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Blockchain Market to Reach USD 163.83 Billion by 2029; Applied Blockchain Ltd. Collaborated with Confidential Computing Consortium to Introduce Innovative Applications

March 08, 2022 | Information & Technology

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.


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


https://www.fortunebusinessinsights.com/industry-reports/blockchain-market-100072


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



  • March 2021: IBM Corporation partnered with Moderna to build smart supply chain for COVID-19 vaccines. This would further help individuals, governments, and healthcare providers to securely share the information of COVID-19 vaccines using distributed ledger applications such as Digital Health Pass.


List of Key Players Covered in the Report



  • Accenture PLC (Ireland)

  • Amazon Web Services, Inc. (U.S.)

  • Applied Blockchain Ltd. (U.K.)

  • IBM Corporation (U.S.)

  • Intel Corporation (U.S.)

  • LeewayHeartz (U.S.)

  • Microsoft Corporation (U.S.)

  • Oracle Corporation (U.S.)

  • R3 (U.S.)

  • Tata Consultancy Services Limited (India)


Further Report Findings



  • North America stood at USD 2.20 billion in 2021. The presence of key players and rising technological advancements in the region dominated the market by owning the highest global blockchain market share during the projected period.

  • On the basis of industry, the BFSI segment holds the dominant market share. This segment is expected to ensure the global market growth during the forecast period.   


Table of Segmentation






























































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



 2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD billion)



Segmentation



Component, Type, Deployment, Application, Industry, and Region



By Component




  • Platform/Solution

  • Blockchain as a Service (BaaS)



By Type




  • Public

  • Private

  • Consortium



By Application




  • 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)

    • Scandinavia (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)

    • South Korea (By Industry)

    • Rest of Asia Pacific





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

    • GCC (By Industry)

    • South Africa (By Industry)

    • Rest of 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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  • 2021
  • 2018-2020
  • 160

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