South America Blockchain Market is expected to reach US$ 5,494.72 million by 2028

Payments Segment to Dominate South America Blockchain Market during 2019–2028

According to The Insight Partners market research study on “South America Blockchain Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Application, and Industry Vertical,” is expected to reach US$ 5,494.72 million by 2028 from US$ 171.52 million in 2021. The market is estimated to grow at a CAGR of 64.1% from 2021 to 2028. Rising government support and initiatives is the major factor driving the growth of the South America blockchain market. However, unclear regulatory environment may hinder the growth of South America blockchain market. The report provides trends prevailing in the South America blockchain market along with the drivers and restraints pertaining to the market growth.

Governments of South American countries have taken an array of actions to protect their citizens and contain the spread of COVID-19 infection through lockdowns, trade bans, and travel restrictions. The spread of SARS-CoV-2 has interrupted the operations of the BFSI sector. With growing manufacturing, energy & utilities, retail industries, businesses in this region are increasingly implementing security and vulnerability management solutions to enable data security, prevent cyber-attacks and commercial espionage, and ensure security and privacy of data to facilitate business continuity.

The South America blockchain market is segmented based on component, application, industry vertical, and country. Based on component, the South America blockchain market is segmented into solutions and services. In 2020, the solutions segment held the largest share South America blockchain market. Based on application, the South 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 South America blockchain market. Based on industry vertical, the South 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 South America blockchain market. Similarly, based on country, the market is segmented into the Brazil, Argentina, and rest of South America. Brazil contributed a substantial share in 2020. 

Accenture, Amazon Web Services, 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 South 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, Accenture and Generali Group launched a blockchain solution for employee benefits. The solution would enable data sharing for parties involved in the reinsurance process for pooling and captive services.

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

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