Blockchain Market Latest Trends, Industry Size, Major Segments and Competitive Landscape Forecast To 2028, The Insight Partners

According to our 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 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.

Top Listed Companies in Blockchain Market are -

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

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.

Reason to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Blockchain Market.
Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
The key findings and recommendations highlight crucial progressive industry trends in the Blockchain Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue. 
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth at a certain extent.

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Impact of COVID-19 Pandemic on Global Blockchain Market

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.

The Blockchain Market Company Profiles are individually represented for all major participants and indices such as Financial Performance, Strategic Initiatives, Product Portfolio & Company Overview.

Company Overview:

Company overview provides the information about location of the company where it is headquartered along with the established year, employee strength as of 2017, regions where the company is operating and the key business areas.

Financial Performance:

Overall company/segment revenue for the year 2019, 2018, and 2017 is provided in the sub title "Financial Performance" (public listed companies) along with the analysis and explanation of the increase or decrease in the same due to factors such as mergers & acquisition, profit or loss in any strategic business unit (SBUs) and others.

Product Benchmarking:

Product benchmarking comprises the comprehensive list of products pertaining to the respective market along with the application and key features.

Strategic Initiatives:

Insights pertaining to the new product launch, strategic collaboration, mergers and acquisition, regulatory approval, and other developments by the company in market are covered under strategic initiatives section.

We are keen to understand what additional information if included will help you in your business endeavor. We also hold the expertise to customize the reports based on any specific countries/regions, segmentations, companies, etc. of your choice. Hence you can share your specific requirements, if any.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Life Science, Technology, Healthcare, Manufacturing, Automotive and Defense, Food Beverages, Chemical etc.

This release was published on openPR.