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The global blockchain market size was USD 4.67 billion in 2021. The market is projected to grow from USD 7.18 billion in 2022 to USD 163.83 billion by 2029 at a CAGR of 56.3% during the 2022-2029 period. 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, Private, and Consortium), By Application (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, 2022-2029.”
According to researchers, major key players in the market are focusing on implementing innovative strategies to introduce new applications by collaborating with supporting companies. This will allow market players to expand their business globally during the forecast period.
COVID-19 Impact: Increasing Investment in Technology to Propel Growth
The COVID-19 pandemic created favorable impact on IT sector, owing to increasing demand for virtual applications and services in healthcare sector during the pandemic. Also, various healthcare organizations digitalized their operations to maintain social distancing norms and restrictions imposed by the government.
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Applied Blockchain Ltd. Collaborated with Confidential Computing Consortium
Applied Blockchain Ltd collaborated with Confidential Computing Consortium to develop applications providing enhanced privacy and security to maintain data integrity. This collaboration ensures safeguarding data from attacks over virtual networks and viruses in physical networks.
Increasing Data Theft Activities to Drive Market
The major driving factors to propel market growth are increasing data security concerns and rising demand for high security applications. The rising demand for blockchain applications in healthcare and commercial sectors is expected to drive the market during the forecast period.
Collaboration Among Key Players to Expand Business Reach
Key players in the market implement various expansion strategies to expand their business globally. These strategies include collaborations and innovations to enhance product range and target segmented regions effectively.
Key Industry Development
List of Key Players Covered in the Report
Further Report Findings
Table of Segmentation
Value (USD billion)
Component, Type, Deployment, Application, Industry, and Region