Blockchain, also known as DLT (Distributed Ledger Technology), allows for different types of digital information to be stored & distributed but not deleted or edited. Initially, it was related only to cryptocurrencies but has acquired extensive popularity in several other applications over the past few years. Globally, numerous businesses & government authorities are increasingly adopting blockchain technology to make their daily operations more efficient, accurate, secure, & economical, which projects a pool of lucrative prospects for the blockchain industry in the coming years.
The Global Blockchain Market is rapidly expanding and expects a whopping 73.1% CAGR during the forecast period, i.e., 2022-27. The most prominent factors contributing to the market growth are the ever-increasing need for operational efficiency, especially in banks & other financial institutes, coupled with substantial investments in blockchain technology with the rising legalization of cryptocurrency. The consistently increasing venture-capital funding for blockchain start-up companies is notably contributing to the expansion of the global blockchain market.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: The US, Canada, Mexico|
|Europe: Germany, The UK, France, Spain, Switzerland, Others|
|Asia-Pacific: China, India, Australia, Japan, South Korea, Singapore, Others|
|South America: Brazil, Others|
|Middle East & Africa: UAE, Saudi Arabia, South Africa, Israel, Others|
|Key Companies Profiled||
IBM, AWS, Microsoft, SAP, Intel, Oracle, NTT Data, Earthport, Amazon Web Services, Consensus Systems, Huawei, Monax, Ripple, BTL Group, R3
|Unit Denominations||USD Million/Billion|
Moreover, benefits like data accuracy, consistency, & transparency are further propelling the demand for blockchain technology and fueling the overall market growth. With these benefits, several government authorities and small & medium enterprises, among others, are displaying immense interest in utilizing this technology to enhance their workflows.
An emerging blockchain-based Fintech, DeFi (Decentralized Finance), is a blanket term for numerous financial applications in cryptocurrency and aims to reduce the power banks hold on public finances. The increasing strategic initiatives in the DeFi ecosystem are promoting the growth of the blockchain market on the global level.
Furthermore, with the advent of Covid-19 in 2020, various cafes, bars, & restaurants, among others, have started offering their customers cryptocurrency-based payment options in order to enhance their overall experience. Hence, the growing acceptance of cryptocurrency-based payments among several companies would generate profitable opportunities for the Global Blockchain Market through 2027.