Blockchain Market Size, Industry Analysis Report By Component (Blockchain-as-a-services, Platform/solution), By Type (Public, Private, Consortium), By Deployment (pilot, production, proof of concept), By Application (Payments, Digital identity, Supply chain management, Smart contracts), By Industry (BFSI, Government, Energy and utilities, Manufacturing, Healthcare and life sciences, Travel and transportation, Telecom, Retail and consumer goods, Media and entertainment) & Region – Forecast
- PUBLISHED ON
- 2024-10-03
- NO OF PAGES
- 210
- CATEGORY
- Information Communication & Technology
The Blockchain Market is valued at around USD 8.3 billion in 2022 and is expected to reach USD 155 billion by 2030, registering a CAGR of 34.1% over the forecast period. For companies that outsource their technological requirements and have no interest in learning how the blockchain operates, blockchain-as-a-service is ideal. The industry is gaining pace with SMEs because of the flexibility of the transactional format, as well as its security and cost-effectiveness features. Different types of digital information can be saved and disseminated using blockchain, sometimes referred to as DLT (Distributed Ledger Technology), without being altered or erased. It was initially exclusively applicable to cryptocurrencies, but over the past few years, it has grown significantly in appeal across a variety of different uses. The use of blockchain technology by multiple companies and governmental organisations throughout the world to improve the efficiency, accuracy, security, and economics of their everyday operations portends a wealth of lucrative opportunities for the blockchain sector in the years to come.
The Blockchain Market - Growth Factor
The blockchain market is still plagued by regulatory ambiguity. The absence of regulations and the resulting ambiguity are currently two of the biggest barriers preventing blockchain adoption in the majority of industries. Some governments have banned initial coin offerings (ICOs). One of the most challenging aspects of updating transaction systems is regulatory acceptance. Regulating bodies must assess any gaps in existing rules and how they affect all technological applications given the speed at which technology is developing. International financial institutions are working together to create blockchain technology standards. 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. Blockchain technology is anticipated to become more effective and efficient in the near future thanks to the companies' efforts. DeFi is a new blockchain-based financial system that lessens the power banks have over financial services and money. Over the course of the projection period, market growth is anticipated to be driven by the expanding strategic initiatives in the decentralised finance domain.
The Blockchain Market – Market Trends
• Blockchain technology exploded after the introduction of Bitcoin, and a variety of financial institutions are now using it to carry out transactions.
• Blockchain technology solutions have skyrocketed in popularity over the past two to three years for a wide range of business uses, including payments, exchanges, smart contracts, documentation, and digital identification.
• Blockchain technology has been adopted as a result of the market entry of numerous businesses and the development of blockchain-based solutions.
• The establishment of specialised blockchain venture capital firms like Boost VC and Node Capital was made possible by the fervour and capital investments of venture capitalists, which were at an all-time high.
The Blockchain Market – Segmentation
The Blockchain Market fragrance concentrates market has been sub-classified into component, type, deployment, application, industry.
On the basis of component, the Blockchain Market is bifurcated into:
• Blockchain-as-a-services
• Platform/solution
• Others
On the basis of type, the market is segmented into:
• Public
• Private
• Consortium
• others
On the basis of deployment, the market segmented into:
• pilot
• production
• proof of concept
• Others
On the basis of application, the market segmented into:
• Payments
• Digital identity
• Supply chain management
• Smart contracts
• Others
On the basis of industry
• BFSI
• Government
• Energy and utilities
• Manufacturing
• Healthcare and life sciences
• Travel and transportation
• Telecom
• Retail and consumer goods
• Media and entertainment
The Blockchain Market –Regional Analysis
Asia-Pacific dominated the global Battery Management System Market is expected to produce significant growth prospects, supported by favourable regulatory measures taken by various nations, including China, Japan, and India. A 32% yearly growth rate has been predicted for the area through the end of 2032. Due to its strong financial infrastructure and the entry of new players into the market, China is projected to emerge as the strongest nation in the Asia Pacific region. These elements are probably going to increase the adoption rate of blockchain and aid in addressing issues like online fraud, transactional security, etc.
The Blockchain Market – Key Market players
Global key players of Blockchain Market include Web3 Foundation (Polkadot), Helium Systems Inc., Ocean Protocol Foundation Ltd., Zel Technologies GmbH (Flux), Kusama, Livepeer, Inc., and Filecoin, and Kadena LLC.
Report scope
Global Blockchain Market: Historical Years- 2018-2021
Global Blockchain Market: Forecast Years- 2022-2030
Global Blockchain Market 2022- USD 8.3 billion
Global Blockchain Market 2030- USD 155 billion
Global Blockchain Market CAGR- 34.1%
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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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