Blockchain Market Report: Valued at USD 8.06 Billion in 2022, Set to Grow at 61.4% CAGR

Blockchain Market Report Overview

In a recently published report, the Blockchain Market has been assessed at a valuation of $8.06 billion in 2022, with a projected Compound Annual Growth Rate (CAGR) of 61.4% over the forecast period. This comprehensive report delves into the Blockchain market's various facets, including market segments, research methodology, drivers, restraints, and regional insights.

Blockchain Market Values

The Blockchain Market's worth was pegged at an impressive $8.06 billion in 2022. Projections indicate substantial growth with a CAGR of 61.4% over the forecast period.

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Blockchain Market Report Scope

This report explores the Blockchain market's key segments, encompassing Component, Type, Application, and Deployment. The research data has been sourced from market participants across diverse regions, including North America, Asia Pacific, Europe, Middle East & Africa, and South America. The report provides a comprehensive analysis of the ongoing advancements across various industry sectors and leverages facts, figures, illustrations, and presentations to offer essential data analysis for the period between 2018 and 2022.

Blockchain Market Research Methodology

The report follows a robust research methodology, incorporating historical data to forecast market trends up to 2029. The impact of regional lockdowns in 2021 is especially emphasized.

Blockchain Market Dynamics :

Market Drivers

One of the key driving factors in the Blockchain Market is the increasing adoption of digital ledger technology by BFSI companies to secure financial data and identities. Technology applications, such as cross-border transactions, clearing and settlements, and digital identity verification, are gaining traction in the BFSI industry. This has been exemplified by India's central banks collaborating to establish Indian Banks' Blockchain Infrastructure Co (IBBIC) to enhance transaction security and processing speed. Additionally, a surge in venture capital funding and investments in blockchain technology is propelling growth, with the year 2021 marking a significant turning point.

Market Restraints

Despite the growth potential, the Blockchain Market faces challenges due to a shortage of skilled professionals, hindering the adoption of technologically advanced solutions. Furthermore, developing countries exhibit a lack of awareness regarding data protection risks, slowing down technology adoption in these regions.

Blockchain Market Segmentation:

by Component

Platform
Block Chain as a Service

by Type

Public
Private
Consortium

The Blockchain market is divided into three categories: consortium, private, and public. During the projection period, the Public sector is anticipated to develop at a compound annual growth rate (CAGR) of 3.8%, having held the biggest market share accounting for in 2022. Businesses can modify legislation and reverse transactions at a cheaper cost of transaction with the use of private solutions and services. The consortium, also known as a federated digital ledger, is advantageous in situations where several companies in the same sector use a common platform to simplify operations. The consortium model provides a cooperative platform to support innovation within businesses. As a result, growth in the Public segment is anticipated during the forecast period.

by Application

Digital Identity
Payments
Smart Contracts
Supply Chain Management
Others

The Platform/Solution and Blockchain as a Service (BaaS) segments make up the Blockchain market by Component. During the projected period, the Platform/Solution category is anticipated to develop at a compound annual growth rate (CAGR) of 3.8%, having had the greatest market share accounting in 2021. due to the rise in demand for Hyperledger Fabric, Ethereum, R3 Corda, Ripple, and other technologies across a number of industries. Platform/solution: Enables application developers and digital ledger network designers to create distributed ledger (DLT) networks that are specifically tailored for end users. The fastest-growing segment of the market is expected to be Blockchain as a Service (BaaS), which is driven by the growing enterprise use of cloud-based services including blockchain, crowdfunding, smart contracts, and cryptocurrency wallet creation.

by Deployment

Proof of Concept
Pilot
Production

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Blockchain Market Key Players:

1. IBM Corp.
2. Microsoft Corp.
3. The Linux Foundation
4. BTL Group Ltd.
5. Chain, Inc.
6. Circle Internet Financial Ltd.
7. Deloitte Touche Tohmatsu Ltd.
8. Digital Asset Holdings, LLC
9. Global Arena Holding, Inc. (GAHI)
10.Monax
11.Ripple

Table of content for the Blockchain Market includes:

Part 01: Executive Summary
Part 02: Scope of the Blockchain Market Report
Part 03: Global Blockchain Market Landscape
Part 04: Global Blockchain Market Sizing
Part 05: Global Blockchain Market Segmentation by Type
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis

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Regional Insights:

North America: North America led the market in 2022, accounting for 31.8% of the market share. The region's growth is attributed to dedicated suppliers and a rising demand for signage, particularly in retail.

Asia Pacific: The Asia Pacific region is expected to witness significant growth at a CAGR of 3.6% in 2022 through the forecast period, driven by the rising awareness of digital signage benefits and the growing application in various industries.

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by different segment | 2023-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations

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This release was published on openPR.