Global Blockchain Technology Market

The global blockchain technology market was valued at approximately USD 3.3 billion in 2021 and is expected to rise to approximately USD 60 billion by 2028, at a compound annual growth rate (CAGR) of approximately 44.5% between 2022 and 2028.

The study examines the worldwide blockchain technology market’s drivers, restraints/challenges, and impact on demand during the forecast period. Furthermore, the paper investigates new opportunities in the blockchain technology sector.

Blockchain Technology Market: Overview

Blockchain is defined as a digital shared ledger that aids in the recording of transactions involving a company’s valuable assets while also allowing the facility to follow them. In this scenario, assets could be tangible, such as a car, a house, land, or cash, or intangible, such as patents, intellectual property, branding, and copyright. According to International Business Machines (IBM), practically anything may be transferred or tracked utilizing a blockchain network, resulting in lower costs or risk for all parties involved.

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Blockchain is crucial in today’s digitalized world because of the rapid rise of businesses across industries. Because the economy and, more specifically, businesses rely on information, it is critical that information is sent as easily and quickly as possible, with no delays or data loss.

Blockchain technology is one of the most efficient ways of accomplishing this because it can provide accurate, shared, and complete data almost instantly by storing the information on a ledger that cannot be tampered with and can only be accessed by members who have the authority or required permission, thereby maintaining the confidentiality of the information and avoiding any risk of the data falling into the wrong hands.

Blockchain Technology Market: Growth Drivers

The requirement for safe transactions to drive market expansion has increased.

The global blockchain technology industry is expected to expand due to the increased need for safer and more secure financial transactions. World data is currently being moved online as a result of rapid industrialization and digitization. This is due to greater access to digital platforms and their effectiveness in delivering results.

Blockchain Technology Market: Segmentation

The global blockchain technology market is divided into several segments, including application, type, component, enterprise size, end-user, and geography.

The global market is divided into applications such as payments, exchanges, smart contracts, supply chain management, digital identity, and others. Supply chain management now leads the global market due to the outstanding outputs supplied by technology in this segment. The global blockchain supply chain management market is expected to reach USD 9.8 billion by 2025, owing mostly to the growth of the e-commerce industry and the resulting need for better supply chain management.

The global market is classified into three types: public cloud, hybrid cloud, and private cloud. The public cloud type topped the global market with 60.05%, which is essentially a multi-user environment where the service is shared among many consumers.

Infrastructure & protocols, application & Solution, and middleware are the worldwide market sectors based on components. The infrastructure & protocols category generated the most revenue in the global market, accounting for more than 61.91% of the market share.

The global market is divided into end-user segments such as government, retail, financial services, healthcare, transportation & logistics, media & entertainment, and others. Because of technology’s support in enabling safe and secure transactions without compromising any aspect, the financial services segment contributed 38% of market revenue.

Blockchain Technology Market: Competitive Analysis
The global blockchain technology market houses players like Microsoft Corporation, BTL Group Ltd., IBM Corporation, Global Arena Holding, Circle Internet Financial Limited, Digital Asset Holdings, LLC, The Linux Foundation, Ripple

The global blockchain technology market is segmented as follows:

By Application

Smart Contracts
Supply Chain Management
Digital Identity
By Type

Public Cloud
Hybrid Cloud
Private Cloud
By Component

Infrastructure & Protocols
Application & Solution
By Enterprise Size

Small & Medium Enterprises
Large Enterprises
By End-User

Financial Services
Transport & Logistics
Media & Entertainment
By Region

North America
The U.S.
The UK
Rest of Europe
Asia Pacific
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Rest of Latin America
Middle East & Africa
South Africa
Rest of Middle East & Africa

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