Global Blockchain Technology Market To Generate A Revenue Of USD 60 Billion By 2028

06-Sep-2022 | Zion Market Research

The global blockchain technology market size was worth around USD 3.3 billion in 2021 and is predicted to grow to around USD 60 billion by 2028 with a compound annual growth rate (CAGR) of roughly 44.5% between 2022 and 2028.

Blockchains are digital ledgers with distributed networks and are shared amongst various nodes of a computer network. The data stored on the blockchain is digital. The technology has gained more momentum owing to its use in cryptocurrencies like Bitcoin. In cryptos, blockchains are used widely to create a platform that can maintain decentralized and secured transaction-related data. One of the key reasons why this advanced technology is being preferred globally is because it allows an extremely secure form of data as well as complete transparency in showing recorded data.

However, only the stakeholders who have the access key can use this digital record thus restricting any form of data breach. A major but critical difference between traditional databases and databases stored using blockchain technology is the way the information is structured. For instance, blockchain, as the name itself suggests uses blocks to group and hold information. Once the storage limit on a particular block is saturated, it is closed and then linked to the last of previously filled blocks, forming a chain and hence the derived name. Any and all new information is added in subsequent blocks.

On the contrary, a traditional database is structured in the form of tables making it easier to be edited. However, with blockchain, since new data has to be added in new blocks, it inherently means that the previously recorded data cannot be changed resulting in an irreversible timeline. The main goal of a blockchain network is to allow the addition of new data and its distribution. It does not allow editing of any information that is added to the network maintaining the integrity of the information. The key foundation of blockchain technology lies in creating an immutable ledger or record of information that cannot be deleted, altered, modified, or destroyed allowing companies to have a more secure form of data protection

Global Blockchain Technology Market

Covid-19 drove the market cap in an upward direction since more companies were interested in adopting the technology during 2020 and 2021 owing to the need for improved and secure databases to store information. Even though the initial months did not contribute well because of severe restrictions resulting in a delay of various pre-planned collaborations, the overall impact of the virus on the global market size was positive.

The global blockchain technology market is expected to grow owing to rising applications in supply chain management and the e-commerce industry. The technology is gaining higher attention from e-commerce players as it allows them to store information effectively along with the benefits of payment options. Since it eliminates the need for middlemen, the technology proves to be more cost-effective. The growing research and development toward developing a decentralized digital buying and selling platform are expected to help the global market growth during the projection period.

The expanding market of cryptocurrencies is also projected to contribute heavily to global market expansion. Cryptos rely heavily on blockchains for storing transactional data. In fact, the rise in cryptos is one of the major reasons for more awareness about the technology itself. The cryptocurrency market is projected to strengthen its foothold across regions in the coming years and the global market may benefit from the same. For instance, the cryptos market in 2021 was around USD 1.5 billion in 2020 and by 2030 it may reach up to USD 5 billion, with a growth rate of 12.85%. The numbers indicate the extreme potential of the market which will subsequently lead to greater demand for blockchain technology.

The changing government regulation across regions may restrict the global market growth whereas growing trends involving blockchain technology are anticipated to provide growth opportunities. The cynical use of blockchain technology may challenge global market growth.

The global blockchain technology market is segmented by type, application, end-user, component, enterprise size, and region.

Based on type, the global market is divided into public cloud, hybrid cloud, and private cloud. 60.05% of the global market share was led by the public cloud type which is essentially a multi-user environment where the service is shared between many clients. The segmental growth could be attributed to the rising interest of government agencies in adopting technology for furthering their services and access to information in real-time.

Based on application, the global market is segmented into payments, exchanges, smart contracts, supply chain management, digital identity, and others. Currently, supply chain management leads the global market owing to the excellent outputs provided by the technology in this segment. As of 2025, the global blockchain supply chain management market is projected to reach USD 9.8 billion mainly driven by the rise in the e-commerce industry and the subsequent need for better management of the supply chain.

Based on end-user, the global market is segmented into government, retail, financial services healthcare, transport & logistics, media & entertainment, and others. 38% of the market revenue was generated from the financial services segment because of the technology’s assistance in providing safe and secure transactions without comprising any aspect of the data.

Based on component, the global market segments are infrastructure & protocols, application & Solution, and middleware. The highest revenue in the global market was generated from the infrastructure & protocols segment with over 61.91% of the market share. The growth is attributed to the increasing use of technologies like Hyperledger, Ethereum, and Openchain owing to the rising demand from consumers for protocols to improve information reliability.

By enterprise size, small & medium enterprises and large enterprises are the two global market segments with large enterprises leading the way. More than 68% of the global market was dominated by industry giants owing to the vast number of stakeholders involved and the presence of immense trackable information. Since blockchain technology allows multiple tasks like tracking and payment modes, the technology has gained favorable views from large-scale consumers.

North America is projected to generate the highest revenues in the global blockchain technology market because of the high awareness rate amongst the general population as well as industry giants. The regional market may also be propelled by the growing cryptocurrency market in the US which is one of the few regions that has proper regulating authorities and regulatory bodies in place to track the market.

The US crypto market was USD 1.6 billion in 2021. Asia-Pacific is projected to grow at a high CAGR majorly due to the rising adoption of blockchain technology to manage supply chains in the growing economies of China, India, and Japan to name a few. The exponentially expanding e-commerce business in these regions is projected to help increase regional revenue. For instance, as of 2022, China is the largest e-commerce market totaling up to 50% of the global market revenue. The adoption of advanced technologies to help the e-commerce market growth is anticipated to contribute to global market growth.

The global blockchain technology market houses players like Microsoft Corporation, BTL Group Ltd., IBM Corporation, Global Arena Holding, Circle Internet Financial Limited, Digital Asset Holdings, LLC, The Linux Foundation, Ripple

Recent Developments:

  • In February 2022, the government of India announced that the Reserve Bank of India (RBI), the country’s central bank and regulatory body for the banking system of India, will be introducing a new digital currency using blockchain technology. The move will allow an effective and inexpensive method of currency management in India
  • In February 2022, Intel launched a blockchain chip to aid Bitcoin mining and non-fungible token (NFT) minting. The chip is expected to be shipped by the end of the year to reach its first customer including Block, Inc.

Browse the full Global Blockchain Technology Market By Application (Payments, Exchanges, Smart Contracts, Supply Chain Management, Digital Identity, and Others), By Type (Public Cloud, Hybrid Cloud, and Private Cloud), By Component (Infrastructure & Protocols, Application & Solution, and Middleware), By Enterprise Size (Small & Medium Enterprises, and Large Enterprises), By End-User (Government, Retail, Financial Services, Healthcare, Transport & Logistics, Media & Entertainment, and Others) - and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028. Report at https://www.zionmarketresearch.com/report/global-blockchain-technology-market

The global blockchain technology market is segmented as follows:

By Application

  • Payments
  • Exchanges
  • Smart Contracts
  • Supply Chain Management
  • Digital Identity
  • Others

By Type 

  • Public Cloud
  • Hybrid Cloud
  • Private Cloud

By Component

  • Infrastructure & Protocols
  • Application & Solution
  • Middleware

By Enterprise Size

  • Small & Medium Enterprises
  • Large Enterprises

By End-User

  • Government
  • Retail
  • Financial Services
  • Healthcare
  • Transport & Logistics
  • Media & Entertainment
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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