June 06, 2022 01:19 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, June 06, 2022 (GLOBE NEWSWIRE) — The blockchain market size is rising globally at a CAGR of 56.3% during the forecast period 2022 to 2029. The market is projected to grow from USD 7.18 billion in 2022 to USD 163.83 billion by 2029. In 2021, the value of the market was USD 4.67 billion. The open access to data facilitated by blockchain technologies will be the central growth determinant for this Industry. Fortune Business Insights shares this information in its report titled “Blockchain Market Forecast, 2022-2029.”
In recent times, demand for cloud-based services has increased dramatically. Moreover, the pandemic acted as a catalyst in creating even more new opportunities for this technology. Technology is demanded in setting up virtual work platforms, and this has created a demand for software as a service in companies to ensure work continuity. Additionally, B-a-a-S has also emerged as an ideal solution to cater to demand for small and medium-sized enterprises (SMEs). SME’s are using this service to safeguard their digital entities and authenticate human identities, increasing demand for B-a-a-S products. The aforementioned factors are expected to fuel the market growth during the forecast period.
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Key Industry Developments:
March 2021: IBM Corporation partnered with Moderna to build smart supply chain for COVID-19 vaccines. This would further help individuals, governments, and healthcare providers to securely share the information of COVID-19 vaccines using distributed ledger applications such as Digital Health Pass.
February 2021: Applied Blockchain Ltd. collaborated with Confidential Computing Consortium. This collaboration will help Confidential Computing Consortium to drive innovation and bring new perspectives to advanced category of confidential computing.
Report Scope & Segmentation
Digitalization in Health Sector Amid Pandemic to Propel Growth
The outbreak of COVID-19 affected various industries. However, the healthcare sector was benefited due to increasing demand for wellness services. The healthcare sector focused on digitalization to develop customer experience and maintain bulk data through implementing several technological advancements. The World Health Organization collaborated with Oracle Corporation, IBM, and Microsoft to develop digital ledger-based platform named MiPasa. This collaboration is expected to drive the market during pandemic.
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Drivers and Restraints:
Rising 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. Rising data security and availability in healthcare industry are likely to propel market growth in the coming years. Developing technological platforms in emerging countries are expected to boost the demand for these applications. These factors are likely to ensure the blockchain market growth during the forecast period.
The increasing issue of safety and privacy is forcing BFSI and IT companies to adopt digital ledger technology, as this will offer users financial data safety. With its features of cross-border transactions, clearing and settlements, trade finance platforms, digital identity verification, and credit reporting, the technology demand is growing and this is expected to drive the blockchain market growth in upcoming years. For instance, In June 2021, major banks of India such as the State bank of India (SBI), HDFC, ICICI Bank, and others made collaboration with Indian Bank’s blockchain infrastructure company private limited (IBBIC) to secure transactions, reduce transaction processing time and speed up the process of letter s of credit.
However, lack of skilled professionals may hinder the market growth.
BaaS Dominates Market Owing to Rising Adoption of Cloud Applications
By component, the market is bifurcated into platform/solution and blockchain as a service (BaaS).
Based on type, the market is trifurcated 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 the deployment, the market is segmented into proof of concept, pilot, and production.
As per the industry, the market is segregated into BFSI, energy & utility, government, healthcare and life sciences, manufacturing, telecom, media & entertainment, retail & consumer goods, travel, transportation, and others.
The report offers valuable insights obtained by a thorough study done by our researchers. Extensive research was conducted to provide the estimated blockchain market size forecast. The data utilized to predict the shares for multiple segments at the national, regional, and global levels are gained from detailed interviews with various stakeholders. Moreover, we have procured admission to manifold global and regionally funded information pieces to present accurate information to make business investment judgements simple for our clients.
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North America Holds Highest Market Share Due to Presence of Key Players
North America dominates the global blockchain market share during the forecast period due to the presence of key market players in the region. These key players focus on providing customized services to their clients across the region.
Europe is expected to hold the second-largest global market share due to increasing industrialization and business exposure through private and government firms. This bolsters the business investments by governments during the projected period.
Leading Global Players in Blockchain Market:
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Major Table of Contents:
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