Expert Market Research’s new report titled ‘Global Blockchain Technology Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global market blockchain technology market, assessing the market based on its segments such as market by type, component, application, enterprise size, end-use and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.

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Key highlights of the report include:

Market Overview (2017-2027)

• Historical market size (2020): 2 billion USD
• Forecast CAGR (2022-2027): 72%
• Forecasted market size (2027): 82.9 billion USD

Payments are likely to represent a large share of the market. Payments and transactions are a necessary feature of any business and one of the most important. A business can suffer significant financial loss if payment transactions are incorrect or unreliable. Accordingly, blockchain technology is used to improve the efficiency of the payment system and reduce the risk of losing money. It also improves transparency and reduces operational costs. The demand for blockchain technology is expected to increase significantly throughout the projection period as it eliminates the need for a middleman in the payment process.

Industry definition and major segments

Blockchain technology is defined as a technique for storing digital information or data that cannot be manipulated or hacked. Blockchain technology uses a shared, immutable ledger that is only accessible to members who have been granted permission.

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By Type, the market is split into:

On the basis of components, the market can be broadly categorized into:

• Apps and Solutions
• Infrastructure and protocols
• Middleware
• Others

On the basis of application, the market is segmented into:

• Digital Identify
• Exchanges
• Payments
• Smart contract
• Supply chain management
• Others

According to the size of the company, the industry is divided into:

• Large companies
• Small and medium enterprises

On the basis of end uses, the market is segmented into:

• Financial services
• Government
• Health care
• Media and entertainment
• Retail
• Transport and logistics
• Others

Regional markets include:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Market trends

The global blockchain technology industry is driven by the growing demand for digital payment solutions by various organizations to protect their transactions. Blockchain-based transactions are fast and increase performance by reducing information redundancy during transactions. The demand for this technology has also been driven by the need for businesses to save time and money. Rising demand for smart contracts, requirement for security in cross-border payments, and the need to minimize the involvement of third parties are all likely to fuel the market growth over the projection period.

Main market players

Major market players are BTL Group Ltd., Circle Internet Financial Limited, Digital Asset Holdings, LLC, Global Arena Holding, Inc., IBM Corporation, Microsoft Corporation, and others.

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