The Blockchain Global Market Report 2023 by The Business Research Company, provides blockchain market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Blockchain Global Market Report 2023, the market size will grow from $10.13 billion in 2022 to $17.21 billion in 2023 at a compound annual growth rate (CAGR) of 70.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global blockchain is expected to grow to $99.37 billion in 2027 at a CAGR of 55.0%.
The growing demand for blockchain technology in industries and the public sector is expected to drive the growth of the market. Blockchain has been the base for cryptocurrencies since it is a decentralized database, therefore, it has found its most important use in financial services for making digital transactions safe, secure, and transparent. Companies like Circle and BitPesa use blockchain technology for international overseas payments. Now, it has also found its use in the supply chain, healthcare, government, and other sectors. In Dubai, all the government-related financial transactions are taking place through blockchain technology making it the first government to be powered with blockchain.
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Major Players:
- Amazon Web Services Inc.
- BTL Group Ltd.
- r3
- Bitfury
- IBM
The blockchain market is segmented:
1) By Type: Private, Public, Hybrid
2) By Provider: Application, Middleware, Infrastructure
3) By Application: BFSI, Telecom & IT, Government
Federated blockchain, also called as a consortium blockchain, is expected to be a major trend shaping the blockchain market in the forecast period. Federated blockchain is a private permission type of blockchain, which gives permission for multiple entities to have access to the network by voting or token system. Decentralization is maintained by the prior selection of the authority nodes by the organizations in the network which can exchange the data or information continuously. For example, in August 2022, Devon Energy Corporation, a US-based energy company joined Blockchain For Energy, a blockchain consortium made of industry experts from major energy companies. The consortium will help Devon Energy to advance and transform its management of transactions, records and data through collaboration and proactive development of new technologies.
The blockchain market report table of contents includes:
1.Executive Summary
2. Blockchain Market Characteristics
3. Blockchain Market Trends And Strategies
4. Blockchain Market – Macro Economic Scenario
5. Blockchain Market Size And Growth
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26.Africa Blockchain Market
27. Blockchain Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Blockchain Market
29. Blockchain Market Future Outlook and Potential Analysis
30. Appendix
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