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Blockchain Market

Blockchain Market Size, Share & Segmentation by Type (Public Cloud, Private Cloud, and Hybrid Cloud), by Component (Application & Solution, Infrastructure & Protocols, and Middleware), by Application (Digital Identity, Exchanges, Payments, Smart Contracts, Supply Chain Management, Others), by Enterprise Size (Large Enterprises, and Small & Medium Enterprises), by End-use (Financial Services, Government, Healthcare, Media & Entertainment, Retail, Transportation & Logistics, Travel, and Others), by Regions and Global Forecast 2022-2028

Report Id: SNS/ICT/2355 | July 2022 | Region: Global | 132 Pages

Report Scope & Overview:

Blockchain Market size was valued at USD 6.13 Bn in 2021 and is expected to reach USD 449.49 Bn by 2028, and grow at a CAGR of 84.7% over the forecast period 2022-2028.

The Blockchain is a collection of data and records that is regarded as a technical database that is linked through encryption. The block is made up of digital bits of information that record information such as the date, time, payment participants, and so on. Each block is issued a unique code known as a hash. If a code hash has been assigned to the block, it is ready to be put on the blockchain. Blockchain technology has a wide range of applications, including agriculture, healthcare, retail, and others.

Blockchain Market Revenue Graph

A blockchain is simply a digital log of transactions that is copied and distributed throughout the whole network of computer systems that comprise the blockchain. Each block in the chain contains numerous transactions, and whenever a new transaction occurs on the blockchain, evidence of that transaction is added to the ledger of every participant. A decentralized database administered by several members is referred to as Distributed Ledger Technology.

MARKET DYNAMICS:

KEY DRIVERS:

  • Increased investment in venture capital and blockchain technologies.

  • Increased demand for blockchain technology in retail and supply chain management for transaction transparency and security.

  • Process simplification, as well as openness, security, and immutability.

  • Reduced operational expenses.

RESTRAINTS:

  • Uncertain regulatory and compliance landscape.

  • High implementation costs for blockchain technologies.

OPPORTUNITY:

  • Government attempts to increase demand for blockchain platforms and services are on the rise.

  • Blockchain technologies are widely used in finance and cybersecurity.

  • Blockchain solutions for payments, smart contracts, and digital identities have seen widespread acceptance.

  • Demand for real-time data analysis, improved visibility, and proactive maintenance is increasing.

  • Blockchain technology's potential in new sectors.

CHALLENGES:

  • Blockchain transactions' security, privacy, and control.

  • There is a scarcity of technical skillsets available to deploy blockchain technology.

IMPACT OF COVID-19:

The pandemic has had a significant influence on several businesses throughout the world. As a result, every industry must contend with both economic and health difficulties and must endure this imposed recession. Along with the global financial loss in the millions and billions of dollars, the rapid recovery has become a major source of anxiety. For a brief while, the Blockchain Technology Market Revenue was impacted by the COVID-19 pandemic scenario. During this crisis scenario, Blockchain will play a significant role in driving numerous activities linked to digital transformation as well as other projects. According to the Blockchain Technology Market Analysis, this technology may be used for public health information monitoring, medical supply chain security, crisis management, donation tracking, and so on. Furthermore, the Blockchain sector can quickly capture the long-term impact that COVID-19 has had on a variety of industrial levels.

MARKET ESTIMATION:

The global market has been divided into three types: public cloud, private cloud, and hybrid cloud. In 2021, the public cloud segment will dominate the market. A public cloud blockchain is a multi-tenant system in which computational capacity is shared with several clients. Various government agencies throughout the world are now combining traditional systems with cloud technology. The public cloud is in high demand because it allows businesses to compete on price. The private cloud segment is also expected to increase significantly throughout the projection period. Private cloud services involve the provision of unique infrastructure and resources for businesses. A private cloud enables businesses to reverse transactions at low transaction costs.

The market is separated into three components: application & solution, infrastructure & protocols, and middleware. In 2021, the infrastructure & protocols sector dominated the market. The rising popularity of blockchain standards and protocols such as Ethereum, Openchain, and Hyperledger is propelling the market forward. Protocols are in high demand because they allow users to transmit information across bitcoin networks in a reliable and safe manner. Over the projected period, the middleware category is predicted to increase at the second-fastest rate. Middleware enables developers to construct apps more quickly. A middleware solution is mostly used in the healthcare industry to automate clinical data authentication. Increased investment in the healthcare industry is likely to fuel segment growth.

The market has been divided into applications such as digital identification, exchanges, payments, smart contracts, supply chain management, and others. In 2021, the payments segment dominated the market. Blockchain technology increases the efficiency of payment systems, reduces operational costs, and provides transparency. These advantages of blockchain technology are growing its application in payment systems, fueling category development. Over the projected period, the digital identity category is expected to develop at the quickest CAGR. Companies providing digital identification are forming alliances with blockchain technology suppliers, which is propelling the market forward.

In 2021, the big business sector dominated the market. Large organizations in industries such as insurance, financial services, healthcare, and supply chain are rapidly attempting to digitalize their products, fueling demand for blockchain technology. They have access to sufficient resources and various assets to implement new market innovations. Over the projected period, the Small and Medium Enterprise (SME) category is expected to develop at the quickest CAGR. Small and medium-sized businesses confront challenges in expanding operations such as finance, payment processing, and selecting supplementary services required for worldwide development. Blockchain technology assists them in reducing complications related to subsidizing and transferring accounts.

In 2021, the financial services category dominated the market. Blockchain technology is used in financial services to manage financial transactions in enterprises. Blockchain technology enables safe and efficient transactions, which is pushing the technology's adoption in financial services. Over the projection period, the healthcare category is expected to develop at the quickest CAGR. The growing number of legislations aimed at protecting consumer data is driving up the use of blockchain technology in the healthcare sector. Because of the increasing incidences of data theft and breach, governments throughout the world are enacting rigorous measures to secure consumer information.

KEY MARKET SEGMENTS:

On The Basis of Type 

  • Public Cloud

  • Private Cloud

  • Hybrid Cloud

On The Basis of Component

  • Application & Solution

  • Infrastructure & Protocols

  • Middleware

On The Basis of Application

  • Digital Identity

  • Exchanges

  • Payments

  • Smart Contracts

  • Supply Chain Management

  • Others

On The Basis of Enterprise Size

  • Large Enterprises

  • Small & Medium Enterprises

On The Basis of End-use

  • Financial Services

  • Government

  • Healthcare

  • Media & Entertainment

  • Retail

  • Transportation & Logistics

  • Travel

  • Others

Blockchain Market Segment Chart

REGIONAL ANALYSIS:

The North American area will lead this market in 2021. The cause for this rapid increase is the faster acceptance of this revolutionary Blockchain technology in most developed countries, including Canada and the United States. Furthermore, the increasing implementation of this technology across several sectors including retail, BFSI, and government for digital identity detection, wallet and payment solutions, smart contracts, and so on is expected to boost the Blockchain Technology Market Share. Furthermore, the rising economic sectors in various emerging nations such as India and China are expected to boost the regional expansion of the Asia Pacific Blockchain business. The increasing use of blockchain technology by banks in the Asia Pacific area to manage KYC or Know Your Customer documentation is also expected to fuel Blockchain market growth in this region.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

KEY PLAYERS:

The major key players are IBM, Amazon Web Services, Inc., Microsoft, SAP, Oracle, Bitfury Group Limited, Cegeka, Guardtime, PixelPlex, LimeChain

Blockchain Market Report Scope:
Report Attributes Details
 Market Size in 2021  US$ 6.13 Bn
 Market Size by 2028  US$ 449.49 Bn
 CAGR   CAGR of 84.7% From 2022 to 2028
 Base Year  2021
 Forecast Period  2022-2028
 Historical Data  2017-2020
 Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
 Key Segments • By Type (Public Cloud, Private Cloud, and Hybrid Cloud)
• By Component (Application & Solution, Infrastructure & Protocols, and Middleware)
• By Application (Digital Identity, Exchanges, Payments, Smart Contracts, Supply Chain Management, Others)
• By Enterprise Size (Large Enterprises, and Small & Medium Enterprises)
• By End-use (Financial Services, Government, Healthcare, Media & Entertainment, Retail, Transportation & Logistics, Travel, and Others)
 Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
 Company Profiles IBM, Amazon Web Services, Inc., Microsoft, SAP, Oracle, Bitfury Group Limited, Cegeka, Guardtime, PixelPlex, LimeChain
 Key Drivers • Increased investment in venture capital and blockchain technologies
• Process simplification, as well as openness, security, and immutability
 Market Opportunity • Government attempts to increase demand for blockchain platforms and services are on the rise
• Blockchain technologies are widely used in finance and cybersecurity

 


Frequently Asked Questions (FAQ) :

 Ans: - The forecast period of the blockchain market is 2022-2028.  

Ans: - Uncertain regulatory and compliance landscape and high implementation costs for blockchain technologies.  

 Ans: - The segments covered in the Blockchain Market report for study are on the Basis of Type, Component, Application, Enterprise Size, and End-use.

Ans: - The North American area will lead this market in 2021.  

Ans: - The major key players are IBM, Amazon Web Services, Inc., Microsoft, SAP, Oracle, Bitfury Group Limited, Cegeka, Guardtime, PixelPlex, LimeChain.   


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID 19 Impact Analysis

4.2 Impact of the Ukraine- Russia war

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

 

8. Blockchain Market Segmentation, by Type 

8.1 Public Cloud

8.2 Private Cloud

8.3 Hybrid Cloud

 

9. Blockchain Market Segmentation, by Component

9.1 Application & Solution

9.2 Infrastructure & Protocols

9.3 Middleware

 

10. Blockchain Market Segmentation, by Application

10.1 Digital Identity

10.2 Exchanges

10.3 Payments

10.4 Smart Contracts

10.5 Supply Chain Management

10.6 Others

 

11. Blockchain Market Segmentation, by Enterprise Size

11.1 Large Enterprises

11.2 Small & Medium Enterprises

 

12. Blockchain Market Segmentation, by End-use

12.1 Financial Services

12.2 Government

12.3 Healthcare

12.4 Media & Entertainment

12.5 Retail

12.6 Transportation & Logistics

12.7 Travel

12.8 Others

 

13. Regional Analysis

13.1 Introduction

13.2 North America

13.2.1 USA

13.2.2 Canada

13.2.3 Mexico

13.3 Europe

13.3.1 Germany

13.3.2 UK

13.3.3 France

13.3.4 Italy

13.3.5 Spain

13.3.6 The Netherlands

13.3.7 Rest of Europe

13.4 Asia-Pacific

13.4.1 Japan

13.4.2 South Korea

13.4.3 China

13.4.4 India

13.4.5 Australia

13.4.6 Rest of Asia-Pacific

13.5 The Middle East & Africa

13.5.1 Israel

13.5.2 UAE

13.5.3 South Africa

13.5.4 Rest

13.6 Latin America

13.6.1 Brazil

13.6.2 Argentina

13.6.3 Rest of Latin America

 

14. Company Profiles

14.1 IBM

14.1.1 Financial

14.1.2 Products/ Services Offered

14.1.3 SWOT Analysis

14.1.4 The SNS view

14.2 Amazon Web Services, Inc.

14.3 Microsoft

14.4 SAP

14.5 Oracle

14.6 Bitfury Group Limited

14.7 Cegeka

14.8 Guardtime

14.9 PixelPlex

14.10 LimeChain

 

15. Competitive Landscape

15.1 Competitive Benchmarking

15.2 Market Share Analysis

15.3 Recent Developments

 

16. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

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This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

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