With a CAGR of 56.3%, the blockchain market will be worth $163.83

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Pune, India, June 06, 2022 (GLOBE NEWSWIRE) — The blockchain market size is growing globally at a CAGR of 56.3% during the forecast period 2022 to 2029. The market is expected to grow from USD 7.18 billion in 2022 to $163.83 billion by 2029. In 2021, the market value was $4.67 billion. Open access to data facilitated by blockchain technologies will be the central determinant of the growth of this industry. Fortune Business Insights shares this information in its report titled “Blockchain Market Forecast, 2022-2029”.

In recent times, the demand for cloud-based services has increased tremendously. Moreover, the pandemic has acted as a catalyst by creating even more new opportunities for this technology. The technology is in demand in setting up virtual work platforms, which has created a demand for software as a service in enterprises to ensure work continuity. Moreover, BaaS has also emerged as an ideal solution to meet the demand of small and medium-sized enterprises (SMEs). SMBs use this service to protect their digital entities and authenticate human identities, increasing the demand for BaaS products. The aforementioned factors are expected to fuel the growth of the market over the forecast period.

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Key Industry Developments:

March 2021: IBM Corporation has partnered with Moderna to create an intelligent supply chain for COVID-19 vaccines. This would further assist individuals, governments, and healthcare providers to securely share COVID-19 vaccine information using distributed ledger applications such as Digital Health Pass.

February 2021: Applied Blockchain Ltd. collaborated with Confidential Computing Consortium. This collaboration will help Confidential Computing Consortium drive innovation and bring new insights to the advanced category of confidential computing.

Report scope and segmentation

Report cover Details
Forecast period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 56.3%
2029 value projection $163.83 billion
Year of reference 2021
Blockchain market size in 2021 $4.67 billion
Historical data for 2018 to 2020
Number of pages 160
Segments Covered Component, Type, Application, Deployment, Industry, and Geography
Blockchain Market Growth Drivers BaaS dominates the market due to the growing adoption of cloud applications
Growing demand for data security to drive market growth
North America holds the highest market share owing to the presence of key players

Digitization in the healthcare sector during a pandemic to propel growth

The COVID-19 outbreak has affected various industries. However, the health sector has benefited from the growing demand for wellness services. The healthcare sector has focused on digitalization to develop customer experience and maintain data in bulk through the implementation of several technological advancements. The World Health Organization has collaborated with Oracle Corporation, IBM and Microsoft to develop a digital ledger-based platform named MiPasa. This collaboration is expected to boost the market during the pandemic.

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Drivers and Restrictions:

Growing demand for data security to drive market growth

The market is predicted to witness significant growth, owing to increasing technological advancements in various industries such as healthcare and manufacturing. The increasing security and availability of data in the healthcare sector is expected to propel the market growth in the coming years. The development of technology platforms in emerging countries should stimulate demand for these applications. These factors are likely to ensure the growth of the blockchain market over the forecast period.

The growing issue of security and privacy is forcing BFSI and IT companies to embrace digital ledger technology as it will provide users with security of financial data. With its features of cross-border transactions, clearing and settlement, trade finance platforms, digital identity verification and credit reporting, the demand for technology is increasing and this is expected to drive the growth of the blockchain market in the years to come. For example, in June 2021, major Indian banks such as State Bank of India (SBI), HDFC, ICICI Bank and others collaborated with blockchain infrastructure company Indian Bank Private Limited (IBBIC) to secure transactions, reduce transaction processing time. and expedite the letters of credit process.

However, the lack of qualified professionals may hamper the growth of the market.

segments:

BaaS dominates the market due to the growing adoption of cloud applications

By component, the market is split into platform/solution and blockchain as a service (BaaS).

Based on type, the market is trifurcated into public, private, and consortium.

Based on application, the market is divided into digital identity, payments, smart contracts, supply chain management, etc.

Based on deployment, the market is segmented into proof of concept, pilot, and production.

Based on industry, the market is divided into BFSI, Energy & Utilities, Government, Healthcare & Life Sciences, Manufacturing, Telecommunications, Media & Entertainment, Retail & Consumer Goods, Travel, Transportation, and Others.

Report cover

The report offers valuable insights obtained by an in-depth study carried out by our researchers. Extensive research has been conducted to provide the estimated blockchain market size forecast. The data used to predict the shares of several segments at national, regional and global levels are obtained from detailed interviews with various stakeholders. Additionally, we have secured admission to numerous globally and regionally funded disclosures to present accurate information to simplify business investment judgments for our clients.

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Regional outlook:

North America holds the highest market share owing to the presence of key players

North America dominates the global blockchain market share over the forecast period owing to the presence of key market players in the region. These key players are focused on providing personalized services to their customers across the region.

Europe is expected to hold the second largest global market share owing to increasing industrialization and business exposure through private and government enterprises. This bolsters business investment by governments over the projected period.

Key Global Blockchain Market Players:

  • Accenture PLC (Ireland)
  • Amazon Web Services, Inc. (USA)
  • Applied Blockchain Ltd. (UK)
  • IBM Corporation (USA)
  • Intel Corporation (USA)
  • LeewayHeartz (USA)
  • Microsoft Corporation (USA)
  • Oracle Corporation (USA)
  • R3 (US)
  • Tata Consultancy Services Limited (India)

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Main table of contents:

  • Global blockchain market size estimates and forecasts (quantitative data), by segments, 2018-2029
    • Main findings
    • Per component (USD)
      • Platform/Solution
      • Blockchain as a service
    • By type (USD)
      • Public blockchain
      • Private blockchain
      • Consortium Blockchain
    • Per app (USD)
      • Numeric identity
      • Payments
      • Smart contracts
      • Supply chain management
      • Others (Exchange, Documentations, etc.)
    • Per deployment (USD)
      • Proof of concept
      • Pilot
      • Production
    • By industry (USD)
      • BFSI
      • Energy and Utilities
      • Government
      • Health and life sciences
      • Manufacturing
      • Telecom, Media & Entertainment
      • Retail and consumer goods
      • travel and transportation
      • Others (Education, etc.)
    • By region (USD)
      • North America
      • Latin America
      • Europe
      • Middle East and Africa
      • Asia Pacific
  • North America blockchain market size estimates and forecasts (quantitative data), by segments, 2018-2029
    • Main findings
    • Per component (USD)
      • Platform/Solution
      • Blockchain as a service
    • By type (USD)
      • Public blockchain
      • Private blockchain
      • Consortium Blockchain
    • Per app (USD)
      • Numeric identity
      • Payments
      • Smart contracts
      • Supply chain management
      • Others (Exchange, Documentations, etc.)
    • Per deployment (USD)
      • Proof of concept
      • Pilot
      • Production
    • By industry (USD)
      • BFSI
      • Energy and Utilities
      • Government
      • Health and life sciences
      • Manufacturing
      • Telecom, Media & Entertainment
      • Retail and consumer goods
      • travel and transportation
      • Others (Education, etc.)
    • By country (USD)
  • Latin America blockchain market size estimates and forecasts (quantitative data), by segments, 2018-2029
    • Main conclusions
    • Per component (USD)
      • Platform/Solution
      • Blockchain as a service
    • By type (USD)
      • Public blockchain
      • Private blockchain
      • Consortium Blockchain
    • Per app (USD)
      • Numeric identity
      • Payments
      • Smart contracts
      • Supply chain management
      • Others (Exchange, Documentations, etc.)
    • Per deployment (USD)
      • Proof of concept
      • Pilot
      • Production
    • By industry (USD)
      • BFSI
      • Energy and Utilities
      • Government
      • Health and life sciences
      • Manufacturing
      • Telecom, Media & Entertainment
      • Retail and consumer goods
      • travel and transportation
      • Others (Education, etc.)
    • By country (USD)
      • Brazil
      • Mexico
      • Rest of Latin America

TOC Continued…!

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