The blockchain market is expected to grow from US$ 4,935.0 million in 2021 to US$ 227,996.6 million by 2028; it is estimated to grow at a CAGR of 72.9% from 2021 to 2028.
Blockchain technology and its applications in the banking, financial services, and insurance (BFSI) sector have attracted a lot of attention in the past few years, majorly due to its ability to transform existing industries’ foundations and business models. Presently, apart from cryptocurrency applications, the other major practical applications of Blockchain are still in the banking and financial sector; however, various companies and institutions are now rapidly developing Blockchain-based solutions to solve complex business problems. In general terms, Blockchain is a subset of a broader distributed ledger technology (DLT), and it combines three significant concepts – cryptography, smart contracts, and distributed ledger design. Distributed ledger technology (DLT) is a fast-emerging approach that records and shares data across various data stores/ledgers. DLT facilitates the recording, sharing, and synchronization of transactions and data across a distributed network of different network participants.
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The global Blockchain market is anticipated to exhibit very high growth in the near future. Major driving factors contributing to the market growth include extensive adoption of Blockchain solutions in the BFSI sector; advantages such as higher transparency, higher operational efficiency, and substantial cost savings; and an increase in the number of innovative startups. During the forecast period, trends such as rising government support and initiatives and a combination of Blockchain and artificial intelligence for advanced applications are expected to provide exciting opportunities for the players operating in the Blockchain market.
The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Blockchain market. Further, the report conducts an intricate examination of drivers and restraints operating in the market. The report also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal according to different segments. The report also predicts the influence of different industry aspects on the Blockchain market segments and regions.
Scope of the Report
The research on the Blockchain market focuses on mining out valuable data on investment pockets, growth opportunities, and major market vendors to help clients understand their competitor’s methodologies. The research also segments the Blockchain market on the basis of end user, product type, application, and demography for the forecast period 2021-2028. Comprehensive analysis of critical aspects such as impacting factors and competitive landscape are showcased with the help of vital resources, such as charts, tables, and infographics.
The research report provides deep insights into the global market revenue, parent market trends, macro-economic indicators, and governing factors, along with market attractiveness per market segment. The report provides an overview of the growth rate of the Blockchain market during the forecast period, i.e., 2021-2028. Most importantly, the report further identifies the qualitative impact of various market factors on market segments and geographies. The research segments the market on the basis of product type, application, technology, and region. To offer more clarity regarding the industry, the report takes a closer look at the current status of various factors including but not limited to supply chain management, niche markets, distribution channel, trade, supply, and demand and production capability across different countries.
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Major highlights of the report:
All-inclusive evaluation of the parent market
Evolution of significant market aspects
Industry-wide investigation of market segments
Assessment of market value and volume in past, present, and forecast years
Evaluation of market share
Study of niche industrial sectors
Tactical approaches of market leaders
Lucrative strategies to help companies strengthen their position in the market
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