Global Blockchain Technology Market to Reach $71 Billion by 2028: Digitization for Improved Service Realization and Error Prevention Fuels the Market
DUBLIN, March 27, 2023 /PRNewswire/ — The “Blockchain Technology Market by Use Case, Business Model, Solutions, Services and Applications in Industry Verticals 2023 – 2028” report has been added to ResearchAndMarkets.com’s offering.
This report examines the technology, leading companies, and solutions in the evolving blockchain ecosystem. The report evaluates current and anticipated use cases for blockchain and assesses the market potential globally, regionally, and segmented by deployment type and industry vertical.
The report also evaluates key players, solutions, and use cases. The report also assesses the prospect of integrating blockchain with other technologies including IoT and artificial intelligence. The report includes forecasts by use case, application, and industry verticals from 2023 to 2028.
Select Report Findings:
- Distributed ledgers and other blockchain capabilities are rapidly expanding outside finance
- The blockchain technology market will grow at 67.4% CAGR through 2028 reaching $71 billion
- Substantial blockchain opportunities include data decentralization, data usage control, and encryption
- Consortium/hybrid blockchain will be the largest North America blockchain tech area at $8.1 billion by 2028
- The preponderance of blockchain revenue will be derived from three types of services: Blockchain-as-a-Service (BaaS), Cloud Computing (hosting and data as a service), and Systems Integration
- Companies like Accenture will lead the charge for systems integration and companies like Amazon, Dell, HPE, and IBM will lead for BaaS and Cloud Computing. Other companies will fill important niche roles.
Block technology provides a certain means of authentication, authorization, and accounting. Blockchain and related distributed authentication and accounting technologies are poised to transform ICT, and is so doing, causing substantial disintermediation across a wide variety of industry verticals.
Lessons learned in FinTech and traditional banking from the deployment and operation of decentralized authentication, clearing, and settlement will be applied towards many telecom and computing problems for the benefit of many industry verticals. The impact will be wide-ranging, including everything from investing/trading to the legal cannabis industry, and very deep in terms of changes to supply chains and relationships between vendors, customers, and peers.
Integration and operation of Blockchain technology will redefine how various industries operate, dramatically improving efficiencies, and reducing the cost of doing business. For example, start-up companies have been launched to provide software and microchip hardware that facilitates connected devices to operate on blockchain. Products have been designed to encrypt data, distribute information to blockchain-connected machines, and monetize these machines.
One important technology integration area is the Internet of Things (IoT), which is a very promising area as we anticipate that the use of Blockchain in IoT networks/systems will be one of the most important means for authenticating and authorizing transactions. For example, HYPR provides solutions to reduce cybersecurity risks in IoT devices through its decentralized credential approach. Their products reduce the need for passwords in a centralized server, replacing them with biometric and other password-free solutions. This provides for IoT devices that are virtually unhackable from a social engineering perspective.
Another important area for blockchain in telecommunications is resource identity including tracking ownership and care of custody of assets such as telephone numbers. Developments in this area may be leveraged to dramatically improve enterprise identity verification for voice and non-voice communications to consumers.
We also see Blockchain as a Service (BaaS) representing a key service offering for many market segments as a means of solution introduction and scalability via a cloud services model. For example, AI in supply chain management solutions combined with blockchain technology market solutions to dramatically improve SCM.
Key Topics Covered:
1.0 Executive Summary
2.0 Introduction
3.0 Blockchain Ecosystem and Marketplace
3.1 Blockchain Types and Stakeholders
3.2 Blockchain Applications
3.2.1 Financial Services
3.2.2 Non-Financial Services
3.3 Blockchain Application in Industry Verticals
3.3.1 Financial Industries
3.3.2 Manufacturing and FMCG
3.3.3 Government and Public Sectors
3.3.4 Healthcare and Life Science
3.3.5 Telecommunication, Media, and IT
3.3.6 Automotive Vehicles and Transportation
3.3.7 Retail and E-Commerce
3.3.8 Other Sectors
3.4 Blockchain in Internet of Things
3.5 Blockchain as a Service
3.6 Blockchain Stakeholders in ICT
3.7 Blockchain to Improve Cybersecurity
3.8 Blockchain Investment Analysis
3.9 Important Blockchain Consortia and Associations
3.9.1 R3cev Blockchain Consortium
3.9.2 Post Trade Distributed Ledger Group
3.9.3 Hyperledger Project
3.9.4 Global Payments Steering Group
3.9.5 Financial Blockchain Shenzhen Consortium
3.9.6 Cu Ledger
3.9.7 Blockchain Collaborative Consortium
3.9.8 Wall Street Blockchain Alliance
3.9.9 Japan Blockchain Association
3.9.10 Korea Financial Investment Association
3.9.11 Nimbrix Consortium
3.9.12 B3i
3.10 Blockchain Solutions in Industry Verticals
3.10.1 Japan Exchange Group Blockchain Consortium
3.10.2 Walmart Blockchain for Food Safety
3.10.3 Ubitquity Blockchain in Real Estate
3.10.4 HYPR and Blockchain Biometrics
3.10.5 Whaleclub Trading Supported by Blockchain
3.10.6 EasyBit Expands Bitcoin ATM Network to Vietnam
3.10.7 Blockchain Technology as Medium to Declare Love and Marriage
3.10.8 Bitcoin Boosts Solar Energy Industry
3.10.9 LO3 Energy and Siemens Blockchain for Microgrids
3.10.10 MasterCard Blockchain APIs
3.10.11 ConsenSys and UAE Partnership for Blockchain Projects
3.10.12 People’s Bank of China Digital Currency
3.10.13 China Halts withdrawals of Bitcoin
3.10.14 Huiyin Group Bitcoin Fund
3.10.15 BitFury Group and Blockchain
3.10.16 Reserve Bank of India Blockchain Technology for Trade Applications
3.10.17 YES Bank to Multi-nodal Blockchain Solution for Bajaj Electricals
3.10.18 European Bank Digital Trade Chain
3.10.19 BTL Group to Test Interbit Platform with Energy Companies
3.10.20 BNP Paribas Test Blockchain-Based Real-Time Corporate Payments
3.10.21 WISeKey to Establish IoT Blockchain Center of Excellence
3.10.22 ARK Crew Testnet for Blockchain
3.10.23 ICICI Bank and NBD Blockchain-based Transactions
3.10.24 PAXOS Blockchain for Gold Settlement with Euroclear
3.10.25 Microsoft and BAML Blockchain Improve Trade Finance
3.10.26 Mahindra Group Blockchain Solution with IBM
3.10.27 Chitkara University Blockchain for E-Documents
3.10.28 UBS Expands Blockchain in China
3.10.29 IBM China and UnionPay Permissioned Blockchain Network
3.10.30 IBM and Beijing Energy-Blockchain Labs Use Blockchain for Carbon Trading
3.10.31 European Central Bank and Japan Central Bank Explore Blockchain
3.10.32 OneCoin Enhanced Blockchain
3.10.33 Sompo Japan Use Blockchain for Catastrophe and Weather Derivatives
3.10.34 Tech Bureau and Zaif Bitcoin Exchange
3.10.35 Hitachi and BTMU Utilize Blockchain to Bank Check
3.10.36 Senegal National Digital Currency
3.10.37 Singapore Blockchain for Electronic Payment System
3.10.38 Accenture and Digital Asset Holdings Blockchain Practice
3.10.39 RISE Financial Technologies Post-Trade Blockchain Technology
3.10.40 VISA to Introduce Blockchain-Based Solution for Payment Services
3.10.41 Chain Inc. Released Open Source Blockchain Protocol
3.10.42 Colu and Blockchain-Based Currencies
3.10.43 DigitalX Partnership with Telefonica
3.10.44 Eris Industries Partners with Ledger Improve Blockchain Hardware Security
3.10.45 Monax Industries Partnership with Ledger for Blockchain Hardware Security
3.10.46 German Central Bank, Deutsche Bundesbank Blockchain Trading Prototype
3.10.47 UK Trials Blockchain Welfare Payment System
3.10.48 Santander Blockchain for International Payments
3.10.49 Electron Ethereum Blockchain in UK Energy Sector
3.10.50 Bank of Russia Tests Masterchain
3.10.51 GoCoin Merges with Ziftr
3.10.52 Tunisia National Payment Platform
3.10.53 Digital Asset Acquired Elevence
3.10.54 NASDAQ Blockchain in Private Market with Chain Inc.
3.10.55 AlphaPoint Blockchain Tool for Banks
4.0 Blockchain Market Dynamics
4.1 Market and Technology Drivers
4.1.1 Increased Blockchain within Traditional Financial Institutions
4.1.2 Digitization for Improved Service Realization and Error Prevention
4.1.3 Cloud-based Service Delivery Models
4.2 Challenges and Opportunities
4.2.1 Security Issues
4.2.2 Regulation and Governance
4.2.3 Mergers and Acquisitions
5.0 Blockchain Market Case Studies
5.1 Blockchain Asset Management and Real Estate Case Study
5.2 Blockchain Case Study for Government in the UAE
5.3 Honeywell Aerospace creates online parts marketplace with Hyperledger Fabric
5.4 SGX Used Amazon Managed Blockchain for an Innovative Payment Solution
5.5 Zug Digital ID Case Study
5.6 ING Group: KYC System on Blockchain
5.7 Streamlining Efficiency in Logistics with IoT Blockchain
5.8 Palm Oil Industry Case Study Using Blockchain and IoT
6.0 Blockchain Market Outlook and Forecasts 2023 – 2028
6.1 Global Market Forecast 2023 – 2028
6.2 Blockchain Markets by Solution 2023 – 2028
6.3 North America Blockchain Technology Markets 2023 – 2028
6.4 Europe Blockchain Technology Markets 2023 – 2028
6.5 Asia Pacific Blockchain Technology Markets 2023 – 2028
6.6 Middle East & Africa Blockchain Technology Markets 2023 – 2028
6.7 Latin America Blockchain Technology Markets 2023 – 2028
7.0 Blockchain Vendor Analysis
7.1 21, Inc.
7.1.1 Company Overview
7.1.2 Recent Development
7.2 Accenture
7.3 Abra, Inc.
7.4 Alphapoint Corporation
7.5 Amazon
7.6 Baidu
7.7 Bitfury Group
7.8 Blockchain Global Limited
7.9 BlockCypher, Inc.
7.10 Bloq
7.11 BTL Group (Blockchain Tech Ltd.)
7.12 Interstellar, Inc.
7.13 Circle Internet Financial Limited
7.14 Coinbase
7.15 Coinfirm Ltd.
7.16 ConsenSys Systems
7.17 Credits
7.18 Dell Technologies
7.19 Deloitte Touche Tohmatsu
7.20 Digital Asset Holdings
7.21 Digitalx Ltd.
7.22 DMG Blockchain Solutions
7.23 Earthport (Visa)
7.24 Factom Inc.
7.25 Fidelity Investments
7.26 Global Arena Holding, Inc.
7.27 HP
7.28 Holo
7.29 HyperLedger
7.30 IBM Corporation
7.31 Intelygenz
7.32 IOTA
7.33 Libra Services, Inc.
7.34 Linux Foundation
7.35 Microsoft Corporation
7.36 Monax
7.37 NASDAQ
7.38 Overstock
7.39 R3
7.40 Ripple
7.41 ShoCard (Ping Identity)
7.42 TenCent
8.0 Conclusions and Recommendations
For more information about this report visit http://www.researchandmarkets.com/r/5m7zsi
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