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Blockchain Market to Exhibit 55.8% CAGR by 2028; Increasing Demand for Software as a Service across Industries to Augment Market Growth

September 07, 2021 | Information & Technology

The global blockchain market size is expected to gain momentum by reaching USD 104.19 billion by 2028, as this technology allows customers to take maximum advantage of cloud-based solutions in building, hosting and operating their own apps and related functions on the cryptographic ledger technology. This information is provided by Fortune Business Insights in its report titled “Blockchain Market Size, Share & COVID-19 Impact Analysis, By Component (Platform/Solution and Blockchain as a service), By Type (Public blockchain, Private blockchain, and Consortium blockchain), By Applications (Digital Identity Payments, Smart Contracts, Supply Chain Management and Others), By Deployment (Proof of Concept, Pilot and Production), By Industry (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Entertainment, Retail & Consumer Goods, Travel and Transportation and Others) and Regional Forecast, 2021-2028 ”, mentions that the market stood at USD 3.06 billion in 2020 and is projected to exhibit a CAGR of 55.8% during the forecast period. 

Algorand, announced its Partner Program called Algorand Partner Program (APP)

Algorand declared its partner program called Algorand Partner Program (APP) in November 2020. This program is designed to provide an environment which will allow Algorand-based products to market faster, easier, keeping their end users in mind. APP participants will be able to differentiate their services and widen their business prospects in both public and private sector by finding out their block chain potential and the ones who are already working on these projects. 

To get a detailed report summary and research scope of this market, click here:


Varied Application in Different Sectors to Drive Market Growth

Using Cryptographic ledgers have helped in increasing transparency of costly goods, pharmaceutical drugs and diamonds in supply chain management. It also helps in operational efficiency of payment systems. Thus its increasing use in the supply chain management market is expected to drive blockchain market growth. Besides, increasing investment governments and essential players in the oil and gas, energy and utilities, and transportation sectors is also accelerating the demand for this technology.  

Key Players Focus on Partnerships & Collaborations to Brighten Their Market Prospects

The market is experiencing healthy competition among key players focusing on developing and launching new products, forming partnerships to widen their product portfolio and further boost sales revenues. For instance, in February 2019, Accenture made collaboration with Amazon Web Services, Mastercard, Mercy Crops and Everledger to launch circular supply chain capabilities, payment technologies and digital identity to reward sustainable practices of suppliers and small scale growers. Such strategies will contribute to the growth of the market during the forecast period.

Industry Development

  • May 2021- Amazon Web Services declared the launch of Ethereum on Amazon-managed blockchain. It will be helpful for the developers, as they can easily discover Ethereum nodes without going through the complexity of operating and setting up the required infrastructure. 

List of Key Players Profiled in the Report

  • Accenture PLC (Dublin, Ireland)

  • Amazon Web Services, Inc. (Washington, U.S.)

  • Applied Blockchain Ltd. (London,U.K.)

  • IBM Corporation (New York, U.S.)

  • Intel Corporation (California, U.S.)

  • LeewayHeartz (California,U.S.)

  • Microsoft Corporation (Washington, U.S.)

  • Oracle Corporation (Texas,U.S.)

  • R3 (New York,U.S.)

  • Tata Consultancy Services Limited (Mumbai, India)

Further Report Findings

  • North America is expected to hold the largest blockchain market share during the forecast period. This is because, the North American region is highly diverse, and thus the market participants are focusing on widening their geographical presence by providing personalized services to clients across the region. The region stood at USD 1.44 billion in 2020.

  • Asia Pacific is expected to showcase a significant rise in the market. This is because, manufacturing companies in China, Japan, South Korea and South East Asia, are increasing their investments in the technology.

  • By Industry, it is segmented into BFSI, energy & utilities, government, healthcare and life sciences, manufacturing, telecom, media & entertainment, retail & consumer goods, travel and transportation and others. Out of these, the BFSI segment held the market share of 31.4% in 2020, because of increased adoption of cryptographic ledger technology by banks and financial service providers.

Table of Segmentation



Study Period


Base Year


Forecast Period


Historical Period



  Value (USD billion)


  Component; Type; Deployment; Application; Industry; Region

By Component

  • Platform/Solution

  • Blockchain as a service

By Type

  • Public

  • Private

  • Consortium

By Applications

  • Digital Identity

  • Payments

  • Smart Contracts

  • Supply Chain Management

  • Others

By Deployment

  • Proof of Concept

  • Pilot

  • Production

By Industry

  • BFSI

  • Energy & Utilities

  • Government

  • Healthcare and Life Sciences

  • Manufacturing

  • Telecom, Media & Entertainment

  • Retail & Consumer Goods

  • Travel and Transportation

  • Others

By Region

  • North America (By Component, By Type, By Deployment, By Application, By Industry, By Country)

    • U.S. (By Industry)

    • Canada (By Industry)

  • Europe (By Component, By Type, By Deployment, By Application, By Industry, By Country)

    • U.K. (By Industry)

    • Germany (By Industry)

    • France (By Industry)

    • Spain (By Industry)

    • Rest of Europe

  • Asia Pacific (By Component, By Type, By Deployment, By Application, By Industry, By Country)

    • China (By Industry)

    • Japan (By Industry)

    • India (By Industry)

    • Southeast Asia (By Industry)

    • Rest of Asia Pacific

  • The Middle East & Africa (By Component, By Type, By Deployment, By Application, By Industry, By Country)

    • GCC (By Industry)

    • South Africa (By Industry)

    • Rest of the Middle East & Africa

  • Latin America (By Component, By Type, By Deployment, By Application, By Industry, By Country)

    • Brazil (By Industry)

    • Mexico (By Industry)

    • Rest of Latin America

Blockchain Technology Market
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  • 2017-2019
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