The global blockchain market is expected to grow from US$ 4,935.0 million in 2021 to US$ 227,996.6 million by 2028; it is estimated 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 Blockchain market's popularity is growing exponentially 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 Blockchain solutions are being implemented across major banks and insurance companies.
Key Players Influencing the Market
- IBM Corporation
- Microsoft Corporation
- Accenture
- Amazon
- SAP Se
- Hewlett Packard Enterprise Development LP (HPE)
- Oracle Corporation
- Intel Corporation
- Ripple
- Bitfury Group
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. Aeternity, Inc. provides a Blockchain platform that can be used for any application that requires high transactional speed, including smart contracts.
COVID-19 Analysis
North America is among the worst-hit regions by COVID-19. The US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 infected patients. The Blockchain market is projected to provide several security features, including decentralization, encryption, and cryptography, to safeguard healthcare industry privacy following the outbreak of COVID-19. The COVID-19 pandemic has resulted in a surge in eCommerce demand. Technologies such AI, ML, and Blockchain are beginning to drive company innovation initiatives to function successfully in a pandemic, fueling the adoption of BaaS solutions among SMEs. Following the onset of the COVID-19 pandemic, businesses are using fintech and blockchain technologies to streamline and modernize their operations. This could lead to a rise in the number of companies offering contactless transactions and revamped financial services.
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