North America Blockchain Market is expected to reach US$ 1,06,793.63 million by 2028

Solutions Segment to Dominate North America Blockchain Market during 2019–2028

According to The Insight Partners market research study on “North America Blockchain Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Application, and Industry Vertical,” is expected to reach US$ 1,06,793.63 million by 2028 from US$ 2,372.21 million in 2021. The market is estimated to grow at a CAGR of 72.3% from 2021 to 2028. Extensive adoption of blockchain solutions in BFSI industry vertical  is the major factor driving the growth of the North America blockchain market. However, data privacy, confidentiality, and security concerns may hinder the growth of North America blockchain market. The report provides trends prevailing in the North America blockchain market along with the drivers and restraints pertaining to the market growth.

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.

The North America blockchain market is segmented based on component, application, industry vertical, and country. Based on component, the North America blockchain market is segmented into solutions and services. In 2020, the solutions segment held the largest share North America blockchain market. Based on application, the North America 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 North America blockchain market. Based on industry vertical, the North America blockchain market is segmented into BFSI, retail, government, transportation and logistics, healthcare, automotive, media and entertainment, and others. In 2020, the BFSI segment held the largest share North America blockchain market. Similarly, based on country, the market is segmented into the US, Canada, and Mexico. The US contributed a substantial share in 2020. 

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 leading companies in the North America Blockchain Market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Carrefour and Nestle Partnered with IBM to use blockchain technology in food categories. The partnership would enable a rapid expansion of a blockchain-based network that brings more transparency to the global food supply chain of retailers, growers, wholesalers, processors, distributors, and manufacturers.

North America Blockchain Market, By Country, 2020 and 2028 (%)

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