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In 2022, the market size for blockchain technology was estimated to be 2.27 billion dollars. The market for blockchain technology is anticipated to increase from USD 3.78 billion in 2022 to USD 137.8 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 68.54% throughout the period between 2023 and 2030 in which the prediction is valid. The primary market drivers that are contributing to the expansion of the market are the growing prevalence of digital identities and the rising market capitalization of cryptocurrencies associated to the market.
There are a variety of applications for the many identity systems that are built on blockchain technology, and these applications can be used in countries that are either regulated or uncontrolled, as well as in countries with lax identification regulations. The implementation of blockchain technology and market demand-based identification platforms at the national level has been undertaken by a number of national governments in an effort to foster safe and transparent business dealings between the public and private sectors. In addition, with the use of safe digital IDs, they have been able to digitise all different kinds of public transactions thanks to this technology.
Additionally, the increasing capitalization of market-related cryptocurrencies has served as a driving force behind the initiative of capital investment that several governments have undertaken. Depending on the size of the market for blockchain technology, cryptocurrencies have contributed to innovation across a variety of payment contexts. [C]ryptocurrencies include Bitcoin, Ethereum, and Litecoin. Additionally, the transaction fees associated with the use of these currencies are lower than those associated with the use of traditional payment methods. As a consequence of this, the cheap transaction costs and other factors are contributing to an increase in the market for blockchain technology as well as the market capitalization of cryptocurrencies.
Businesses and investors are encouraged to increase their investments in blockchain technology as a result of the legalisation of cryptocurrencies. In addition to this, it motivates market participants to increase the amount of work they put into bettering their products and services in order to achieve a competitive advantage. It is anticipated that the efforts that have been done by the corporations will make blockchain technology more effective and efficient in the not too distant future. DeFi is a developing financial technology that is built on blockchain and has the potential to lessen the influence that banks have over monetary and financial services. Over the course of the period covered by this projection, market expansion is anticipated to be driven by the expanding number of strategic efforts in the decentralised finance domain. For example, in July 2021, the payment corporation Square made the announcement that it will be developing a business that is only devoted to the use of bitcoin for DeFi.
It is anticipated that this move will assist the organisation in enhancing its standing in the industry. It is anticipated that the expansion of businesses like PayPal and Xbox that will accept cryptocurrencies as a form of payment would propel market growth. To facilitate the acceptance of cryptocurrency-based payments from consumers, a number of restaurants are forming agreements with companies that provide solutions related to cryptocurrencies. For example, Bakkt Holdings, LLC, a digital asset marketplace, stated in August 2021 that it had formed a relationship with Quiznos, a quick-service restaurant (QSR), in order to roll out a test programme at a physical site. Customers at select Quiznos restaurants were able to make payments using bitcoin thanks to this experimental programme.
BFSI organisations are using the technology of digital ledgers in order to protect the financial data and identities of end users. Across the banking, financial services, and insurance sector, technological applications such as cross-border transactions, clearing and settlements, trade finance platforms, digital identity verification, and credit reporting are gaining traction. It is anticipated that this will encourage the expansion of the market. The increasing adoption of digital technology across businesses has led to an increase in a variety of threats and cyberattacks. However, organisations struggle to solve the problem of risk factors due to a lack of trained professionals in the workforce. As a result, the implementation of technologically advanced solutions is proceeding at a snail's pace, which is expected to have an impact on the expansion of the market over the next few years. In addition, emerging nations such as India, Peru, and Mexico, amongst others, are struggling with a lack of understanding about the dangers connected with inadequate data protection. Because of this, it is likely that the rate of technological adoption will remain constant for a few years.
Report Coverage
Global Blockchain Technology research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Blockchain Technology report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Blockchain Technology competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Blockchain Technology market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Blockchain Technology market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Blockchain Technology market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Microsoft Corporation, IBM Corporation, Coinbase, Blockchain Tech LTD, Eathport Plc, BitFury Group Ltd., Ripple Labs Inc., Deloitte, Touche Tohmatsu Limited, Abra Inc., Chain Inc., Digital Asset Holdings LLC, and Antier Solutions
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Blockchain Technology market based on the below-mentioned segments:
Global Blockchain Technology Market, By Service Provider
Application and Solution Provider
Middleware Provider
Infrastructure & Protocol Provider
Global Blockchain Technology market, By Application
Payment and Transaction
Smart Contract
Digital Identity
Documentation
Exchanges
Global Blockchain Technology Market, By End User
Healthcare
Life Sciences
BFSI
IT and Telecommunication
Retail
Government
Travel & Hospitality
Real Estate & Construction
Global Blockchain Technology market, Regional Analysis
There are a variety of applications for the many identity systems that are built on blockchain technology, and these applications can be used in countries that are either regulated or uncontrolled, as well as in countries with lax identification regulations. The implementation of blockchain technology and market demand-based identification platforms at the national level has been undertaken by a number of national governments in an effort to foster safe and transparent business dealings between the public and private sectors. In addition, with the use of safe digital IDs, they have been able to digitise all different kinds of public transactions thanks to this technology.
Additionally, the increasing capitalization of market-related cryptocurrencies has served as a driving force behind the initiative of capital investment that several governments have undertaken. Depending on the size of the market for blockchain technology, cryptocurrencies have contributed to innovation across a variety of payment contexts. [C]ryptocurrencies include Bitcoin, Ethereum, and Litecoin. Additionally, the transaction fees associated with the use of these currencies are lower than those associated with the use of traditional payment methods. As a consequence of this, the cheap transaction costs and other factors are contributing to an increase in the market for blockchain technology as well as the market capitalization of cryptocurrencies.
Businesses and investors are encouraged to increase their investments in blockchain technology as a result of the legalisation of cryptocurrencies. In addition to this, it motivates market participants to increase the amount of work they put into bettering their products and services in order to achieve a competitive advantage. It is anticipated that the efforts that have been done by the corporations will make blockchain technology more effective and efficient in the not too distant future. DeFi is a developing financial technology that is built on blockchain and has the potential to lessen the influence that banks have over monetary and financial services. Over the course of the period covered by this projection, market expansion is anticipated to be driven by the expanding number of strategic efforts in the decentralised finance domain. For example, in July 2021, the payment corporation Square made the announcement that it will be developing a business that is only devoted to the use of bitcoin for DeFi.
It is anticipated that this move will assist the organisation in enhancing its standing in the industry. It is anticipated that the expansion of businesses like PayPal and Xbox that will accept cryptocurrencies as a form of payment would propel market growth. To facilitate the acceptance of cryptocurrency-based payments from consumers, a number of restaurants are forming agreements with companies that provide solutions related to cryptocurrencies. For example, Bakkt Holdings, LLC, a digital asset marketplace, stated in August 2021 that it had formed a relationship with Quiznos, a quick-service restaurant (QSR), in order to roll out a test programme at a physical site. Customers at select Quiznos restaurants were able to make payments using bitcoin thanks to this experimental programme.
BFSI organisations are using the technology of digital ledgers in order to protect the financial data and identities of end users. Across the banking, financial services, and insurance sector, technological applications such as cross-border transactions, clearing and settlements, trade finance platforms, digital identity verification, and credit reporting are gaining traction. It is anticipated that this will encourage the expansion of the market. The increasing adoption of digital technology across businesses has led to an increase in a variety of threats and cyberattacks. However, organisations struggle to solve the problem of risk factors due to a lack of trained professionals in the workforce. As a result, the implementation of technologically advanced solutions is proceeding at a snail's pace, which is expected to have an impact on the expansion of the market over the next few years. In addition, emerging nations such as India, Peru, and Mexico, amongst others, are struggling with a lack of understanding about the dangers connected with inadequate data protection. Because of this, it is likely that the rate of technological adoption will remain constant for a few years.
Report Coverage
Global Blockchain Technology research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Blockchain Technology report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Blockchain Technology competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Blockchain Technology market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Microsoft Corporation, IBM Corporation, Coinbase, Blockchain Tech LTD, Eathport Plc, BitFury Group Ltd., Ripple Labs Inc., Deloitte, Touche Tohmatsu Limited, Abra Inc., Chain Inc., Digital Asset Holdings LLC, and Antier Solutions |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Blockchain Technology Market from 2021 to 2030.
- Market Forecast for Blockchain Technology Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Blockchain Technology competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Blockchain Technology
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Blockchain Technology market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Blockchain Technology market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Microsoft Corporation, IBM Corporation, Coinbase, Blockchain Tech LTD, Eathport Plc, BitFury Group Ltd., Ripple Labs Inc., Deloitte, Touche Tohmatsu Limited, Abra Inc., Chain Inc., Digital Asset Holdings LLC, and Antier Solutions
Primary Target Market
- Market Players of Blockchain Technology
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Blockchain Technology market based on the below-mentioned segments:
Global Blockchain Technology Market, By Service Provider
Application and Solution Provider
Middleware Provider
Infrastructure & Protocol Provider
Global Blockchain Technology market, By Application
Payment and Transaction
Smart Contract
Digital Identity
Documentation
Exchanges
Global Blockchain Technology Market, By End User
Healthcare
Life Sciences
BFSI
IT and Telecommunication
Retail
Government
Travel & Hospitality
Real Estate & Construction
Global Blockchain Technology market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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