ROCKVILLE, Md., March 01, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Blockchain Technology market is projected to grow at a compound annual rate (CAGR) of 84% between 2022 and 2032. The market is expected to reach US$ 3,273.83 Bn by the end of 2032.
The DHS is funding startups to conduct research and development to explore new approaches to cyber security using blockchain technology. The COVID-19 pandemic is expected to positively impact the market growth over the forecast period. The growing online sales due to the COVID-19 pandemic are expected to create the demand for blockchain technology among e-commerce companies. E-commerce companies use this technology for the supply chain management.
The market growth can be attributed to the increasing digitalization across the BFSI sector. Furthermore, the growing use of contactless blockchain digital ticketing at various events is expected to drive the market. Growing use of cryptocurrency worldwide is also anticipated to drive market growth. This is because cryptocurrencies, such as Ethereum and bitcoin, operate on blockchain technology. The demand for cryptocurrency is increasing due to benefits, such as easy transactions, inflation hedge, and enhanced security.
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The legalization of cryptocurrency encourages businesses and investors to invest more in blockchain technology. Furthermore, it also encourages the market players to make more efforts to improve their services to gain a competitive edge. These efforts made by the companies are expected to make blockchain technology more effective and efficient in the near future.
Which Type of Cloud is driving the Growth of the Market?
The public cloud segment dominated the market in 2021 and accounted for more than 60% share of the global revenue. A public cloud blockchain is a multi-tenant environment where the computing space is shared with several other clients.
Various government bodies across the world are integrating conventional systems with cloud technologies in the current days. The demand for public cloud is high as it provides cost competitiveness to enterprises.
Blockchain technology improves payment system efficiency, minimizes operating costs, and offers transparency. These benefits provided by blockchain technology are increasing its use in payment solutions, thus driving the segment growth. Furthermore, blockchain reduces the need for a middleman in payment processing, which is also a major factor driving the segment growth.
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Key Segments Covered in the Blockchain Technology Industry Survey
- By Type
- Public Cloud
- Private Cloud
- Hybrid Cloud
- By Component
- Application & Solution
- Infrastructure & Protocols
- Middleware
- By Application
- Digital Identity
- Exchanges
- Payments
- Smart Contracts
- Supply Chain Management
- Others
- By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
- By End Use
- Financial Services
- Government
- Healthcare
- Media & Entertainment
- Retail
- Transportation & Logistics
- Travel
- Others
Competitive Landscape
The competitive landscape of the blockchain technology market is shaped by product innovation and strategic mergers & acquisitions. Front Runners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies. For instance,
- In May 2021, Circle Internet Financial Ltd., a blockchain technology provider, announced that it raised USD 440 million in funding from strategic and institutional investors. The company used this funding for organizational development and market expansion. The legalization of cryptocurrency in countries, such as Ukraine and El Salvador, is expected to create new opportunities for market growth.
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Key players in the Blockchain Technology Market
- IBM Corp.
- Microsoft Corp.
- The Linux Foundation
- BTL Group Ltd.
- Chain, Inc.
- Circle Internet Financial Ltd.
- Deloitte Touche Tohmatsu Ltd.
- Digital Asset Holdings, LLC
Key Takeaways from the Market Study
- Global market for blockchain technology to reach US$ 7.36 Bn by 2022-end.
- Financial services to account for 39% of global blockchain technology market revenue
- By enterprise size, over 3/5th of global revenue to be contributed by large enterprises
- By application, payments to account for over 42% revenue share in 2022 and beyond
- Based on cloud, public cloud to dominate the market, accumulating over 60% revenue
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