NEW YORK, Sept. 13, 2022 /PRNewswire/ — As per Zion Market Research study, The Global Blockchain Technology Market size was worth around USD 3.3 billion in 2021 and is predicted to grow to around USD 60 billion by 2028 with a compound annual growth rate (CAGR) of roughly 44.5% between 2022 and 2028.
Blockchain Technology Market: Overview
Blockchain is defined as a digital shared ledger that aids in recording transactions related to valuable assets of a business while also allowing the facility to track them. Assets, in this case, could be tangible for instance a car, a house, land, or cash or they could also be used for intangible assets like patents, intellectual property, branding, and copyright. As per the definition by International Business Machines (IBM), almost everything can be traded or tracked using a blockchain network resulting in reduced cost or risk for all the involved parties.
Blockchain in today’s digitalized world is important because of the rampant growth in businesses across sectors. Since the economy and businesses to be more specific, run on information, it is important that the exchange of information is carried out with utmost ease, and as fast as possible without any hindrances or loss of data.
Blockchain technology is one of the most efficient ways of achieving this since it can provide accurate, shared, and complete data almost immediately by storing the information on a ledger that cannot be tampered with and can be accessed only by members who have the authority or required permission, thus maintaining the confidentiality of the information and avoiding any risk of the data going into wrong hands.
A network using blockchain is capable of more than sharing and producing data. In retrospect, it allows all the involved parties to have access to the same information with excellent transparency and no way of changing information once it is recorded. Some of the key elements of blockchain technology are the presence of a distributed network in which everyone in the network has access to the information, it contains immutable records meaning that once the data is recorded, it cannot be changed or modified. In case of an error, another entry has to be made to reverse the effects of the incorrect entry.
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Key Industry Insights & Findings of the Blockchain Technology Market Reports:
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As per the analysis shared by our research analyst, the global blockchain technology market is estimated to grow annually at a CAGR of around 44.5% over the forecast period (2022-2028).
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In terms of revenue, the global blockchain technology market size was valued at around USD 3.3 billion in 2021 and is projected to reach USD 60 billion, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
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The global blockchain technology market is projected to grow owing to the rising demand for safer and more secure ways of financial transactions. Due to robust industrialization and digitization, world data is now being transferred online. This is driven due to the increased access to digital platforms and their efficiency in delivering outputs.
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As per Statista, the number of malware attacks in the first half of 2022 reached over 2.8 billion. In 2021, the number was around 5.4 million.
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India is ranked third in the position of companies that witnessed large and dangerous cyber-attacks. Since blockchain technology is one of the most efficient ways of protecting company information, the global market cap is witnessing a high adoption trend.
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The global market cap size is projected to witness some restrictions in the growth journey owing to uncertain and changing resolutions across regions. There is a lot of ambiguity around the technology because of the lack of transparency in the systems.
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The global blockchain technology market is projected to gain more growth opportunities owing to the various recent trends observed in the market. Some of these inclinations involve topics like non-fungible tokens (NFTs) that started to gain traction by 2021, coupled with rising discussions about the Metaverse, a virtual world providing users with an exceptionally advanced experience.
Zion Market Research published the latest report titled “Global Blockchain Technology Market By Application (Payments, Exchanges, Smart Contracts, Supply Chain Management, Digital Identity, and Others), By Type (Public Cloud, Hybrid Cloud, and Private Cloud), By Component (Infrastructure & Protocols, Application & Solution, and Middleware), By Enterprise Size (Small & Medium Enterprises, and Large Enterprises), By End-User (Government, Retail, Financial Services, Healthcare, Transport & Logistics, Media & Entertainment, and Others) – and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” into their research database.
Industry Dynamics:
Blockchain Technology Market: Growth Drivers
The global blockchain technology market is projected to grow owing to the rising demand for safer and more secure ways of financial transactions. Due to robust industrialization and digitization, world data is now being transferred online. This is driven due to the increased access to digital platforms and their efficiency in delivering outputs.
As a direct result of this, there is a drastic increase in the number of cyber-attacks to access the data present online with a number of malwares, viruses, etc. being added to the global market daily. As per Statista, the number of malware attacks in the first half of 2022 reached over 2.8 billion. In 2021, the number was around 5.4 million. Owing to such reasons, companies and organizations are investing heavily in finding ways to upgrade their security systems. For instance, the Times of India, a leading Indian news provider, stated that the companies providing cyber security insurance policies have witnessed huge growth margins as a result of increased cyber-attacks.
India is ranked third in the position of companies that witnessed large and dangerous cyber-attacks. Since blockchain technology is one of the most efficient ways of protecting company information, the global market cap is witnessing a high adoption trend. As per a report by Spendmenot, almost 80% of senior management across globally recognized companies view blockchain as an important technology in the favor of organization protection. Out of the 100 public large-scale companies, 81% have accepted using blockchain technology.
Blockchain Technology Market: Restraints
The global market cap size is projected to witness some restrictions in the growth journey owing to uncertain and changing resolutions across regions. There is a lot of ambiguity around the technology because of the lack of transparency in the systems. For any payment-related technology, it is necessary that the process and related systems are recognized formally and pass the regulatory modes of the region. However, issues, like compatibility, and standardization have led to the technology not gaining the necessary acknowledgment in various countries.
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Blockchain Technology Market: Opportunities
The global blockchain technology market is projected to gain more growth opportunities owing to the various recent trends observed in the market. Some of these inclinations involve topics like non-fungible tokens (NFTs) that started to gain traction by 2021, coupled with rising discussions about the Metaverse, a virtual world providing users with an exceptionally advanced experience. Another contributor to more growth opportunities is the rising blockchain-as-a-service (Baas) system. These factors are expected to help the global market grow further.
Blockchain Technology Market: Challenges
The global market is expected to face major challenges due to various cynical uses of the technology for unpopular reasons like the dark web. Since the technology is highly developed making it one of the most sought-after systems in the current world, it is widely used by various harmful elements that may not necessarily have the right intentions resulting in the technology gaining unfavorable reviews from the users.
Global Blockchain Technology Market: Segmentation
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The global blockchain technology market is segmented by application, type, component, enterprise size, end-user, and region.
Based on application, the global market is segmented into payments, exchanges, smart contracts, supply chain management, digital identity, and others. Currently, supply chain management leads the global market owing to the excellent outputs provided by the technology in this segment. As of 2025, the global blockchain supply chain management market is projected to reach USD 9.8 billion mainly driven by the rise in the e-commerce industry and the subsequent need for better management of the supply chain.
Based on type, the global market is divided into public cloud, hybrid cloud, and private cloud. 60.05% of the global market share was led by the public cloud type which is essentially a multi-user environment where the service is shared between many clients. The segmental growth could be attributed to the rising interest of government agencies in adopting technology for furthering their services and access to information in real time.
Based on components, the global market segments are infrastructure & protocols, application & Solution, and middleware. The highest revenue in the global market was generated from the infrastructure & protocols segment with over 61.91% of the market share. The growth is attributed to the increasing use of technologies like Hyperledger, Ethereum, and Openchain owing to the rising demand from consumers for protocols to improve information reliability.
By enterprise size, small & medium enterprises, and large enterprises are the two global market segments with large enterprises leading the way. More than 68% of the global market was dominated by industry giants owing to the vast number of stakeholders involved and the presence of immense trackable information. Since blockchain technology allows multiple tasks like tracking and payment modes, the technology has gained favorable views from large-scale consumers.
Based on end-user, the global market is segmented into government, retail, financial services healthcare, transport & logistics, media & entertainment, and others. 38% of the market revenue was generated from the financial services segment because of the technology’s assistance in providing safe and secure transactions without comprising any aspect of the data.
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List of Key Players in Blockchain Technology Market:
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Recent Developments
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In March 2021, Amazon Web Services (AWS), a blockchain system managed by e-commerce giant Amazon, announced the wide availability of Ethereum on its platform. The newly available platform Ethereum is one of the leading blockchain platforms across the world. It is a decentralized system that allows a peer-to-peer network and safely executes smart contracts.
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In October 2020, Accenture & Digital ventures launched a new blockchain solution, especially for supply chain management in the Thailand market. The technology was co-developed by the teams in both the companies involved and is incorporated in R3’s open-source platform, Corda.
Regional Dominance:
The global blockchain technology market is projected to be dominated by North America in the coming years because the region already has a high awareness rate of the technology and its benefits. Some of the leading blockchain technology providers are present in the USA which is one the major contributors to regional growth. There are more than 700 blockchain companies in the country that are constantly working toward building a larger consumer database along with the addition of new players on a regular basis. The advanced economy of the country allows for more companies to adopt high-end technology in the processes and invest in further development. The US is also one of the leading nations that have regularized various blockchains and their related aspects, for instance, cryptocurrencies. The proactive and positive approach toward the technology is projected to help the region generate high revenues. The rising prevalence of cyber-attacks and the need to secure them from such attacks is anticipated to contribute heavily to the growth graph. As per an article by BBC, more than 200 businesses in the USA reported a cyber-attack in 2021. Over 45% of US companies have been attacked by external digital factors as of 2021 as per Thales Data Threat Report.
Global Blockchain Technology Market is segmented as follows:
Blockchain Technology Market: By Application Outlook (2022-2028)
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Payments
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Exchanges
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Smart Contracts
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Supply Chain Management
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Digital Identity
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Others
Blockchain Technology Market: By Type Outlook (2022-2028)
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Public Cloud
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Hybrid Cloud
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Private Cloud
Blockchain Technology Market: By Component Outlook (2022-2028)
Blockchain Technology Market: By Enterprise Size Outlook (2022-2028)
Blockchain Technology Market: By End-User Outlook (2022-2028)
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Government
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Retail
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Financial Services
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Healthcare
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Transport & Logistics
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Media & Entertainment
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Others
Blockchain Technology Market: By Region Outlook (2022-2028)
North America
Europe
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France
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The UK
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Spain
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Germany
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Italy
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Rest of Europe
Asia Pacific
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China
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Japan
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India
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South Korea
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Southeast Asia
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Rest of Asia Pacific
Latin America
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Brazil
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Mexico
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Rest of Latin America
Middle East & Africa
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