The global blockchain technology market size was US$ 6.78 billion in 2021. The global blockchain technology market size is forecast to reach US$ 153.94 billion by 2030, growing at a compound annual growth rate (CAGR) of 85% during the forecast period from 2022 to 2030.
In computer networks, a blockchain is a type of distributed database. Blockchains store digital information electronically. The blockchain plays a crucial role in cryptocurrency systems, such as Bitcoin, for keeping a secure and decentralized record of transactions. A blockchain provides fidelity and security of a record of data while generating trust without relying on a trusted third party.
Factors Influencing Market Growth
Impact Analysis of COVID-19
During the COVID-19 pandemic, the blockchain technology market has grown. Blockchain technology is crucial to developing a platform for managing COVID-19. Several hospitals throughout the nation used blockchain technology to track the COVID-19 vaccine and monitor the storage of this temperature-sensitive vaccine. However, there is a lack of dedicated regulations which regulate the use of blockchain for fin-tech applications, which negatively affect the market's growth.
The North America blockchain technology market dominated the global revenue in 2020. Organizations in the region are adopting blockchain technology at an increasing rate, which spurs regional market growth. A number of industries, from the government to retail to BFSI, are utilizing payment and wallet solutions to smart contracts to identify digital identities, which is driving the use of blockchain technology. In addition, a large number of players are also boosting the market growth in the region.
Over the forecast period, Asia Pacific will experience significant growth. These days, governments in countries such as China, Japan, and India are promoting the use of blockchain technology. The governments of these countries are promoting the use of blockchain due to the benefits such as increased efficiency, transparency, and other benefits it provides to a variety of industries.
The leading prominent companies profiled in the global blockchain technology market are:
Scope of the Report
The global blockchain technology segmentation focuses on Type, Component, Application, Enterprize Size, End-Use, and Region.
Segmentation based on Type
Segmentation based on Component
Segmentation based on Application
Segmentation based on Enterprize Size
Segmentation based on End-Use
Segmentation based on Region
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