is the most common way to use artificial intelligence technology. This data collection and its ethical use pose difficulties in the wide adoption of AI. In this matter, Blockchain can help by storing the AI mechanisms that process data on a distributed and decentralized registry which will help in securing personal information. In Blockchain, users can determine themselves who should be given access to their personal information by using private and public keys. Artificial intelligence-powered blockchains can provide decentralized identification to protect user identity. Various companies are using Blockchain and AI together in diverse applications. For instance, VIA uses Blockchain and AI to help large energy companies conceptualize and use their data more effectively. AlphaNetworks is a Blockchain-powered entertainment platform that uses Artificial Intelligence to improve audience analytics and viewership algorithms. NetObjex is a smart city infrastructure platform that uses Blockchain, IoT, and AI to power connected devices and cloud-based products.

What are the driving factors responsible for the growth of Blockchain market?

Extensive Adoption of Blockchain Solutions in BFSI Industry Vertical
High Transparency and Operational Efficiency with Substantial Cost Savings

Research Manager

Ankita Mittal

Manager,
Market Research & Consulting

Ankita is a dynamic market research and consulting professional with over 8 years of experience across the technology, media, ICT, and electronics & semiconductor sectors. She has successfully led and delivered 100+ consulting and research assignments for global clients such as Microsoft, Oracle, NEC Corporation, SAP, KPMG, and Expeditors International. Her core competencies include market assessment, data analysis, forecasting, strategy formulation, competitive intelligence, and report writing.

Ankita is adept at handling complete project cycles—from pre-sales proposal design and client discussions to post-sales delivery of actionable insights. She is skilled in managing cross-functional teams, structuring complex research modules, and aligning solutions with client-specific business goals. Her excellent communication, leadership, and presentation abilities have enabled her to consistently deliver value-driven outcomes in fast-paced and evolving market environments.

What are the Blockchain Market report deliverables?

Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
PEST and SWOT Analysis
Market Size Value / Volume - Global, Regional, Country
Industry and Competitive Landscape
Excel Dataset

Blockchain Market Report Snapshots

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