Global Blockchain Technology Market

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

Throughout the forecast period, the report investigates the global blockchain technology market’s drivers, restraints/challenges, and impact on demand. Furthermore, the report investigates new opportunities in the blockchain technology sector.

Blockchain Technology Market: Overview

Blockchain is defined as a digital shared ledger that makes it easier to record and track transactions involving a company’s valuable assets. In this case, assets could be either tangible (a car, a house, land, or cash) or intangible (a car, a house, land, or cash) (patents, intellectual property, branding, and copyright). A blockchain network, according to International Business Machines (IBM), can transfer or track almost anything, resulting in lower costs or risks for all parties involved.

Read Related:

Blockchain is critical in today’s digitalized world due to the increasing growth of enterprises across industries. Because the economy, particularly businesses, is heavily reliant on information, it is critical that information be transmitted as simply and quickly as possible, with no delays or data loss.

Blockchain technology is one of the most efficient ways to accomplish 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 information’s confidentiality and avoiding the risk of the data falling into the wrong hands.

Blockchain Technology Market: Growth Drivers

The global blockchain technology sector is expected to expand in response to a growing demand for safer and more secure financial transactions. Global data is currently being transferred online as a result of increasing industrialization and digitization. This is due to the increased availability of digital platforms and their effectiveness in delivering results.

Blockchain Technology Market: Segmentation

The global market includes payments, exchanges, smart contracts, supply chain management, digital identification, and other applications. Supply chain management now leads the global market due to the remarkable outputs provided by technology in this segment. The global blockchain supply chain management market is expected to reach USD 9.8 billion by 2025, owing primarily to the growth of the e-commerce industry and the resulting demand.

There are three forms of cloud computing in the world: public cloud, hybrid cloud, and private cloud. The public cloud, which is essentially a multi-user environment where the service is shared among multiple clients, led the global market with 60.05%.

The global market sectors based on components are infrastructure & protocols, application & solution, and middleware. In the global market, the infrastructure & protocols category generated the greatest revenue, accounting for more than 61.91% of the market share.

End-user sectors in the global market include government, retail, financial services, healthcare, transportation & logistics, media & entertainment, and others. The financial services category generated 38% of market revenue due to technology’s assistance in facilitating safe and secure transactions without compromising any aspect.

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

Contact US

Zion Market Research

US OFFICE NO +1 (302) 444-0166

US/CAN TOLL-FREE +1 (855) 465-4651

Email: [email protected]

Read Also:

Leave a Reply

Your email address will not be published. Required fields are marked *