North America 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

North America 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 North America is expected to grow from US$ 2,372.21 million in 2021 to US$ 1,06,793.63 million by 2028; it is estimated to register a CAGR of 72.3% from 2021 to 2028. Artificial intelligence (AI) and its applications, such as machine learning and deep learning, have grown tremendously over the last few years. AI is being utilized extensively in numerous areas, ranging from cloud computing applications to digital assistants and self-driving/autonomous vehicles. With a few of the most prominent tech players, such as Google, Amazon, Apple, Facebook, Microsoft, IBM, Baidu, Alibaba, and Tencent, at the forefront of AI research and development, this technology is expected to change the face of every industry in the coming years. Blockchain and AI are two breakthrough technologies; they work well in unison. Combining these two technologies helps build and organize massive databases, strengthen various cybersecurity protocols, and perform tasks in less time than humans. AI works on the data gathered from multiple sources to extract valuable insights related to various business processes and customer preferences while saving costs and increasing operational efficiency for companies. Using AI to collect information is the most common way to use this technology. This data collection and its ethical use pose difficulties in the wide adoption of AI. In this matter, Blockchain can help by storing the AI mechanisms that process data on a distributed and decentralized registry, which will help secure personal information. In blockchain solutions, users can control access to their personal information by using private and public keys. AI-powered blockchains can provide decentralized identification to protect user identity. Various companies are using Blockchain and AI together in diverse applications. Most advanced economies, including the US, have adopted AI and Blockchain as essential strategies to gain and enhance competitiveness in the North American market. Government initiatives and the increase in use cases of combining Blockchain and AI are expected to be a major trend during the forecast period.

The US, Canada, and Mexico have witnessed a significant rise in the number of COVID-19 patients. Blockchain is projected to provide numerous security features, including decentralization, encryption, and cryptography, to safeguard healthcare industry privacy following the emergence of the COVID-19 pandemic. The pandemic has resulted in a surge in e-commerce demand. Businesses are using fintech and blockchain technologies to streamline and modernize their operations. This could lead to a rise in the number of companies offering contactless transactions and revamped financial services. The pharmaceutical business is likely to benefit from blockchain. The technique helped overcome the logistical difficulties of administering a COVID-19 vaccination. Blockchain is being utilized to ensure correct distribution of the COVID-19 vaccines and keep a record of vaccine maintenance and storage.

Based on component, the North America blockchain market is bifurcated into solutions and services. In 2020, the solutions segment held a larger share in the North America blockchain market. The increasing adoption of blockchain solutions due to their capacity to provide more transparency in financial transaction management in Bitcoin and increasing digitization is propelling the blockchain market. Customers can use the blockchain platform to create private, public, and consortium-based blockchain environments, as well as construct their own blockchain applications and solutions.

The overall North America 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 North America 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 North America 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 North America blockchain market.

Reasons to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America Blockchain Market.
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the North America Blockchain Market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth North America market trends and outlook coupled with the factors driving the Blockchain Market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution