Blockchain Global Market Sees Growth Rate Of 71% Through 2022

The global blockchain market size is expected grow from $5.94 billion in 2021 to $10.13 billion in 2022 at a compound annual growth rate (CAGR) of 70.6%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The blockchain market is expected to reach $71.78 billion in 2026 at a CAGR of 63.2%.

What is the Global Blockchain Market?

The blockchain market consists of sales of blockchain technology by the entities that develop this technology. Blockchain is a decentralized ledger or a database that records the data of the organizations in many databases which is called a block over a network called chain connected in peer to peer version referred to as node. Blockchain is preferred for its safe, secure and transparent nature.

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What drives the Global Blockchain Market?

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 the 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. Therefore, the demand for blockchain across industries is expected to drive the blockchain technology market.

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Global Blockchain Market Segments
The global blockchain market is segmented:
By Type: Private, Public, Hybrid
By Provider: Application, Middleware, Infrastructure
By Application: BFSI, Telecom and IT, Government
By Geography: The regions covered in the blockchain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Blockchain Global Market Report 2022provides market size and growth forecasts for the global blockchain market, global blockchain market share, blockchain market segments and geographies, blockchain market competitive landscape including leading competitors’ revenues, profiles and market shares. The blockchain market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Blockchain Industry Playersinclude Amazon Web Services, Inc., BTL Group Ltd., r3, Bitfury, IBM, ConsenSys, LeewayHertz, 4IRE Labs, Factom, Synsoft Global, OpenLedger, Inn4Science, Titanium Blockchain, Blockchain Intelligence Group, Blockchangers, ChromaWay, Intellectsoft, Altoros, Deqode, Primechain, SoluLab, Accubits, SheerChain, Espeo, Venture Aviator and Software Mill. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.