Global Blockchain Market is expected to register a CAGR of approx. 70% over the period of 2022-2028.  The blockchain market is rising to protect the identity and financial information of end users, BFSI companies are implementing digital ledger technology. The BFSI sector is seeing increased adoption of technology applications such as cross-border transactions, clearing and settlements, trade finance platforms, digital identity verification, and credit reporting. For instance, In June 2021, India’s major banks, such as the State Bank of India(SBI), HDFC, ICICI Bank, and others, collaborated to establish Indian Bank’s digital ledger infrastructure company private limited, Indian Banks' Blockchain Infrastructure Co (IBBIC), to secure transactions, reduce transaction processing time, and speed up the process of letters of credit. Owing to these glaring statistics the demand for blockchain is anticipated to grow in the forthcoming years as they are safe and secure technology and protects all the data from hacking and leaking. According to UnivDatos research report “global blockchain market”, the market is expected to witness a robust growth during the forecast period 2022-2028F. Moreover, rising awareness of data protection from malware activities within enterprises and consumers is fueling the demand for the blockchain market. Furthermore, the extensive use of blockchain solutions in banking and cybersecurity and rising government initiatives are expected to drive the market for the blockchain market in the coming years.

Based on the component types, the blockchain market is segmented into platforms and services. The platform segment accounted for a significant market share and it is estimated that it will grow rapidly during the projected timeframe. The platform/solution enables digital ledger network and application developers to create personalized distributed ledger (DLT) networks for end users.

Based on the end-users, the market is fragmented into banking, financial services, and insurances (BFSI), government, healthcare, media & entertainment, retail and e-commerce, transportation & logistics, and others. The BFSI segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. Financial services use blockchain technology for managing financial transactions taking place in businesses. Blockchain technology provides secured and efficient transactions, and this is driving the demand for the technology in financial services.

North America witnessed extensive growth

For a better understanding of the market adoption of the blockchains market, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a major market for the blockchain industry owing to the early adoption of blockchain and the presence of several vendors that provide security and blockchain solutions and the increasing adoption of blockchain technology by organizations in the region is driving the regional market growth.

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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global blockchains market are Accenture PLC, IBM Corporation, Amazon Web Services Inc, Intel Corporation, Microsoft Corporation, Oracle Corporation, Applied Blockchain, Infosys, Wipro, Tata Consultancy Services Limited Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.

“Global Blockchains Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.      

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Market Segmentations:

1.      By Component Type (Platform, Services)

2.      By Organization Size (Large Enterprises, SMEs)

3.      By End-User (Banking, Financial Services, and Insurances (BFSI), Government, Healthcare, Media & Entertainment, Retail and E-commerce, Transportation & Logistics, Others)

4.      By Region (North America, Europe, Asia-Pacific, Rest of the World)

5.    By Company (Accenture PLC, IBM Corporation, Amazon Web Services Inc, Intel Corporation, Microsoft Corporation, Oracle Corporation, Applied Blockchain, Infosys, Wipro, Tata Consultancy Services Limited)

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