Blockchain Technologies Global Market Report 2022
- March 2022 •
- 175 pages •
- Report ID: 6246527 •
- Format: PDF
The global blockchain technologies market is expected to grow from $5.49 billion in 2021 to $8.61 billion in 2022 at a compound annual growth rate (CAGR) of 56.9%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $48.39 billion in 2026 at a CAGR of 54.0%.
The blockchain technologies market consists of sales of blockchain technologies and related services.Blockchain is a technology which involves the implementation of a distributed database that is accessible to all the users over a network.
Each user can add a new data record (block), with a timestamp that cannot be altered.Each new block forms a part of the universally acceptable depository.
The blockchain technology maintains the authentication of data by restricting changes in the older data blocks while allowing the users to continue adding new data blocks thus, making the manipulation of data such as faking documents or transactions and other information, impossible.
The main types of blockchain technologies are public, private and hybrid.A public blockchain is open to the public and can be joined by anyone without special permission.
Blockchain technologies are provided by application providers, middleware providers and infrastructure providers and used in financial services, consumer or industrial electronics, technology, media and telecom, healthcare, transportation and public sector. Blockchain technologies is applied in payments, exchanges, smart contracts, documentation, digital identity, supply chain management, governance, risk, and compliance management.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Companies across various industries are increasingly investing in blockchain technology due to its high efficiency in data management.The blockchain technology is growing strongly in major sectors such as healthcare, banking and finance, digital assets, and also in several government departments.
Thus, companies like VISA, Facebook, Microsoft and Amazon are investing in the technology to integrate blockchain with their daily operations at an early stage.Companies use blockchain technology to create smart contracts, this helps to speed up the payment processes as well as provides support while investing in the stock exchange.
In 2021, Associated press announced to make their sports, race call and economic datasets available to leading blockchains through Chain-link. The implementation will enable smart contracts on any blockchain to securely interact with AP’s real-world data.
The growth of the blockchain technology market is being restrained due to the security vulnerabilities that companies in this market are facing due to weak systems and human errors.The platforms used to interact with the blockchain technology lacks the necessary security.
For example, in 2021, The Cloud Security Alliance (CSA) released the top ten blockchain attacks and vulnerabilities such as exchange hacks, decentralized finance hacks, phishing, rug pull or exit scams and others. Such hacks have caused more than $2.8 billion in losses for day-to-day cryptocurrency users.
Blockchain is increasingly being implemented in many back-office processes at industries from traditional banking and insurance, extending its application to even food production and pharmaceutical industries.For instance, in 2020, Farmer Connect and IBM announced the introduction of a new consumer mobile application called “Thank My Farmer”.
The new application is a traceability platform powered by IBM Blockchain to help increase traceability, efficiency and fairness in the coffee supply chain.
In 2021, Midpoint Holdings Ltd announced the acquisition of blockchain technology company, Blockchain World Ltd for an undisclosed amount. From the transaction, Midpoint aims to augment the consumer facing platform within digital assets space.
The countries covered in the blockchain technologies m market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.