The global blockchain technology market size is expected to reach USD 394.60 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 82.4% from 2021 to 2028. The growth can be attributed to the increasing number of merchants accepting cryptocurrency. At the same time, the growing interest of financial institutes in blockchain technology is also driving market growth.
High investments in blockchain by leading banks and other financial institutions have led to various advancements in technology, thereby improving efficiency. The technology is anticipated to shape the banking sector by bringing a new age of efficiency. Other factors contributing to the high adoption of the technology include eradication of the need for authenticating transaction processes, reduction of error rates, elimination of reconciliation, and facilitation of faster settlement.
Retail stores are increasingly adopting blockchain technology for seamlessly handling business relations and supply chains. For instance, in October 2019, Walmart started piloting blockchain technology to track shrimp exports from Indian farmers to an overseas retailer. This shrimp supply chain, backed by blockchain technology helped in improving the quality of products for compliance purposes.
The COVID-19 pandemic is anticipated to impact market growth favorably in the near future. Various industries used blockchain technology for improving the supply chain during the COVID-19 pandemic as blockchain technology has the capability of overcoming the challenges faced by the traditional supply chain, such as inefficiency and high cost.
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Blockchain Technology Market Report Highlights:
- In terms of type, the public cloud segment is expected to retain its dominance over the forecast period. The growing preference of governments for efficient and open transactions is driving the segment growth
- In terms of components, the infrastructure & protocol segment dominated the market in 2021 and is expected to witness significant growth over the forecast period. The demand for the infrastructure & protocol is high among network developers as it helps them in developing customized networks for their clients
- In terms of application, the payments segment dominated the market in 2021. The segment growth can be attributed to the capability of blockchain technology to facilitate payments by reducing the number of intermediaries, which helps reduce transaction costs
- In terms of enterprise size, the large enterprise segment dominated the market in 2021. The rapid adoption of blockchain technology by large enterprises to enable digital services across different business channels accentuated the segment growth in 2021
- In terms of end use, the financial services segment dominated the market in 2021. The increasing investment in this technology by finance service providers propelled the segment growth in 2021
- The increasing adoption of the technology in emerging economies, such as China and India, is expe
The market players are also focused on enhancing their product offerings to better cater to the changing needs of users and stay competitive. As a result, market players are investing more in research and development to enhance their product offerings. Furthermore, the companies are also collaborating with universities worldwide to support technical development, academic research, and innovation in cryptocurrency and blockchain technology. Some of the prominent players in the global blockchain technology market are: 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. (GAHI), Monax, Ripple
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