Global Blockchain Market - Industry Analysis, Growth, Demand, Share, & Forecast To 2026

According to the report titled “Global Blockchain Market”, published by Actual Market Research, the Blockchain is expected to reach more than $40 Billion in the year 2022. It is expected to expand at a compound annual growth rate (CAGR) of more than 50% from 2022 to 2027. Blockchain was introduced in October 2008 as part of a proposal for bitcoin, a virtual currency system that has central authority for issuing currency, transferring ownership, and confirming transactions. 

Blockchain is a decentralized database that stores transactions on millions of computers worldwide. Blockchain stores information electronically in digital format. Blockchain collects information in groups, called blocks, that store sets of information. Blocks have specific storage capacities and, when filled, are closed and linked to the previously served block, forming a chain of data known as the Blockchain. Newly added information that freshly added block is compiled into a newly formed block that will be added to the chain.

The Asia Pacific solid state drive market dominated the global market in 2021 and contributed approx. 35% share of the market. The increasing popularity & adoption of Blockchain technology by leading regional organizations are driving the regional markets. Industries such as BFSI, Supply chain, Healthcare, Telecom, and the government are implementing payment and wallet solutions, smart contracts, and digital identity detection solutions, creating the need for Blockchain technologies.

Initially, the public Blockchain segment had a significant market share and contributed nearly 65% of the total market. The immense potential and accelerated development of permissioned Blockchain technology drive private Blockchain in the future. The private Blockchain is registering the highest CAGR over the forecast period. It includes the provision of dedicated infrastructure and resources for organizations.

Increasing transparency, standardization, and the quality of data on Infrastructure performance, including financial data, operations, & ESG criteria of drives the segment growth. Blockchain Infrastructure and protocols such as Ethereum, Open chain, and Hyper ledger enable Blockchain developers to develop distributed and customized networks for their customers. The middleware segment used for data management, application services, messaging, authentication, and API management is anticipated to have the highest CAGR over the forecast period. Middleware is widely used In the healthcare sector for authentication of clinical data.

Blockchain can help companies develop new business models to optimize their business processes and aid SMEs with automation, consistent, real-time tracking of goods, and transparent communication with the consumers. In 2021, Large Enterprises dominated the market and contributed 70%. At the same time, the small & medium enterprises segment is anticipated to register the highest CAGR over the forecast period.

Blockchain is used for exchanges which allow for faster and less expensive transactions. In addition, a decentralized exchange does not require investors to deposit their assets with the centralized authority, which means they maintain control and security. Smart contracts are programs stored on a Blockchain that runs when predetermined conditions are met.

Factors such as Growing Individualism, Data Theft Activities, rising Venture Capital funding, and legalization of cryptocurrencies will drive the blockchain market.

BFSI companies are adopting digital ledger technology to secure end-users financial data and identity. Technology applications, including cross-border transactions, clearing and settlements, trade finance platforms, digital identity verification, and credit reporting, are gaining traction across the BFSI industry. For instance- In 2021, India' major banks, such as the State Bank of India(SBI), HDFC, ICICI Bank, and others, collaborated to establish Indian Bank's digital ledger infrastructure company private limited, Indian Banks' Blockchain Infrastructure Co (IBBIC), to secure transactions, reduce transaction processing time, and speed up the process of letters of credit.

Bitcoin boosted the growth of blockchain technology as multiple financial organizations use it for transaction purposes. The adoption of blockchain technology solutions has gained huge popularity in the last few years for various business applications, such as payments, exchanges, smart contracts, documentation, and digital identity. Multiple startups have penetrated this market and started developing blockchain technology solutions. These startups include Auxesis Group, Blockpoint, SpinSys, Symbiont, Bitfury, Confirm, Genomes, Neufund, Fetch.AI, CiveQ, and QubiTech, among many others.

The growing demand for digital identity is fueling the expansion of the Blockchain Technology Market. The various identity platforms based on blockchain technology have multiple applications in countries with weak identification procedures and unregulated countries. Many governments have used blockchain technology at a national level with their e-citizen programs. Therefore, these countries have developed identity-related techniques and successfully minimized the bureaucracy. Furthermore, this technology has helped them digitalize all public transactions via safe digital identities.

Legalizing cryptocurrencies is considered a significant factor in propelling industry evolution forwards as companies and investors are more likely to fund blockchain technology. Legalized cryptocurrencies also move market participants to put in more effort to improve their services to acquire a competitive advantage. Shortly, these companies' actions are projected to make blockchain technology more effective and efficient.

With the development of blockchain technology, some restrainers are restricting the market's growth. Increasing digital transformation among industries has raised various threats and cyberattacks. However, organizations face a shortage of skilled professionals to overcome the situation of risk factors. Thus, the adoption of technologically advanced solutions is slow and is expected to impact the market growth for the next few years.

Regulatory uncertainty remains a problem in the blockchain market. Currently, the lack of regulations and the resulting delays continue to be some of the most significant restraining factors for the adoption of blockchain among most verticals. Some countries have banned the use of ICOs. Regulatory acceptance is one of the most critical challenges in transforming transaction systems. With constant advancements, regulatory bodies need to understand what the current regulations lack and how they affect the overall technological applications.

Recent Development:

• In March 2021, Amazon Web Services (AWS) disclosed the general availability of Ethereum. This popular decentralized blockchain framework established a peer-to-peer network permitting participants to transact without a trusted central authority on Amazon Managed Blockchain. It enabled famous use cases such as decentralized finance (DeFi), a network of financial applications built on blockchain networks.

• Accenture and Digital Ventures created the world’s first fully integrated procure-to-pay blockchain solution to simplify purchasing methods, payments, and finance acquisition for Thai businesses in October 2020.

• Neuromorphic.io joined the Intel Neuromorphic Research Community (INRC) in September 2020. Neuromorphic.io was the first blockchain startup to have been accepted into Intel’s prestigious research group and aspired to work on advanced research for developing blockchain-based neuromorphic computing chips.

Major Companies present in the market:
IBM Corporation, Amazon Web Services, Sap SE, Intel Corporation, Oracle Corporation, Huawei Technologies Co. LTD, ACCENTURE PLC, WIPRO Limited, Microsoft Corporation, Blockstream Inc., DeloitteTouche Tohmatsu Limited, PayStand Inc., Applied Blockchain Limited.

Considered in this report
• Geography: Global
• Historic Year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report
• Global Blockchain market with its value and forecast along with its segments
• Region & country wise Blockchain market analysis
• Segment wise Blockchain Market
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report
• North America – United States, Canada, Mexico
• Europe- Germany, United Kingdom, France, Italy, Spain, Russia
• Asia-Pacific – China, Japan, India, Australia
• Latin America- Brazil, Argentina, Columbia
• Middle-East & Africa- UAE, Saudi Arabia, South Africa

By Types of Blockchain in the report:
• Public
• Private
• Hybrid

By Provider type in the report:
• Infrastructure
• Application & Solution
• Middleware

By Enterprise in the report:
• Large Enterprise
• Small & Medium Enterprises

By Application in the report:
• Banking & Financial Services
• Government
• Healthcare
• Media & Entertainment
• Retail and Ecommerce
• Transportation & Logistics
• Energy and Utilities
• Others (Insurance, Manufacturing, Travel, It & Telecom, etc.,)

What's Inside a Actual Market Research`s industry report?

Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally

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