- /
- All Industries /
- Financial Services /
- UK Blockchain Market Report 2022
The UK Blockchain Market Report identifies how COVID-19 has propelled the blockchain market expansion, the emergence of blockchain-as-a-service and future prospects in the financial, commercial and public sectors. This report covers the blockchain market size, market forecast, market segmentation and industry trends in the blockchain market.
Current Blockchain Market Landscape
Blockchains are an increasing feature across the UK economy. The UK is currently home to 249 high-growth companies developing blockchain-driven software and blockchain services. The vast majority (63%) of these companies are start-ups currently in the seed stage of their development, reflecting the embryonic nature of the blockchain market.
However, rising prices and fuel-based inflation in the Western world cause sufficient concern as they impact corporations’ ability to invest in blockchain technology.
Blockchain Market Share and Key Industry Trends
One major disadvantage of blockchain centres is regarding its sustainability credentials. Yet, like any evolving industry, cryptocurrency mining companies have sought to streamline their operations, including placing infrastructure in premises that have high energy efficiency.
The continued development of the financial sector is the driving force behind the blockchain market, with an emphasis on technologies to improve productivity and profitability.
Future Trends in the UK Blockchain Market
There is vast potential for blockchain market growth, extending well beyond its roots in cryptocurrencies. While banking and finance will be a significant beneficiary of the technology, applications across virtually every industry are being developed, and smart contracts will substantially broaden the end-use markets.
Read on to discover more details or take a look at all of our UK Financial Services market research.
Quickly Understand
- How COVID-19 has propelled digitalisation and increased opportunities in the blockchain market.
- Explores blockchain market growth with future prospects throughout finance, commerce and public services.
- How central bank digital currencies are evolving while traditional cryptocurrencies continue to demonstrate major volatility.
- The emergence of blockchain-as-a-service, which will continue to widen the industry opportunities.
- The high level of venture-capital investment.
- The blockchain market size and blockchain market share.
Covered in this Report
Brands: Blockchain.com, BCB Group, Copper, Everledger, HLTH, VAKT Global, Juro, Blockhouse, Nivaura, Aztec, iov42, Wintermute, Adhara, BetDEX, Billon, Fetch,.AI, Cobalt DL, Agora, Argent, Coinfirm, Clearmatics, Globacap, Circulor, Sprout.ai.
Expert Analysis from a Specialist in the Field
This report, written by Terry Leggett, a leading analyst in the Financial sector, delivers in-depth commentary and analysis to highlight current trends in the blockchain market and add expert context to the numbers.
“Blockchain may have its roots in cryptocurrencies, but it is evolving into a technology with widespread applications led by the banking sector but extending to an almost ubiquitous potential. Despite being a decade old, the technology remains at an early development stage of what is seen to be major exponential growth with applications extending to Web3. With such vast growth expectations, it is attracting major venture-capital activity.”
Terry Leggett
Senior Analyst
Collapse All
-
Overview
- Key issues covered in this Report
- Market context
- Products covered in this Report
-
Executive Summary
- The five-year outlook for blockchain
- Figure 1: Blockchain outlook, 2022-27
- The market
- Global market size and forecast
- Figure 2: Global market size for blockchain, 2016-26
- European and UK market size and forecast
- Figure 3: European market size for blockchain, 2017-26
- Market segmentation
- Figure 4: Global segmentation of blockchain market, by end-use sector, 2021
- Market drivers and obstacles
- Figure 5: Expected role of digital assets, globally, 2021
- Figure 6: Largest obstacles identified for acceptance and use of digital assets, globally, 2021
- Companies and brands
- The global industry
- Figure 7: Global-leading companies in blockchain, 2022 (US$)
- The UK industry
- Figure 8: End-use focus of UK blockchain companies, 2022
- Major funding activity
- Figure 9: Leading UK blockchain companies, by equity deals, up to 2022 (£ million)
- The five-year outlook for blockchain
-
Issues and Insights
- Economic developments and blockchain
- Sustainability and blockchain
-
- Figure 10: PUE of a data centre
-
Market Size and Performance
- Strong growth emerging
- The global market
- Figure 11: Global market size for blockchain, 2016-21
- The role of the UK
- Figure 12: European market size for blockchain, 2017-21
-
Market Forecast
- Strong prospects
- Figure 13: Blockchain outlook, 2022-27
- Accelerating growth
- Figure 14: Global market forecast for blockchain, 2021-26
- Figure 15: Expected role of digital assets, globally, 2021
-
- Figure 16: Largest obstacles identified for acceptance and use of digital assets, globally, 2021
- Figure 17: European market forecast for blockchain, 2021-26
- Market drivers and assumptions
- Figure 18: Key drivers affecting MBD’s market forecast, 2016-26
- Forecast methodology
- Strong prospects
-
Market Segmentation
- An evolving end-use profile
- Figure 19: Global segmentation of the blockchain market, by end-use sector, 2021
- Banking, finance and insurance
- Cryptocurrencies and central bank cryptocurrencies
- Internet of Things
- Supply chain
- Healthcare
- An evolving end-use profile
-
Market Developments
- Introduction
- Financial and banking services
- Banking
- Credit
- Stocks
- Crowdfunding
- Crypto exchanges
- Insurance
- Accounting
- Industrial and commercial supply chains
- Aerospace and defence
- Automotive
- Construction and real estate
- Energy
- Food and beverages
- Mining
- Pharmaceuticals
- Publishing and media
- Public services
- Aid
- Education
- Healthcare
- Law enforcement and justice
- Public records and voting
- Public transport
- Waste management and recycling
- Travel and logistics
- Air travel
- Hospitality bookings
- Logistics
- Taxis and car sharing
- Retail
- Agriculture
- ICT
- 3D printing
- Cloud computing
- IoT
- Other
- Other
- Charities
- Wills
-
Market Drivers
- General economic climate
- The conflict in Ukraine is impacting the UK economy
- GDP reached pre-pandemic levels in November 2021
- …but the post-COVID-19 bounce-back is short-lived
- Employment has held up better than expected
- Inflation is the key concern for 2022 for consumers, brands and the economy
- Consumers’ financial wellbeing has slipped from its recent high point…
- Figure 20: Household financial wellbeing index, 2016-22
- …and concerns over inflation are coming to the fore
- Figure 21: Consumer concerns about household finances, 2021-22
- Digitisation continues to grow
- Global expansion
- Figure 22: Worldwide internet usage, by region, 2021 (millions and %)
- UK expansion
- Figure 23: UK adult internet usage, 2013-20
-
- Figure 24: Percentage of companies and charities with digital services, 2021
- COVID-19 accelerated the trend
-
- Figure 25: Location of working adults, 2020-21
- Web3 and blockchain
- Cryptocurrencies
- Introduction
- Figure 26: Number of cryptocurrencies, 2013-22
-
- Figure 27: Cryptocurrency users by continent, 2021 (million)
- Figure 28: Main reasons identified for investing in cryptocurrency in the UK, 2022
-
- Figure 29: Main reasons identified for not investing in cryptocurrency in the UK, 2022
- Bitcoin
-
- Figure 30: Closing prices for Bitcoin, January 2016-June 2022
- Other cryptocurrencies
- Figure 31: Closing prices for Ethereum, January 2016-June 2022
- Stablecoins come to the UK
-
Industry Structure and Companies
- The global context
- Figure 32: Global-leading companies in blockchain, 2022 (US$)
- The UK emerging sector
- Figure 33: End-use focus of UK blockchain companies, 2022
- Figure 34: Leading UK blockchain companies, by equity deals, up to 2022 (£ million)
- Prolific equity funding in the UK
- The global context
-
Appendix – Data Sources, Abbreviations and Supporting Information
-
Appendix: Forecast Methodology
- Market forecast and prediction intervals
- Figure 35: Market forecast of blockchain, 2021-26 ($ billion)
- Market drivers and assumptions
- Forecast methodology
- Market forecast and prediction intervals
Why Choose Mintel?
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
Access high-quality market research with every purchase of Mintel’s B2B Industry reports. Here’s what else is included in your report purchase:
- Multiple Report Formats: Mintel’s reports are available in PDF and PPT formats, and are delivered straight to your inbox, so you can easily share Mintel’s market intelligence.
- Interactive Custom Presentation Tool: Easily incorporate selected research data and analysis into a tailor-made presentation to win over clients and stakeholders.
Browse our sample PDF report below:
Please Note: All of the figures, graphs, and tables have been redacted.
£ 1,495 (Excl.Tax)
- Instant access when you pay by credit card
- Save up to 20% when you purchase multiple reports
Is this report right for you?
From consumer reports to customised growth strategies. We have an option to suit your business requirements.
Find out morePopular Related Reports
Global Outlook on Sustainability: A Consumer Study 2024-25
£ 5,000 – £ 21,600
Mintel’s 2024-25 Global Outlook on Sustainability: A Consumer Study is designed to help you understand what brands and companies should prioritise in order to educate consumers and ensure...
Find out moreUK Price Comparison Sites in Financial Services Market Report 2024
£ 2,195
Consumers have become more price-conscious, increasingly turning to comparison websites to find the best deals on essential products such as motor and home insurance. This trend reflects a...
Find out moreUK Personal Loans Market Report 2025
£ 2,195
While 7% of adults owe money on an unsecured personal loan, 13% of UK adults are considering taking one out in the next 12 months. Obtaining the most...
Find out moreUK Sustainability in Retail Banking Market Report 2024
£ 2,195
Sustainability is already playing a role in how people choose new banks, and this is likely to grow as climate change progresses. 90% of Gen Z say it...
Find out moreUK Consumer Attitudes towards Investing in Property Report 2024
£ 2,195
The cost of living crisis has significantly strained household finances, making property investment less accessible and more challenging. High borrowing costs and elevated house prices have limited affordability,...
Find out moreUK Consumers and Investing Report 2024
£ 2,195
The cost-of-living crisis has curtailed disposable incomes, prompting some investors to pause or reduce investment activities. In 2023, there were net outflows of...
Find out moreTrusted by global industry leaders
Working in a customer-obsessed organization means that data and insights have to be at our fingertips. Mintel’s reports help us support anecdotes with real quantifiable insights. The summary sections (which I really like) helps save time by giving a birds eye view of the content before spending time combing through the pages.
Our business review discussions are strengthened by the relevancy of the reports to help us better understand our customers. In addition, the customer service received from the team (especially in crunch periods) makes the process of understanding customer behavior even better.
Ngozi Ngonadi-Nkwoji, Senior Marketing Manager, Amazon
We use Mintel Reports, mostly for financial services and ecommerce markets, plus a few retail and technology ones.
As a leading payments provider, we value additional insights into consumer behaviour, opinions and trends that are shaping the many different markets we operate in. Mintel is a very good and very quick way for us to obtain those insights.
We use Mintel to get a view on where a particular market is going, which can support us in product development and help us identify opportunities or indeed risks, it is a very useful barometer of a market’s potential.
Andrew Neeson, Market Intelligence Manager, VocaLink
There is no question that Mintel is the go-to resource for the best quality market research, but I did not think it was an affordable option for Abacus Marketing to consider. As a small marketing agency, we only work with a few new clients each year.
However, we have a very high-end consultative approach to our work, so we really do need a partner like Mintel to provide the big agency experience we are always aiming to deliver. Our clients come from an incredibly diverse range of industry sectors, so we obviously need access to market research reports from a very wide spectrum of marketplaces – and that is precisely what we got.
Stephen Taylor-Brown, Managing Director, Abacus
When I’m investigating specific sectors I tend to use Mintel reports for their forecasting, which I’ve always found to be very accurate.
They also offer really broad and deep coverage in their reports. They are very, very detailed. For example, we were able to gain insight across a wide range of business areas from just one report, proving that Mintel is excellent value for money.
So overall, it’s the level of detail and the quality of forecasting that really stand out for me.
Rebecca Green, Market Insight Manager, Wincanton
Mintel helps us when we want to know something quickly – it provides fast answers to our questions. If we need to get a view of what’s going on in a particular market it’s very useful.
When carrying out background research, I find Mintel an excellent starting point.
The fact that it covers so many markets is a big plus for me– instead of having to buy specialist products in each area we are interested in, especially when we only require a brief view on a particular market, we can go to Mintel for help as a one-stop shop. I find Mintel a useful and valuable resource.
Ben Zeidler, Director - Research and Analytics, Tenth Wave
Is this report right for you?
From consumer reports to customised growth strategies. We have an option to suit your business requirements.
Find out more
