Global Blockchain Technology Market in 2020 was estimated at USD 3.67 billion and it is predicted to grow at a Compound Annual Growth Rate (CAGR)of 82.4% during the year 2021 to 2028

Blockchain Technology is an information recording system in such a way that makes it impossible to change, cheat or hack the information in the system.

Blockchain technology is a digital account-book of the transactions that are copied and issued among all the computer systems in the entire network of the blockchain.

Blockchain technology is used in the BFSI segment on a large scale for cross-border payments and financial transactions. Majorly it is used in the Banking and financial sectors to maintain customers’ identities, secure payments, settle cross-border payments, etc.

The market size of the Global Blockchain Technology Market in 2020 was estimated at USD 3.67 billion and it is predicted to grow at a Compound Annual Growth Rate (CAGR)of 82.4% during the year 2021 to 2028. 

Blockchain Technology is also actively used in the sector of Healthcare, Energy media, Informatics, and supply chain management, etc. Under supply chain management, blockchain in the retail industry is a rapidly growing segment. BSFI (Banking Financial Services and Insurance) co-operatively holds the biggest shares.

The market of Blockchain Technology is divided into three types depending on its user’s ease of access, Private Blockchain Technology, Public Blockchain Technology, and Mixed Blockchain Technology. Whereas, Public Blockchain technology influences the market.

Key- Players in the Blockchain Technology Market-

• Microsoft Corporation
• IBM Corporation
• BTL Group Ltd.
• Linux Foundation
• Circle Internet Financial Limited
• Chain, Inc.
• Digital Asset Holdings, LLC
• Deloitte Touche Tohmatsu Limited 
• Global Arena Holdings, Inc. (GAHI)
• Ripple
• Monax.

Major Growth Factors-

The companies like Financial Technology (FinTech) are preparing to finance a fine division to their overall income in the distributed ridge technology such as Blockchain. Being deconcentrated this technology attracts the bank sector to approve the technology. Blockchain technology is predicted to grow in less time without obligation and with less consumption of time along with transparent nature in minimum transaction cost.

Effect of Covid-19 on the Blockchain Technology Market-

Shortly, the covid-19 pandemic is expected to favorably impact the growth of the market. During the covid-19 pandemic, various industries utilized blockchain technology for improving the supply chain, as this technology can control the challenges that come up, like high cost and inefficiency.

Market Segmentation of Global Blockchain Technology-

The global blockchain technology market is segmented based on types, applications, components, end-users, enterprise size, and region.

Global Blockchain Technology segmented based on Type-

• Public
• Hybrid
• Private

Global Blockchain Technology segmented based on components-

• Infrastructure and Protocols
• Application and Solution
• Middleware

Global Blockchain Technology segmented based on Application-

• Exchanges
• Digital Identity
• Smart Contracts
• Supply chain Management
• Smart Contracts
• Others.

Global Blockchain Technology segmented based on Enterprise Size-

• Small and Medium Enterprises
• Large Enterprises

Global Blockchain Technology segmented based on End-users-

• Government
• Financial Services
• Media and Entertainment
• Healthcare
• Transportation and Logistics
• Retail
• Travel
• Others.

Global Blockchain Technology segmented based on region-

North America-

• US 
• Mexico 
• Canada

Europe-

• Germany
• France
• UK

The Asia Pacific-

• Japan
• Australia
• India
• China

South America-

• Brazil

The Middle East and Africa-

• UAE
• Saudi Arabia