According to our latest market study on "Blockchain Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Application, and Industry Vertical," the market was valued at US$ 4,935.0 million in 2021 and is projected to reach US$ 227,996.6 million by 2028; it is expected to grow at a CAGR of 72.9% from 2021 to 2028.

Post the financial crisis in 2008, Bitcoin and other cryptocurrencies entered the financial sector and gradually gained a lot of prominence. However, with recent developments and uncertainties crowding the cryptocurrency space, its future is unclear. While the future cryptocurrency is still speculative, the underlying technology Blockchain has emerged as a prime technology with huge potential to open many opportunities across various industries. The popularity of Blockchain is growing at an exponential rate with successful use cases in various industries, ranging from BFSI to media and entertainment.

In terms of technology adoption and use cases, the BFSI industry is leading the market worldwide. Blockchain solutions are being implemented in payments, remittances, identity management, fund processing, dispute management, risk management, and many other applications. The BFSI sector has been held back due to limitations and obsolete aspects of the mainframe computing technology; however, with the BFSI industry moving into the advanced age of real-time transaction processing, Blockchain is a principal facilitating technology. This technology has become progressively attractive to the BFSI sector for its tamper-proof ledger. With big market players such as IBM, Accenture, and Microsoft, more and more Blockchain solutions are being implemented across major banks and insurance companies.

When it comes to Blockchain solution providers, IBM holds a prominent place in the market. The company provides a Blockchain platform for various industries. For instance, with the help of IBM's Blockchain platform, banks can create secure, low-cost, and high-volume cross-border payments. There are numerous examples of the successful implementation of Blockchain in the BFSI sector worldwide. For instance, Accenture, Inc. offers Blockchain solutions for its insurance customers. It transforms strategic insurance industry processes into Blockchain-ready processes that embed trust into the system. Ripple Labs, Inc. is a payment solution provider that connects banks, payment providers, digital asset exchanges, and corporations to allow instant, on-demand payment globally. Aeternity, Inc. provides a Blockchain platform that can be used for any application that requires high transactional speed, including smart contracts.

With an increasing number of well-established market players and startups entering the BFSI Blockchain market, it is expected that the BFSI segment will drive the Blockchain market during the forecast period.

Impact of COVID-19 Pandemic on Global Blockchain Market

The COVID-19 pandemic has had a negative impact on all aspects of society, including individuals and corporations. The internet ecosystem has become increasingly important around the world. The reliance on online enterprises has expanded dramatically due to the COVID-19 outbreak. The internet is being used by BFSI, healthcare and life sciences, manufacturing, retail, transportation and logistics, and other industries to provide critical services to consumers. The demand for a Blockchain system has surged among vendors. Various governments and regulatory agencies have forced both public and private organizations to accept new techniques of teleworking and preserving social distance in the wake of the COVID-19 pandemic. Since then, digital business practices and the use of emails on home servers have become the new business continuity plan (BCP) for a variety of enterprises. With the increased usage of mobile devices and internet penetration worldwide, people are becoming more interested in using Blockchain. Organizations have become more vulnerable to privacy problems due to changing patterns and scattered IT architectures, fueling the demand for blockchain solutions during the COVID-19 outbreak.

Key Findings of Study:

Based on component, the blockchain market is bifurcated into solution and services. In 2021, the solution segment led the market and accounted for a larger market share. Based on application, the market is segmented into payments, exchanges, smart contracts, documentation, digital identity, governance, risk and compliance, and others. In 2021, the payments segment led the market and accounted for the largest market share. Based on industry vertical, the blockchain market is categorized into BFSI, retail, government, transportation and logistics, healthcare, automotive, media and entertainment, and others. In 2021, the BFSI segment led the market and accounted for the largest market share. Geographically, the blockchain market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for a significant share of the global blockchain market.

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