The global blockchain technology market is growing continually. The market growth attributes to the growing emphasis on the decentralization of data ledgers. Besides, some advantages facilitated by technology, such as the immutability of database activities making interactions transparent, led to blockchain technology proliferation. Technology is expected to gain immense prominence in the forthcoming years owing to its innate nature.
Blockchain Technology Market Report Scope:
|Revenue Forecast in 2030||USD 137.59 Billion|
|Growth Rate:||CAGR of 67.54% from 2022 to 2030|
|Study Period:||2022 -2030|
|Report Coverage:||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
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There are tremendous market opportunities for blockchain technology. The growing use of blockchain-based applications in several domains, including BFSI, healthcare, and retails, escalates the growth of the market ahead. Market Research Future (MRFR) states that the global blockchain technology market is projected to garner USD 137.59 BN by 2030, posting a 67.54% CAGR throughout the review period (2022-2030).
Facilitating large-scale Blockchainization in a fast and cost-effective way enables enterprises to introduce and complete blockchain proofs-of-concept efficiently. Enterprises strive to build more resilient and transparent supply chains to cope with the challenges of an ever-evolving marketplace. Having a proper framework for effective collaboration among all stakeholders in the supply chain has become more crucial than ever.
On the other hand, the blockchain technology road remains precarious, with scalability and security being two of the primary concerns. Also, most of the existing applications lack blockchain integration capacity hampers market growth, delaying the adoption of blockchain technology.
Nevertheless, advances in analytical capabilities in communications and expansion of existing 3G/4G and 5G technologies would support the market increase throughout the analyzed period. Furthermore, substantial R&D investments by public and private organizations boost the growth of the market.
Banking and finance is perhaps the largest end-user industry of Blockchain technology. This industry is hugely benefitting from integrating blockchain into its business operations. By integrating blockchain, banks can now process their customers’ transactions faster, regardless of weekends or holidays or the time of day or week. With blockchain, banks can also exchange funds between institutions more easily, quickly, and securely.
Healthcare is another prominent sector benefitting from Blockchain technology. Healthcare providers leverage blockchain to securely store their patients’ medical records. Personal health records written or generated into the blockchain are encoded and stored with a private key. Therefore, these medical records cannot be changed and are accessible only by certain individuals.
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Blockchain Technology Market Segments
The blockchain technology market is segmented into service providers, organization size, applications, end-users, and regions. The service provider segment is sub-segmented into application & solution providers, middleware providers, infrastructure & protocol providers, and others. The organization size segment is sub-segmented into large, small, and medium enterprises.
The application segment is sub-segmented into payment & transaction, smart contract, digital identity, documentation, exchanges, and others. The end-user segment is sub-segmented into healthcare & life sciences, BFSI, IT & telecommunication, retail, government, travel & hospitality, real estate & construction, and others. The region segment is bifurcated into the Middle East & Africa, Asia Pacific, North America, Europe, and the Rest-of-the-World.
Blockchain Technology Market Regional Analysis
North America leads the global blockchain technology market. The largest market share attributes to continuous initiatives taken for the development of ledger technology. The region is a hub for many communication technology providers having robust navigation services; this, in turn, positively impacts the growth in the regional market. Besides, the faster adoption of innovative technology in developed countries such as the United States, Canada, and Mexico fuel the growth of the regional market.
Moreover, the increasing demand for home-based solutions and technological advantages are some of the key growth drivers. Also, the early adoption of cloud-based deployment services propels the growth of the market. The North American blockchain technology market is projected to retain its dominance throughout the estimated period.
The blockchain technology market in the Asia Pacific region is emerging as a promising market globally. Factors such as transparency, immutability, and scalability service provided by Blockchain technology and a massive investment of digital currency across industry verticals in APAC countries, especially India, Australia, and China, drive the regional market growth. Additionally, the increasing adoption of GPS services and cloud-based services alongside smartphones’ proliferation provides enormous opportunities across businesses.
China, Japan, and India are rapidly growing markets anticipated to increase through the forecast period rapidly. Increasing uses of advanced navigation services and location-based advertising provide a better scope for the APAC countries to advance location-based services. The APAC blockchain technology market is expected to reach to create a substantial revenue pocket over the forecast period.
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Highly competitive, the blockchain technology market appears fragmented due to the presence of several well-established players. Market players initiate strategies such as mergers & acquisitions, innovation, and brand reinforcement to gain a larger competitive share. They make substantial investments continuously to launch products and services in developing economies to take advantage of the economic growth in these regions.
For instance, on April 7, 2022, Kaspersky announced that it has patented its blockchain technology for a more secure personal data transfer. Kaspersky’s blockchain technology eases the data management process and ensures the lawful sending, processing of information, and maintaining information confidentiality. It also guarantees authentication reliability of parties involved during data transfers.
Players leading the global blockchain technology market include IBM Corporation, Deloitte Touche Tohmatsu Limited, Hewlett Packard, Accenture PLC, Enterprise Company, Infosys Limited, Solulab Inc., Cyber Infrastructure Pvt. Ltd, Empirica S.A, Oracle Corporation, Microsoft Corporation, and Amazon Web Services, Inc., among others.
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