Global Blockchain Market Report 2022: Rising Venture Capital Investments in Blockchain Businesses Fuels Growth - ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Global Blockchain Market Size, Trends, and Growth Opportunity, By Type, By Component, By Enterprise Size, By End-User, By Services, By Application, By Region and forecast till 2027.” report has been added to ResearchAndMarkets.com’s offering.

Global Blockchain Market was valued at USD 4.9 billion in 2021 and is anticipated to reach at USD 68.7 by 2027 at a CAGR of 69.8 % from 2022-2027.

Blockchain is a decentralised, immutable database that makes it easier to track assets and record transactions in a corporate network. An asset may be physical (such as a home, car, money, or land) or intangible (intellectual property, patents, copyrights, branding). Blockchain aims to empower the distribution and recording of digital information without its modification. So, a blockchain serves as the basis for immutable ledgers, or records of transactions that cannot be changed, removed, or destroyed.

Market Drivers

The market expansion can be ascribed to rising venture capital investment in blockchain technology businesses. The corporation used this money to grow both inside and externally. There will likely be further prospects for market expansion as a result of the legalisation of cryptocurrencies in nations like El Salvador and Ukraine.

Many businesses are attempting to combine blockchain technology and Artificial Intelligence (AI) capabilities to improve their services and open up new potential for market expansion. The market’s expansion is mostly attributable to the expanding demand for digital identity on a global scale. Another important factor that will contribute to the market’s expansion over the predicted period of time is the growing acceptance of identification platforms based on blockchain technology in several nations throughout the world. Additionally, it is projected that the market would develop over the next few years as a result of the rising capitalization of market-related cryptocurrencies.

Market Restraints

The complex integration process linked to blockchain technology might limit the market’s expansion. Additionally, it’s likely that a shortage of technical staff may impede market expansion globally. One of the main barriers to the adoption of blockchain across most industries is the absence of rules and the accompanying uncertainties. One of the most difficult aspects of changing transaction systems is regulatory acceptance. Regulatory agencies must comprehend how the total technical applications are impacted by the current legislation in light of the ongoing technological breakthroughs. Global financial organisations are attempting to establish uniform rules for the blockchain market.

Global Blockchain Market is segmented into five regions North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. In 2021, the North America regional market led the world market and generated more than 37.0% of worldwide sales. The expansion of the regional market is being driven by the region’s businesses adopting blockchain technology more frequently. Blockchain technologies are becoming necessary as a result of the implementation of payment and wallet solutions, smart contracts, and digital identity detection solutions by sectors like government, retail, and BFSI. The market in Asia Pacific, on the other hand, is anticipated to expand at the fastest CAGR over the forecast period. The usage of blockchain technology has been encouraged by the governments of nations like China, Japan, and India. This is mostly a result of the advantages that this technology provides to numerous businesses, including high transparency and increased efficiency.

Key Players

This report includes a list of numerous key players; namely 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.

Market Taxonomy

By Component