North America Blockchain Market

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 grow at a CAGR of 72.3% from 2021 to 2028.

Post the financial crisis in 2008, Bitcoin and other cryptocurrencies entered the financial sector and gradually gained a lot of prominence. However, with recent developments and uncertainties crowding the cryptocurrency space, its future is unclear. While the future cryptocurrency is still speculative, the underlying technology blockchain has emerged as a prime technology with huge potential to open many opportunities across various industries. The popularity of Blockchain is growing at an exponential rate with successful use cases in various industries, ranging from BFSI to media and entertainment. In terms of technology adoption and use cases, the BFSI industry is leading the market. Blockchain solutions are being implemented in payments, remittances, identity management, fund processing, dispute management, risk management, and many other applications. The BFSI sector has been held back due to limitations and obsolete aspects of the mainframe computing technology; however, with the BFSI industry moving into the advanced age of real-time transaction processing, Blockchain is a principal facilitating technology. This technology has become progressively attractive to the BFSI sector for its tamper-proof ledger. With big market players such as IBM, Accenture, and Microsoft, more and more blockchain solutions are being implemented across major banks and insurance companies.  When it comes to blockchain solution providers, IBM holds a prominent place in the market. The company provides a blockchain platform for various industries. For instance, with the help of IBM's Blockchain platform, banks can create secure, low-cost, and high-volume cross-border payments. There are numerous examples of the successful implementation of Blockchain in the BFSI sector. With an increasing number of well-established market players and startups entering the BFSI blockchain market, it is expected that the BFSI segment will drive the North America blockchain market 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.

 

North America Blockchain Market Revenue and Forecast to 2028 (US$ Million)

North America Blockchain Market Segmentation 

North America Blockchain Market – By

Component

• Solutions
• Services

North America Blockchain Market – By

Application

• Payments
• Exchanges
• Smart Contracts
• Documentation
• Digital Identity
• Governance, Risk and Compliance
• Others

North America Blockchain Market – By

Industry Vertical

• BFSI
• Retail
• Government
• Transportation and Logistics
• Healthcare
• Automotive
• Media and Entertainment
• Others

North America Blockchain Market– By Country

• US
• Canada
• Mexico

North America Blockchain Market-Companies Mentioned

• Accenture
• Amazon Web Services
• Bitfury Group Limited
• Hewlett Packard Enterprise Development LP (HPE)
• IBM Corporation
• Intel Corporation
• Microsoft Corporation
• Oracle Corporation
• Ripple Labs Inc.
• SAP SE

North America Blockchain Strategic Insights

Strategic insights for the North America Blockchain provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America Blockchain Report Scope

North America Blockchain Regional Insights

The geographic scope of the North America Blockchain refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.