Europe Blockchain Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solutions and Services), Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Governance, Risk and Compliance, and Others), and

Europe Blockchain Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solutions and Services), Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Governance, Risk and Compliance, and Others), and Industry Vertical (BFSI, Retail, Government, Transportation & Logistics, Healthcare, Automotive, Media & Entertainment, and Others)

The blockchain market in Europe is expected to grow from US$ 1,234.08 million in 2021 to US$ 59,142.33 million by 2028; it is estimated to register a CAGR of 73.8% from 2021 to 2028. The adoption of blockchain depends on government support and a favorable business environment. Blockchain technology has immense potential to transform businesses and government services. For sustainable growth of the blockchain market, a unified regulatory framework is crucial, which depends on governments' support. Various governments are adopting initiatives to help the fast adoption of blockchain. The European Commission has recently supported signing a 27-country pact on blockchain, known as the European Blockchain Partnership. The EU is also planning to invest EUR 300 million in blockchain over the next three years. Moreover, the rising use cases of blockchain in government applications is supporting the companies operating in this market. A few of the most common public sector use cases include digital identity, digital voting, inter & intra-governmental transactions, documentation records, and supply chain traceability.

The COVID-19 pandemic is expected to have a positive impact on market growth. During the COVID-19 pandemic, various sectors adopted blockchain technology to improve the supply chain due to its ability to overcome the challenges faced by traditional supply chains, such as inefficiency and excessive costs. Businesses have used blockchain technology to facilitate contract, supply chain, and financial activities during the last decade.

Based on application, the Europe blockchain market is segmented into payments, exchanges, smart contracts, documentation, digital identity, governance, risk and compliance, and others. In 2020, the payments segment held the largest share in the Europe blockchain market. Blockchain technology delivers secure, fast, low-cost international payment processing services via encrypted distributed ledgers that deliver trusted real-time verification of transactions. The payment segment include inter and intra-bank payments, cross-border payments, remittances, in the banking & financial sector. International payments are evolving as clients increasingly require faster processing, easier settlement, and greater transparency on fees. Several companies are integrating blockchain technology with their payment solutions to meet the expectations of the customers.

The overall Europe blockchain market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Europe blockchain market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the Europe blockchain market. Accenture, Amazon Web Services, Bitfury Group Limited, Hewlett Packard Enterprise Development LP (HPE), IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, Ripple Labs Inc., and SAP SE are among the key players operating in the Europe blockchain market.

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