Global Blockchain Market is segmented By Sector type( Public, private) By Application type(Banking, Financial, and Insurance (BFSI) sector, Media and entertainment, Supply chain management, Others)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Block Chain Global Block Chain market is accounted for a market value of USD billion in 2019 and is expected to grow at a high CAGR to reach USD billion by 2029. According to the World Economic Forum survey, about 10% of global GDP will be stored in the blockchain sector by 2029.
- Blockchain technology is a distributed public register that stores all transactions that have happened, which is absolute and accessible by anyone.
- Recently, Blockchain has allowed using smart contracts on platforms such as Ethereum. The Blockchain can accomplish the difficulties by providing solutions to long-standing cyber-security and efficiency issues.
- The increasing use of blockchain in financial services for quick and efficient payments services is driving the growth of the market.
- Increased use of blockchain technology in the banking, financial service, and insurance (BFSI) sector will drive the blockchain market in the coming years.
- The rise in blockchain adoption in different sectors and the increasing demand for Blockchain-as-a-Service (BaaS) solutions will drive the growth of the Blockchain market globally.
- Lack of adoption and awareness could hamper the blockchain market on a global scale. Besides security threats such as compromised data confidentiality would be added danger to the market.
- By Sector the market is segmented into the public and private sectors. The private sector is accounted for a significant share in the blockchain market with increasing private banking institutes globally. The public blockchain sector is expected to show stronger growth in the coming years.
- By application, the market is segmented into Banking, financial, BFSI, Media and entertainment, supply chain management, and others. The blockchain is primarily used in financial services.
- The banking or payment segment is accounted for a significant share in the blockchain market in recent years. In the coming years, Blockchains will be used extensively to improve transparency in the financial systems and make quicker and efficient payments over time.
Global BlockChain Geography Analysis
- North America region accounts for the largest share in the global BlockChain market in 2017. The growth in North America is attributed to the presence of various industries with large operation bases that have seen the successful implementation of smart contracts, documentation, and payment applications, especially in the BFSI industry.
- Asia Pacific market is expected to show stronger growth in the forecast period, due to increasing investments in designing a permitted block-chain network to streamline their internal operations and minimize costs.
- Some of the Key Players in the blockchain market are IBM, Accenture Plc., Intel Corporation, Deloitte, and Microsoft Corporation. IBM is the dominant player in the blockchain market.
- Increasing companies such as Overstock and PayPal are adopting cryptocurrencies to create a strong foundation and support, pushing blockchain towards mainstream despite recent drops.