Blockchain Technology Market Size, Industry Analysis Report By Type (Public Cloud, Private Cloud, Hybrid Cloud), By Component (Application And Solution, Infrastructure And Protocols, Middleware), By Application (Digital Identity, Exchanges, Payments, Smart Contracts, Supply Chain Management), By Enterprise Size (Large Enterprises, Small And Medium Enterprises), By End-User (Financial Services, Government, Healthcare, Media And Entertainment, Retail, Transportation And Logistics, Travel) & Region – Forecast
- PUBLISHED ON
- 2024-10-03
- NO OF PAGES
- CATEGORY
- Information Communication & Technology
The Blockchain Technology Market is valued at around USD 7.36 billion in 2022 and is expected to reach USD 3,273.83 billion by 2030, registering a CAGR of 84% over the forecast period. A blockchain is a collection of records referred to as blocks that is associated with cryptography. Other names for it include distributed ledger technology (DLT). Every block contains a timestamp and process data that is a cryptographic hash of the previous block. Blockchain technology is used to start online transactions across the financial services and non-financial industries because it is thought to be secure, quick, and affordable. Due to the decentralised nature of this technology, online transaction intermediaries are no longer necessary. Blockchain is used in a variety of industries, including factoring and mobile payments.
The Blockchain Technology Market - Growth Factor
The expansion of venture capital funding for blockchain technology companies is responsible for the market expansion. For instance, the blockchain technology provider Circle Internet Financial Ltd. announced in May 2021 that it had secured USD 440 million in funding from institutional and strategic investors. This money was used by the business to grow both internally and externally. It is anticipated that the legalisation of cryptocurrencies in nations like El Salvador and Ukraine will open up new prospects for market expansion. The acceptance of cryptocurrencies by the law motivates companies and investors to increase their blockchain technology investments. Additionally, it motivates market participants to work harder to enhance their services in order to stand out from the competition.
The Blockchain Technology Market – Market Trends
• The market is expanding as a result of cryptocurrency's expanding global adoption.
• Blockchain technology is used by almost all commercial and central banks worldwide to start payments and issue their own digital currencies. In contrast to the conventional method of payment, this technology enables cheap and quick cross-border payments.
• Only temporarily will the ongoing COVID 19 pandemic have an effect on the blockchain industry.
• In this scenario, the digital transformation activities & initiatives will be led by blockchain technology.
The Blockchain Technology Market – Segmentation
The Blockchain Technology Market fragrance concentrates market has been sub-classified into type, component, application, enterprise size, end-user.
On the basis of type, the Blockchain Technology Market is bifurcated into:
• Public cloud
• Private cloud
• Hybrid cloud
• Others
On the basis of component, the market is segmented into:
• Application and solution
• Infrastructure and protocols
• Middleware
• Others
On the basis of application, the market is segmented into:
• Digital identity
• Exchanges
• Payments
• Smart contracts
• Supply chain management
• Others
On the basis of enterprise size, the market is segmented into:
• Large enterprises
• Small and medium enterprises
• Others
On the basis of end-user, the market is segmented into:
• Financial services
• Government
• Healthcare
• Media and entertainment
• Retail
• Transportation and logistics
• Travel
• Others
The Blockchain Technology Market –Regional Analysis
North America dominated the global Blockchain Technology Market, accounted for more than 37.0% of global sales. The growth of the regional market is being driven by the region's businesses adopting blockchain technology more frequently. Blockchain technologies are becoming necessary as a result of the implementation of payment and wallet solutions, smart contracts, and digital identity detection solutions by sectors like government, retail, and BFSI. Additionally, one of the key elements highlighting the expansion of the regional market is the rise in cryptocurrency use among North American consumers.
The Blockchain Technology Market – Key Market players
Global key players of Blockchain Technology Market include IBM Corporation; Microsoft Corporation; The Linux Foundation; BTL Group Ltd.; Chain, Inc.; Circle Internet Financial Limited; Deloitte Touche Tohmatsu Limited; Digital Asset Holdings, LLC; Global Arena Holding, Inc. (GAHI); Monax; Ripple, and others.
Report scope
Global Blockchain Technology Market: Historical Years- 2018-2021
Global Blockchain Technology Market: Forecast Years- 2022-2030
Global Blockchain Technology Market 2022- USD 7.36 billion
Global Blockchain Technology Market 2030- USD 3,273.83 billion
Global Blockchain Technology Market CAGR- 84%
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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