According to the latest research by SkyQuest Technology, the Global Blockchain Market was valued at USD 4,900 Million in 2020, and it is expected to reach USD 70,100 Million by 2027, with a CAGR of 50.50% during the forecast period of 2021 – 2027. The research provides up-to-date analysis of the current market landscape, latest trends, drivers, and overall market environment.
Blockchain, also known as Distributed Ledger Technology (DLT), uses decentralization and cryptographic hashing to make the history of any digital asset unalterable and transparent. Forecasts indicate that global blockchain technology revenues will skyrocket in the next years, with the market estimated to exceed 39 billion US dollars by 2025. The banking industry was among the first to invest in blockchain, accounting for roughly 30% of the technology’s market value.
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The legalization of bitcoin pushes companies and investors to increase their investments in blockchain technology. Furthermore, it pushes market participants to make greater attempts to enhance their services in order to gain a competitive advantage. Companies’ efforts are likely to make blockchain technology more effective and efficient in the near future. DeFi is a blockchain-based emerging financial system that limits banks’ control over financial services and money. Over the forecast period, the expanding strategic activities in the decentralized finance domain are likely to fuel market growth. For instance, Square, a payment company, announced in July 2021 that it will begin a DeFi business utilizing bitcoin.
Read market research report, “Global Blockchain Market Segmented By Component (Platforms and Services), By Type (Private, Public, and Hybrid), By Application (Food & Agriculture, Transportation & Logistics, Manufacturing, Energy & Utilities, Healthcare & Life Sciences, Media & Entertainment, BFSI, Retail & E-Commerce, IT & Telecom, Others) & Region – Forecast And Analysis 2021-2027” by SkyQuest
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Blockchains have the ability to consume a lot of energy and emit a lot of CO2 — this is what prompted Tesla CEO Elon Musk to temporarily suspend taking Bitcoin as payment for his cars earlier in 2021. In 2022, we can expect a lot more focus on projects to “greenify” blockchain for this very reason. There are various ways to accomplish this, including carbon offsetting, however many people believe that this frequently equals just bandaging a wound that should not have been inflicted in the first place. Another way to save energy is to use less energy-intensive blockchain technology models, such as those that use “proof-of-stake” algorithms rather than “proof-of-work” methods to generate consensus. In 2022, Ethereum, the second most popular blockchain behind Bitcoin, plans to switch to a POS design. Cathy Wood, CEO of tech-focused hedge fund Ark Invest, has advocated for another path to a greener operating model. This postulates that rising energy demand will lead to more expenditures in renewable energy generation, which will subsequently be used for other applications as well as blockchain operations.
In 2021, the public blockchain segment of the market held the most lucrative share of more than 20% in the market. The segmental growth of the market is attributed to the increased focus of various organizations and governments to establish efficient and open transactions. Whereas, the private segment also holds a substantial market share, as it enables businesses to reverse transactions and change regulations and a minimal transaction cost.
Based on the geographical viewpoint, the global Blockchain market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the North American region held the most substantial share of more than 35% in the market. This is attributed to the increased adoption of blockchain by numerous organizations in the region.
The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
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Report Findings
- Drivers- The legalization of cryptocurrencies is seen as a significant driver of industry growth since companies and investors are more likely to invest in blockchain technology. Legalized cryptocurrencies can encourage market actors to enhance their services in order to get a competitive edge.
- Restraint- One of the primary challenges impeding market growth is an unpredictable regulatory and compliance environment. Some governments have made the use of initial coin offerings illegal (ICOs). Regulatory acceptance is one of the most difficult components of modernizing transaction systems, which is impeding the market growth.
What does this Report Deliver?
- Market Estimation for 20+ Countries
- Customization on Segments, Regions, and Company Profiles
- 100+ tables, 150+ Figures
- Global and Country Market Trends
- Comprehensive Mapping of Industry Parameters
- Attractive Investment Proposition
- Competitive Strategies Adopted by Leading Market Participants
- Market drivers, restraints, opportunities and its impact on the market
- Market growth rate till 2027
- Global and Country Market trends
- Regulatory scenario, regional dynamics, and insights of leading countries in each region
- Segment trends and analysis
- Opportunity analysis by region and country
- Segment opportunity and growth
- Porter’s five force analysis to know the market’s condition
- Pricing analysis
- Parent market analysis
- Product portfolio benchmarking
SkyQuest has segmented the Global Blockchain Market based on Component, Type, Application, and Region:
- Global Blockchain Market By Component (Revenue, USD Million, 2020 – 2027)
- Platforms
- Services
- Global Blockchain Market By Type (Revenue, USD Million, 2020 – 2027)
- Private
- Public
- Hybrid
- Global Blockchain Market By Application (Revenue, USD Million, 2020 – 2027)
- Food & Agriculture
- Transportation & Logistics
- Manufacturing
- Energy & Utilities
- Healthcare & Life Sciences
- Media & Entertainment
- BFSI
- Retail & E-Commerce
- IT & Telecom
- Others
- Global Blockchain Market By Region (Revenue, USD Million, 2020 – 2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Central & South America
- Brazil
- Rest of CSA
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
- North America
List of Key Players of Blockchain Market
- IBM Corp. (US)
- AWS Inc. (US)
- SAP SE (Germany)
- Intel Corp. (US)
- Oracle Corp. (US)
- Huawei Technologies (China)
- Accenture Plc (Ireland)
- Wipro Ltd. (India)
- Bitfury (The Netherlands)
- Infosys Ltd. (India)
- BlockCypher (US)
About Us-
SkyQuest Technology Group is a Global Market Intelligence, Innovation Management & Commercialization organization that connects innovation to new markets, networks & collaborators for achieving Sustainable Development Goals.
Contact Us-
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1 Apache Way,
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Massachusetts 01886
USA (+1) 617-230-0741
Email- info@skyquestt.com
Website: https://www.skyquestt.com/
