Blockchain Technology Market Size Analysis
The global blockchain technology market size was USD 3.3 billion in 2021 and is expected to reach USD 60 billion by 2028, with a CAGR of 44.5% between 2022 and 2028.
Blockchain technology’s transparent interactions contribute to the database’s inherent stability. Blockchain technology industry applications are rapidly spreading across industries like retail, healthcare, and the financial sector. The Blockchain Technology Market also has enormous untapped potential. In light of these factors, it is reasonable to anticipate that Blockchain will experience explosive growth in popularity over the coming years.
When cryptocurrencies are legitimate, firms and investors are more likely to put money into blockchain projects. In addition, it inspires the market’s main players to work harder on enhancing their offerings to stay ahead of the competition. The companies’ efforts should, in the not-too-distant future, improve the efficacy and efficiency of blockchain technology.
DeFi is a new blockchain-based financial technology that will lessen the influence that traditional financial institutions have over our money and banking systems. The increasing number of strategic efforts in the area of decentralised finance is anticipated to be a major development driver for the market during the forecast horizon. In July 2021, for instance, Square, a payment company, announced that it would be launching a business focused on DeFi that would use bitcoin as its currency.
The company’s market standing should improve as a result of this endeavour. Companies like PayPal and Xbox, which accept cryptocurrencies as payment, are seen as key drivers of market expansion. It’s becoming increasingly common for eateries to team up with cryptocurrency solution providers so that their patrons can pay with cryptocurrency.
In August of 2021, for instance, Bakkt Holdings, LLC, a digital asset marketplace, announced that it would be partnering with the QSR chain Quiznos to roll out a pilot programme at a physical location. This pilot programme made it possible for Quiznos customers to use bitcoin at test locations.
Opportunities:
Blockchain technology has seen tremendous market expansion since the advent of the first decentralised electronic currency that could be transferred directly from user to user. The benefits of this technology are now understood by a wide range of investors. Financial services and healthcare are just two of the many industries exploring Blockchain integration. In addition to opening up new markets, the trustless and decentralised nature of the sector can help businesses in a number of other ways, including increased security, traceability, and openness.
Blockchain Technology Market: Competitive Analysis
The global blockchain technology market houses players like Microsoft Corporation, BTL Group Ltd., IBM Corporation, Global Arena Holding, Circle Internet Financial Limited, Digital Asset Holdings, LLC, The Linux Foundation, Ripple
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The global blockchain technology market is segmented as follows:
By Application
- Payments
- Exchanges
- Smart Contracts
- Supply Chain Management
- Digital Identity
- Others
By Type
- Public Cloud
- Hybrid Cloud
- Private Cloud
By Component
- Infrastructure & Protocols
- Application & Solution
- Middleware
By Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
By End-User
- Government
- Retail
- Financial Services
- Healthcare
- Transport & Logistics
- Media & Entertainment
- Others
