Blockchain Market Size, Share: Emerging Technologies Growing Geriatric Population to Boost Growth 2028

A Latest intelligence report published by The Insight Partners "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. The report provides in-depth analysis of the Blockchain Market at global and key country level.  This report sheds a concentrated focus on the Blockchain Market industry in terms of market driver, opportunities, and restraints of global segmentation. Further data on the reports also includes demographic conditions, over-turning changing business cycles and analyzing country-to-market.

The Key Players in The Global Market Are: 

IBM Corporation, Microsoft Corporation, Amazon Web Services, SAP SE, Bitfury Group Limited, Ripple Labs Inc. Hewlett Packard Enterprise Development LP (HPE), Oracle Corporation, and Intel Corporation are the key players operating in the global blockchain market. Several other market players have been analyzed to understand the market.

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The adoption of blockchain technology is still in its nascent stages worldwide, and it is growing at different speeds in different geographies. The adoption of blockchain in a particular geography depends on government support and a favorable business environment. Blockchain technology has immense potential to transform businesses and government services. For sustainable growth of the Blockchain market, a unified regulatory framework is crucial, and it depends on the governments' will. The opportunities in various countries will grow exponentially depending on the supportive government initiatives worldwide.

Various governments worldwide are coming at the forefront to help the fast adoption of Blockchain. For instance, the European Commission has recently supported signing a 27-country pact on Blockchain, known as the European Blockchain Partnership. This partnership will look into EU-wide collaboration on various regulatory and technical matters related to the blockchain market. The EU is also planning to invest EUR 300 million in Blockchain over the next three years. On similar lines, the UAE has also formulated an ideal strategy for blockchain. The focus of this strategy is to do 50% of all government transactions on blockchain technology by 2021. Also, Sweden has announced its Blockchain-based land registry project.

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Moreover, the rising use cases of Blockchain in government applications is another positive sign for companies operating in this market. Some of the most common public sector use cases include digital identity, digital voting, inter & intragovernmental transactions, documentation records, and supply chain traceability. The most active governments adopting, investing, and exploring Blockchain include Japan, South Korea, Switzerland, Singapore, Australia, Russia, Canada, Chile, and the Republic of Georgia. All these examples of Blockchain use cases in the government sector and an increase in government support in various geographies are expected to provide ample opportunities for market players operating or planning to enter the blockchain market.

The report segments the global Market as follows:

By Component (Solutions and Services)
By Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Governance, Risk and Compliance, and Others)
By Industry Vertical (BFSI, Retail, Government, Transportation and Logistics, Healthcare, Automotive, Media and Entertainment, and Others)

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.

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Answers that the report acknowledges:

Market size and growth rate during forecast period.
Key factors driving the Market.
Key market trends cracking up the growth of the Market
Challenges to market growth.
Key vendors of Blockchain Market
Detailed SWOT analysis.
Opportunities and threats face by the existing vendors in Global Market
Trending factors influencing the market in the geographical regions.
Strategic initiatives focusing the leading vendors.
PEST analysis of the market in the five major region

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E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

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This release was published on openPR.