According to a global Blockchain Technology market report published by Sheer Analytics and Insights, the total market was valued at $6.1 billion in 2020, growing at a high CAGR of 36.8% between 2021 and 2031. It is estimated to reach $183.2 billion by 2031. North America dominated the global Blockchain Technology market in 2020 with a 46.2% market share in terms of value. It is anticipated that Asia-Pacific will dominate the global Blockchain Technology market during the forecast period. The Asia-Pacific Blockchain Technology market is expected to grow at a CAGR of 39.3% in terms of value during the forecast period.
The Blockchain Technology concept is one of the most prominent technologies that created the third world of payments compared to physical currencies or gold. Whether it's legal or illegal businesses, Blockchain Technology-based currencies have shown a significant impact on the market. It is believed that there are more than 15 crypto currencies based on Blockchain Technology is trading in the market based and the valuation of these currencies are more than USD 5 trillion in 2020. In addition to this, Blockchain Technology-based businesses have attracted excellent traction from investors worldwide and have attracted more than $2 billion in 2021 till date.
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Recent investments in Blockchain Technology-based technology:
Oct 2021:
- Alchemy Insights, Inc., a Blockchain Technology development platform company, has received funding of $250 million, doing its valuation at more than $3 billion
- Quick node, a crypto-based startup, received seed funding of more than $35 million
- Sport chain, a fan engagement platform based on Blockchain Technology, raised $400,000
- 5ire, a UK based firm raised funding of $1 million, making its total funding to $10 million
- Immunefi, a security-based platform for crypto bugs and solutions, raised $5.5 million
It is estimated that investment in Blockchain Technology-based technologies will be more than 4 billion by the end of this year. The growth is attributed mainly to the increasing demand for crypto currencies; companies started recognizing this as a payment method, securing data with more stringent protocols and easy to implement without high hardware cost.
In terms of application, exchanges platform-based systems are leading the market with a share of more than 70% in 2021. This growth was seen due to massive investments infused and ongoing into these companies in the past few years. As per our key findings, this segment has attracted investments of more than $7 billion in the past three years. At the same time, security protocols over Blockchain Technology systems are expected to grow at the fastest rate of more than 50% during the forecast period.
According to the study, key players operating in this market are Alchemy Insights, Inc, Blockchain Technology.com, Microsoft Corporation, IBM Corporation, Deloitte Touche Tohmatsu Limited, Paxful, Mythical games, Chainalysis, Inc., Ripple Labs Inc., Chain Inc., BTL Group Ltd, Global Arena Holding Inc., New York Digital Investment Group LL, Coin DCX, Robinhood Markets, Inc., Digitalx Limited, and EarthPort Plc.
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The global Blockchain Technology market has been segmented into:
Global Blockchain Technology Market: By Provider
- Application & Solution Provider
- Middleware Provider
- Infrastructure and Protocol Provider
Global Blockchain Technology Market: By Application
- Payments
- Exchanges
- Smart Contracts
- Documentation
- Digital Identity
- Security protocols
Global Blockchain Technology Market: By Industry verticals
- Banking, Financial services and Insurance (BFSI)
- Government and Public Sector
- Healthcare
- Retail and E-commerce
- Logistics and Transportation
- Media and Entertainment
- ITES
Global Blockchain Technology Market: By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Italy
- France
- Germany
- Rest of Europe
- Asia Pacific
- India
- China
- Japan
- Rest of Asia Pacific
- Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Sheer Analytics and Insights Private Limited is market research, consulting, and IT services company. We as a company believe in providing point to point data and its analysis with the combination of our human and automation integration. Sheer Analytics and Insights cover majorly eight industry verticals, including chemicals, life science, communications, and electronics, materials, consumer goods, defense, and BFSI sector.
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Abhigyan Sengupta
Sheer Analytics and Insights
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