DUBLIN –
The global Blockchain Market was valued at USD 4.9 billion in 2021 and is anticipated to reach at USD 68.7 by 2027 at a CAGR of 69.8 % from 2022-2027.
Companies Mentioned
- IBM Corp.
- Microsoft Corp.
- The Linux Foundation
- BTL Group Ltd.
- Chain Inc.
- Circle Internet Financial Ltd.
- Deloitte Touche Tohmatsu Ltd.
- Digital Asset Holdings LLC
- Global Arena Holding Inc.
- Monax
Blockchain is a decentralised, immutable database that makes it easier to track assets and record transactions in a corporate network.
An asset may be physical (such as a home, car, money, or land) or intangible (intellectual property, patents, copyrights, branding). Blockchain aims to empower the distribution and recording of digital information without its modification. So, a blockchain serves as the basis for immutable ledgers, or records of transactions that cannot be changed, removed, or destroyed.
Market Drivers
The market expansion can be ascribed to rising venture capital investment in blockchain technology businesses. The corporation used this money to grow both inside and externally. There will likely be further prospects for market expansion as a result of the legalisation of cryptocurrencies in nations like El Salvador and Ukraine.
Many businesses are attempting to combine blockchain technology and Artificial Intelligence (AI) capabilities to improve their services and open up new potential for market expansion. The market’s expansion is mostly attributable to the expanding demand for digital identity on a global scale.
Another important factor that will contribute to the market’s expansion over the predicted period of time is the growing acceptance of identification platforms based on blockchain technology in several nations throughout the world. Additionally, it is projected that the market would develop over the next few years as a result of the rising capitalization of market-related cryptocurrencies.
Market Restraint
The complex integration process linked to blockchain technology might limit the market’s expansion. Additionally, it’s likely that a shortage of technical staff may impede market expansion globally. One of the main barriers to the adoption of blockchain across most industries is the absence of rules and the accompanying uncertainties.
One of the most difficult aspects of changing transaction systems is regulatory acceptance. Regulatory agencies must comprehend how the total technical applications are impacted by the current legislation in light of the ongoing technological breakthroughs. Global financial organisations are attempting to establish uniform rules for the blockchain market.
Impact of COVID-19
Despite the COVID-19 epidemic, the market expanded in 2021. The creation of a framework for managing the COVID-19 epidemic relies heavily on blockchain technology. Blockchain technology is being used by numerous hospitals to track the COVID-19 vaccine. This device is being used by two hospitals, one in Warwick (London) and the other in Stratford-upon-Avon, to monitor the storage of the COVID-19 vaccine, which is temperature-sensitive.
Market Segmentation
By Component
- Application & Solution
- Infrastructure & Protocols
- Middleware.
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises.
By End-User
- Financial Services
- Government
- Healthcare, Media & Entertainment
- Retail
- Transportation & Logistics
- Travel
- Others
By Services
- Technology Advisory and Consulting
- Development and Integration Services
- Support and Maintenance.
By Application
- Digital Identity
- Exchanges
- Payments
- Smart Contracts
- Supply Chain
- Management
- Others.
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa.
Source: ResearchAndMarkets.com
