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Global Blockchain Technology Market to reach USD 111.7 billion by 2028

Global Blockchain Technology Market Size study, by Component (Platform, Services), by Service (Technology Advisory and Consulting, Development and Integration Services, Support and Maintenance), by Provider (Application, Middleware, Infrastructure), by Type (Pubic, Private, Hybrid), by Application Area (Transportation and Logistics, Agriculture and Food, Manufacturing, Energy and Utilities, Healthcare and Life sciences, Media Advertising and Entertainment, Banking and Financial Services, Insurance, IT and Telecom, Retail and eCommerce, Government, Others) and Regional Forecasts 2022-2028

Product Code: ICTNS-41889754
Publish Date: 30-04-2022
Page: 200

Global Blockchain Technology Market is valued at approximately USD 2.91 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 68.4 % over the forecast period 2022-2028. Blockchain technology is a decentralised database that is shared among computer network nodes. A blockchain acts as a database, storing information in a digital format. Blockchains are well known for their critical role in keeping a secure and decentralised record of transactions in cryptocurrency systems like Bitcoin. Reduction in operating cost, process simplification, openness, security, and data integrity along with rising funding and investments in blockchain technology has driven the adoption of Blockchain Technology across the projected period. For Instance: Until August 2021, Digital Currency Group – a venture capital firm founded in 2015 that primarily invests in cryptocurrency, fintech, and blockchain companies – has completed over 197 blockchain and crypto deals; its most recent investments include Circle and Figure Technologies, both of which establish technology to facilitate financial transactions. Also, rising government initiatives, union of Blockchain, IoT and AI and rise in demand for blockchain technology in novel industries are most likely to boost the overall growth of the Blockchain Technology market. However, high deployment cost, risk of security and privacy in blockchain transactions and lack of technical expertise and skillsets can obstruct the market’s expansion over the projection period of 2022-2028.

The key regions considered for the global Blockchain Technology market study include Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world. The rapid adoption of new technologies and presence of vendors is driving the market growth in North America. Whereas, Asia Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2022-2028. The market is expected to grow during the projected period due to rising mergers and acquisitions between blockchain technology, AI and IoT.

Major market players included in this report are:
Amazon Web Services

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Component:
By Service:
Technology Advisory and Consulting
Development and Integration Services
Support and Maintenance

By Provider:

By Type:

By Application Area:
Transportation and Logistics
Agriculture and Food
Energy and Utilities
Healthcare and Life sciences
Media Advertising and Entertainment
Banking and Financial Services
IT and Telecom
Retail and Ecommerce

By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028

Target Audience of the Global Blockchain Technology Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2028 (USD Billion)
1.2.1. Blockchain Technology Market, by Region, 2020-2028 (USD Billion)
1.2.2. Blockchain Technology Market, by Component, 2020-2028 (USD Billion)
1.2.3. Blockchain Technology Market, by Services, 2020-2028 (USD Billion)
1.2.4. Blockchain Technology Market, by Provider, 2020-2028 (USD Billion)
1.2.5. Blockchain Technology Market, by Type, 2020-2028 (USD Billion)
1.2.6. Blockchain Technology Market, by Application Area, 2020-2028 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Blockchain Technology Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Blockchain Technology Market Dynamics
3.1. Blockchain Technology Market Impact Analysis (2020-2028)
3.1.1. Market Drivers Rising funding and investments in blockchain technology Process simplification, openness, security, and data integrity Reduction in operating cost
3.1.2. Market Challenges High deployment cost Risk of security and privacy in blockchain transaction Lack of technical expertise and skillsets
3.1.3. Market Opportunities Rising government initiatives Union of Blockchain, IoT and AI Rise in demand for blockchain technology in novel industries

Chapter 4. Global Blockchain Technology Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2019-2028)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
4.5. Top investment opportunity
4.6. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1.1. Assessment of the overall impact of COVID-19 on the industry
5.1.2. Pre COVID-19 and post COVID-19 market scenario
Chapter 6. Global Blockchain Technology Market, by Component
6.1. Market Snapshot
6.2. Global Blockchain Technology Market by Component, Performance – Potential Analysis
6.3. Global Blockchain Technology Market Estimates & Forecasts by Component, 2019-2028 (USD Billion)
6.4. Blockchain Technology Market, Sub Segment Analysis
6.4.1 Platform
6.4.2 Services
Chapter 7. Global Blockchain Technology Market, by Services
7.1. Market Snapshot
7.2. Global Blockchain Technology Market by Services, Performance – Potential Analysis
7.3. Global Blockchain Technology Market Estimates & Forecasts by Services, 2019-2028 (USD Billion)
7.4. Blockchain Technology Market, Sub Segment Analysis
7.4.1 Technology Advisory and Consulting
7.4.2 Development and Integration Services
7.4.3 Support and Maintenance
Chapter 8. Global Blockchain Technology Market, by Provider
8.1. Market Snapshot
8.2. Global Blockchain Technology Market by Provider, Performance – Potential Analysis
8.3. Global Blockchain Technology Market Estimates & Forecasts by Provider, 2019-2028 (USD Billion)
8.4. Blockchain Technology Market, Sub Segment Analysis
8.4.1 Application
8.4.2 Middleware
8.4.3 Infrastructure
Chapter 9. Global Blockchain Technology Market, by Type
9.1. Market Snapshot
9.2. Global Blockchain Technology Market by Type, Performance – Potential Analysis
9.3. Global Blockchain Technology Market Estimates & Forecasts by Type, 2019-2028 (USD Billion)
9.4. Blockchain Technology Market, Sub Segment Analysis
9.4.1 Public
9.4.2 Private
9.4.3 Hybrid
Chapter 10. Global Blockchain Technology Market, by Application Area
10.1. Market Snapshot
10.2. Global Blockchain Technology Market by Application Area, Performance – Potential Analysis
10.3. Global Blockchain Technology Market Estimates & Forecasts by Application Area, 2019-2028 (USD Billion)
10.4. Blockchain Technology Market, Sub Segment Analysis
10.4.1 Transportation and Logistics
10.4.2 Agriculture and Food
10.4.3 Manufacturing
10.4.4 Energy and Utilities
10.4.5 Healthcare and Life sciences
10.4.6 Media Advertising and Entertainment
10.4.7 Banking and Financial Services
10.4.8 Insurance
10.4.9 IT and Telecom
10.4.10 Retail and eCommerce
10.4.11 Government
10.4.12 Others
Chapter 11. Global Blockchain Technology Market, Regional Analysis

11.1. Blockchain Technology Market, Regional Market Snapshot
11.2. North America Blockchain Technology Market
11.2.1. U.S. Blockchain Technology Market Component breakdown estimates & forecasts, 2019-2028 Services breakdown estimates & forecasts, 2019-2028 Provider breakdown estimates & forecasts, 2019-2028 Type breakdown estimates & forecasts, 2019-2028 Application Area breakdown estimates & forecasts, 2019-2028
11.2.2. Canada Blockchain Technology Market
11.3. Europe Blockchain Technology Market Snapshot
11.3.1. U.K. Blockchain Technology Market
11.3.2. Germany Blockchain Technology Market
11.3.3. France Blockchain Technology Market
11.3.4. Spain Blockchain Technology Market
11.3.5. Italy Blockchain Technology Market
11.3.6. Rest of Europe Blockchain Technology Market
11.4. Asia-Pacific Blockchain Technology Market Snapshot
11.4.1. China Blockchain Technology Market
11.4.2. India Blockchain Technology Market
11.4.3. Japan Blockchain Technology Market
11.4.4. Australia Blockchain Technology Market
11.4.5. South Korea Blockchain Technology Market
11.4.6. Rest of Asia Pacific Blockchain Technology Market
11.5. Latin America Blockchain Technology Market Snapshot
11.5.1. Brazil Blockchain Technology Market
11.5.2. Mexico Blockchain Technology Market
11.6. Rest of The World Blockchain Technology Market

Chapter 12. Competitive Intelligence
12.1. Top Market Strategies
12.2. Company Profiles
12.2.1 IBM Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments

12.2.2 Amazon Web Services
12.2.3 SAP
12.2.4 Intel
12.2.5 Oracle
12.2.6 Huawei
12.2.7 Accenture
12.2.8 Wipro
12.2.9 Bitfury
12.2.10 Chain

Chapter 13. Research Process

13.1 Research Process
13.1.1 Data Mining
13.1.2 Analysis
13.1.3 Market Estimation
13.1.4 Validation
13.1.5 Publishing
13.2 Research Attributes
13.3 Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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