Global Blockchain Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Blockchain Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Blockchain market finds that the global Blockchain market reached a value of USD 10375.9 million in 2022. It’s expected that the market will achieve USD 82457.03 million by 2028, exhibiting a CAGR of 41.26% during the forecast period.

Very low cost

At present, there is no handling fee for the processing of bitcoin payments or only a very small fee. Users can include the handling fee in the transaction to get processing priority and receive confirmation of the transaction sent by the network faster. In addition, there are also merchant processors that assist merchants in processing transactions, converting bitcoins into fiat money every day and depositing the funds directly into the merchant's bank account. Because these services are based on Bitcoin, they can provide far less fees than PayPal or credit card networks.

Reduce the risk of merchants

Bitcoin transactions are secure, irrevocable, and do not contain sensitive or personal information from customers. This avoids the loss to the merchant due to fraud or fraudulent returns, and there is no need to comply with the PCI standard. In places where credit cards are unusable or fraud rates are unacceptably high, merchants can easily expand into new markets. The end result is lower costs, a larger market, and less administrative costs.

Volatility

The total value of Bitcoin in circulation and the number of companies using Bitcoin are still very small compared to their possible size. Therefore, relatively small events, transactions or business activities can significantly affect their prices. In theory, this fluctuation will decrease as the market and technology of Bitcoin matures. The world has never seen any emerging currency before, so it is really difficult to imagine how it will progress.

In the development stage

Bitcoin software is still in beta and many unfinished features are in active development. New tools, features and services are being developed to make Bitcoin safer and more accessible to the general public. Some of these features are not currently available to every user. Most of the bitcoin business is new and insurance is not yet available. In general, Bitcoin is still in the process of maturity.

Region Overview:

United States dominated the Blockchain market in 2022, with a market share of 53.85%.

Company Overview:

IBM Corporation is one of the major players operating in the Blockchain market, holding a share of 23.12% in 2018.

IBM Corporation

The blockchain creates a shared record system between members of the business network without the need to coordinate different ledgers. Every member of the network must have access. Information is shared only on a need to know. All members need to reach a consensus and all verified transactions will be permanently recorded. Even a system administrator cannot delete a transaction.

Microsoft Corporation

Blockchain is a transparent and verifiable system that will change the way people think about exchanging value and assets, enforcing contracts, and sharing data. The technology is a shared, secure ledger of transactions distributed among a network of computers, rather than resting with a single provider. Businesses are using blockchain as a common data layer to enable a new class of applications. Now, business processes and data can be shared across multiple organizations, which eliminates waste, reduces the risk of fraud, and creates new revenue streams.

Application Overview:

In the Blockchain market, 19.23% of the total value was generated through the Payment & Wallet segment by application in 2022.

Key Companies in the global Blockchain market covered in Chapter 3:

Microsoft Corporation
Chain, Inc.
Abra
BitFury
Accenture
TATA Consultancy Services
Ripple
Deloitte
BTL Group Ltd.
IBM Corporation
ConsenSys

In Chapter 4 and Chapter 14.2, on the basis of types, the Blockchain market from 2018 to 2029 is primarily split into:

Public
Private
Permissioned
Hybrid

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Blockchain market from 2018 to 2029 covers:

Smart Contracts
Payment & Wallet
Digital Identity
Exchanges
Compliance/Risk
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)