Blockchain Market Research Report and Outlook by 2028

The global blockchain market is projected to expand significantly, increasing from US$ 4,935.0 million in 2021 to an impressive US$ 227,996.6 million by 2028. This growth represents a remarkable compound annual growth rate (CAGR) of 72.9% from 2021 to 2028.

Following the financial crisis of 2008, Bitcoin and various cryptocurrencies began to infiltrate the financial landscape, gradually gaining substantial attention. However, recent fluctuations and uncertainties within the cryptocurrency domain have cast doubt on its future trajectory. While the prospects for cryptocurrencies remain speculative, the foundational technology of blockchain has emerged as a transformative force, offering vast potential across multiple sectors. The blockchain market is witnessing exponential growth, with successful applications spanning industries from banking, financial services, and insurance (BFSI) to media and entertainment.

In terms of technology adoption and practical applications, the BFSI sector is at the forefront of the global market. Blockchain solutions are being integrated into various functions, including payments, remittances, identity verification, fund processing, dispute resolution, and risk management. Historically, the BFSI industry has faced challenges due to outdated mainframe computing technologies. However, as the sector transitions into an era of real-time transaction processing, blockchain has emerged as a key enabling technology. Its appeal lies in its tamper-resistant ledger, which enhances security and transparency. Major players like IBM, Accenture, and Microsoft are actively deploying blockchain solutions across leading banks and insurance firms.

Among blockchain solution providers, IBM stands out prominently. The company offers a versatile blockchain platform tailored for various industries. For example, banks utilizing IBM's blockchain platform can facilitate secure, cost-effective, and high-volume cross-border transactions. Numerous successful implementations of blockchain technology in the BFSI sector can be observed globally. Aeternity, Inc. also provides a blockchain platform suitable for applications requiring high transaction speeds, including smart contracts.

As more established companies and innovative startups enter the BFSI blockchain market, it is anticipated that this segment will significantly propel the overall blockchain market during the forecast period.

North America has been severely impacted by the COVID-19 pandemic, with the US, Canada, and Mexico experiencing a notable increase in infection rates. In response, the blockchain market is expected to introduce various security features, such as decentralization, encryption, and cryptography, to protect privacy within the healthcare sector in the wake of the pandemic. The COVID-19 crisis has also led to a surge in eCommerce demand, prompting companies to leverage technologies like artificial intelligence (AI), machine learning (ML), and blockchain to drive innovation and adapt to the challenges posed by the pandemic. This shift is accelerating the adoption of Blockchain as a Service (BaaS) solutions among small and medium-sized enterprises (SMEs).

In light of the pandemic, businesses are increasingly turning to fintech and blockchain technologies to enhance and modernize their operations. This trend is likely to result in a rise in contactless transaction offerings and revamped financial services. The pharmaceutical sector stands to gain significantly from the blockchain market, particularly in addressing the logistical challenges associated with the distribution of COVID-19 vaccines. Blockchain technology is being utilized to ensure the accurate distribution of vaccines and to monitor their storage and maintenance conditions.

The overall size of the blockchain market has been determined through a combination of primary and secondary research methodologies. The research process commenced with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aimed to provide a comprehensive overview and forecast of the blockchain market across various segments and regions. Additionally, multiple primary interviews were conducted with industry participants and experts to validate the findings and gain deeper analytical insights. Participants included industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the blockchain sector.

Key companies operating within the blockchain market, as highlighted in the report, include IBM Corporation, Microsoft Corporation, Accenture, Amazon Web Services, SAP SE, Hewlett Packard Enterprise Development LP (HPE), Oracle Corporation, Intel Corporation, Ripple, and Bitfury Group.