Blockchain Market Size [2022-2029] Exhibiting 56.3% CAGR to reach USD 163.83 billion by 2029
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According to the Fortune Business Insights report, the global blockchain market is estimated to reach USD 163.83 billion by 2029, at a CAGR of 56.3% during the forecast period, 2022-2029
/EIN News/ — Pune, India, Nov. 21, 2022 (GLOBE NEWSWIRE) — Fortune Business Insights has published its latest forecast for the blockchain market in its report titled “Blockchain Market Forecast, 2022-2029″. According to the report, the global market size was USD 4.67 billion in 2021. The global blockchain market size is estimated to reach USD 163.83 billion in 2029 at a CAGR of 56.3% during the forecast period, 2022-2029. The open access to data facilitated by blockchain technologies will be the key growth determinant for this industry.
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Important industry developments:
IBM Corporation partnered with Moderna to build smart supply chain for COVID-19 vaccines. This will further help individuals, governments and healthcare professionals to securely share information about COVID-19 vaccines using distributed ledger applications such as Digital Health Pass.
Applied Blockchain Ltd. in collaboration with the Confidential Computing Consortium. This collaboration will help the Confidential Computing Consortium drive innovation and bring new perspectives to the advanced category of confidential computing.
Report scope and segmentation
| Report coverage | Details |
| Forecast period | 2022 to 2029 |
| Forecast period 2022 to 2029 CAGR | 56.3% |
| 2029 Value forecast | USD 163.83 billion |
| Foundation year | 2021 |
| Blockchain Market Size in 2021 | USD 4.67 billion |
| Historical data for | 2018 to 2020 |
| Number of pages | 160 |
| Segments covered | Component, Type, Application, Distribution, Industry and Geography |
In recent times, the demand for cloud-based services has increased dramatically. Moreover, the pandemic acted as a catalyst to create even more new opportunities for this technology. Technology to set up virtual work platforms is in demand, and this has created demand for software as a service in businesses to ensure work continuity. In addition, BaaS has also emerged as an ideal solution to meet the demand of small and medium enterprises (SMEs). SMBs use this service to protect their digital devices and authenticate human identities, increasing the demand for BaaS products. The aforementioned factors are expected to stimulate market growth during the forecast period.
Digitization in the health sector in the midst of the pandemic to promote growth
The outbreak of COVID-19 affected various industries. However, the healthcare sector benefited due to increasing demand for wellness services. The healthcare sector focused on digitization to develop customer experience and maintain bulk data through the implementation of several technological advancements. The World Health Organization partnered with Oracle Corporation, IBM and Microsoft to develop a digital ledger-based platform called MiPasa. This collaboration is expected to drive the market during the pandemic.
Click here to see the short-term and long-term impact of COVID-19 on this market:
Segments:
BaaS dominates the market due to increasing use of cloud applications
By component, the market is divided into platform/solution and blockchain as a service (BaaS).
Based on type, the market is divided into public, private and consortium.
On the basis of application, the market is divided into digital identity, payments, smart contracts, supply chain management and others.
According to distribution, the market is segmented into proof of concept, pilot and production.
As per industry, the market is segregated into BFSI, energy & utilities, government, healthcare & life sciences, manufacturing, telecom, media & entertainment, retail & consumer goods, travel, transportation, and others.
Report coverage
The report provides valuable insight gained from a thorough study carried out by our researchers. Extensive research was conducted to provide the estimated forecast of the blockchain market. The data used to forecast the shares for several segments at the national, regional and global levels is obtained from detailed interviews with various stakeholders. In addition, we have acquired access to diverse global and regional funding pieces of information to present accurate information to make business investment assessments easy for our clients.
Drivers and limitations:
Increasing demand for data security to stimulate market growth
The market is expected to witness significant growth, owing to increasing technological advancements in various industries such as healthcare and manufacturing. Increasing data security and availability in the healthcare sector is likely to drive market growth in the coming years. Development of technological platforms in emerging countries is expected to increase the demand for these applications. These factors are likely to ensure blockchain market growth during the forecast period.
The growing issue of security and privacy is forcing BFSI and IT companies to adopt digital ledger technology as this will offer users financial data security. With the features of cross-border transactions, clearing and settlement, trade finance platforms, digital identity verification and credit reporting, the demand for technology is increasing and this is expected to drive the blockchain market growth in the coming years. For example, in June 2021, major banks in India such as State Bank of India (SBI), HDFC, ICICI Bank and others partnered with Indian Bank’s blockchain infrastructure company private limited (IBBIC) to secure transactions, reduce transaction processing time and speed up the process of letters of credit.
However, lack of skilled professionals may hinder market growth.
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Regional insight:
North America holds the highest market share due to the presence of key players
North America dominates the global blockchain market share during the forecast period owing to the presence of key market players in the region. These key players focus on offering customized services to their customers throughout the region.
Europe is expected to hold the second largest global market share due to increasing industrialization and business exposure through private and public sector firms. This strengthens the company’s investments from governments in the forecast period.
Leading global players in the blockchain market:
- Accenture PLC (Ireland)
- Amazon Web Services, Inc. (USA)
- Applied Blockchain Ltd. (Great Britain)
- IBM Corporation (USA)
- Intel Corporation (USA)
- LeewayHeartz (USA)
- Microsoft Corporation (USA)
- Oracle Corporation (USA)
- R3 (USA)
- Tata Consultancy Services Limited (India)
Access the full report – Blockchain Market Forecast (2022-2029)
Main table of contents:
- Global Blockchain Market Size Estimates and Forecasts (Quantitative Data), by Segment, 2018-2029
- The main findings
- By Component (USD)
- Platform/solution
- Blockchain as a service
- By Type (USD)
- Public blockchain
- Private blockchain
- Consortium Blockchain
- By Application (USD)
- Digital identity
- Payments
- Smart contracts
- Supply Chain Management
- Others (exchange, documentation, etc.)
- After distribution (USD)
- Proof of Concept
- pilot
- Production
- By Industry (USD)
- BFSI
- Energy and utilities
- The authorities
- Health and life sciences
- Production
- Telecom, media and entertainment
- Retail and consumer goods
- Travel and transport
- Others (education, etc.)
- By region (USD)
- North America
- Latin America
- Europe
- Middle East and Africa
- Asia Pacific
- North America Blockchain Market Size Estimates and Forecasts (Quantitative Data), by Segment, 2018-2029
- The main findings
- By Component (USD)
- Platform/solution
- Blockchain as a service
- By Type (USD)
- Public blockchain
- Private blockchain
- Consortium Blockchain
- By Application (USD)
- Digital identity
- Payments
- Smart contracts
- Supply Chain Management
- Others (exchange, documentation, etc.)
- After distribution (USD)
- Proof of Concept
- pilot
- Production
- By Industry (USD)
- BFSI
- Energy and utilities
- The authorities
- Health and life sciences
- Production
- Telecom, media and entertainment
- Retail and consumer goods
- Travel and transport
- Others (education, etc.)
- By country (USD)
- Latin America Blockchain Market Size Estimates and Forecasts (Quantitative Data), by Segment, 2018-2029
- The main findings
- By Component (USD)
- Platform/solution
- Blockchain as a service
- By Type (USD)
- Public blockchain
- Private blockchain
- Consortium Blockchain
- By Application (USD)
- Digital identity
- Payments
- Smart contracts
- Supply Chain Management
- Others (exchange, documentation, etc.)
- After distribution (USD)
- Proof of Concept
- pilot
- Production
- By Industry (USD)
- BFSI
- Energy and utilities
- The authorities
- Health and life sciences
- Production
- Telecom, media and entertainment
- Retail and consumer goods
- Travel and transport
- Others (education, etc.)
- By country (USD)
- Brazil
- Mexico
- The rest of Latin America
TOC Continuation…!
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