Blockchain Market is estimated to grow at a Robust CAGR of 72.9% during 2021-2028

According to The Insight Partners latest market study on "Blockchain Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Application, and Industry Vertical," the market was valued at US$ 4,935.0 million in 2021 and is projected to reach US$ 227,996.6 million by 2028; it is expected 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.

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The COVID-19 pandemic has had a negative impact on all aspects of society, including individuals and corporations. The internet ecosystem has become increasingly important around the world. 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 system 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. With the increased usage of mobile devices and internet penetration worldwide, people are becoming more interested in using Blockchain. Organizations have become more vulnerable to privacy problems due to changing patterns and scattered IT architectures, fueling demand for blockchain solutions during the COVID-19 outbreak.

Based on component, the blockchain market is bifurcated into solution and services. In 2021, the solution segment led the market and accounted for a larger market share. Based on application, the market is segmented into payments, exchanges, smart contracts, documentation, digital identity, governance, risk and compliance, and others. In 2021, the payments segment led the market and accounted for the largest market share. Based on industry vertical, the blockchain market is categorized into BFSI, retail, government, transportation and logistics, healthcare, automotive, media and entertainment, and others. In 2021, the BFSI segment led the market and accounted for the largest market share. Geographically, the blockchain market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for a significant share of the global blockchain market.

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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.

Blockchain Market - Company Profiles

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

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