Insights Into The Blockchain Market’s Growth Opportunities Through 2023-2032 – Includes Blockchain Market Size
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The growing demand for blockchain technology in industries and the public sector are expected to drive innovation in blockchain manufacturing, thus driving the market during the forecast period.
The global blockchain market is expected to grow from $10.13 billion in 2022 to $17.21 billion in 2023 at a compound annual growth rate (CAGR) of 70.0%. The global blockchain market size is expected to grow to $99.37 billion in 2027 at a CAGR of 55.0%.
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Global blockchain market segments include:
- By Type: Private, Public, Hybrid
- By Provider: Application, Middleware, Infrastructure
- By Application: BFSI, Telecom & IT, Government
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global blockchain market in 2021.
Major Market Players in the blockchain market include Amazon Web Services, Inc., BTL Group Ltd., r3, Bitfury, IBM, ConsenSys, LeewayHertz, 4IRE Labs, Factom, Synsoft Global, OpenLedger, Inn4Science.
Federated blockchain, also called as a consortium blockchain, is expected to be a major trend shaping the blockchain market in the forecast period. Federated blockchain is a private permission type of blockchain, which gives permission for multiple entities to have access to the network by voting or token system. Decentralization is maintained by the prior selection of the authority nodes by the organizations in the network which can exchange the data or information continuously. For example, in August 2022, Devon Energy Corporation, a US-based energy company joined Blockchain For Energy, a blockchain consortium made of industry experts from major energy companies. The consortium will help Devon Energy to advance and transform its management of transactions, records and data through collaboration and proactive development of new technologies.
The Blockchain Global Market Report 2023 provides a blockchain market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The blockchain market forecast analyzes blockchain market size, blockchain market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Blockchain is an immutable shared ledger that records online transactions, tracks assets, and builds trust in a business network.
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