|Status : Published||Published On : Aug, 2022||Report Code : VRICT5013||Industry : ICT & Media||Available Format :||Page : 151|
The market for blockchain technology, which was estimated at $7.3 billion in 2022, is anticipated to grow to $70.1 billion by 2030. During the projected period of 2023–2030, the market size is expected to increase at a CAGR of 80.6%.
Blockchain is a decentralized and secure digital ledger technology that allows users to store and manage transactions. The technology has been adopted by various industries, including finance, healthcare, supply chain management, and real estate, among others. Blockchain technology has been increasingly gaining popularity in recent years, with many industries adopting it due to its potential to enhance security, transparency, and efficiency.
Factors Driving Growth the Blockchain Market
The blockchain market is being driven by various factors, including:
Increasing Adoption by Industries: Blockchain technology is being increasingly adopted by various industries due to its potential to enhance security, transparency, and efficiency.
Government Support: Many governments are supporting the adoption of blockchain technology due to its potential to enhance efficiency and transparency in various sectors, including healthcare, supply chain management, and financial services.
Rising Investments: The blockchain market is seeing significant investments from various venture capitalists and private equity firms, which is driving innovation and growth in the industry.
Growing Demand for Smart Contracts: Smart contracts are computer programs that execute the terms of a contract automatically. They are being increasingly adopted in various industries due to their potential to reduce transaction costs and increase efficiency.
Increasing Use of Cryptocurrencies: Cryptocurrencies, which are digital or virtual tokens that use cryptography for security, are becoming increasingly popular, with Bitcoin being the most well-known. Blockchain technology is used to store and manage cryptocurrency transactions, which is driving the growth of the blockchain market.
The COVID-19 pandemic has had a significant impact on the global economy, including the blockchain market. While blockchain technology has been hailed as a potential solution for many of the challenges faced during the pandemic, such as supply chain disruptions and the need for remote work solutions, the market growth has still been affected.
In the early days of the pandemic, many blockchain companies experienced a decline in revenue and funding due to economic uncertainty and a general downturn in investment. However, as the pandemic has continued, there has been an increasing interest in blockchain technology as a means to secure supply chains, facilitate remote work, and enhance data security.
The pandemic has also highlighted the need for greater digitalization in many industries, which has led to increased adoption of blockchain solutions. For example, the healthcare industry has seen a growing interest in blockchain-based solutions for securely managing patient data and tracking the distribution of vaccines.
Overall, while the pandemic has certainly had an impact on the growth of the blockchain market, it has also created new opportunities for blockchain companies to provide innovative solutions to the challenges presented by the pandemic.
The global blockchain market can be segmented based on type, component, enterprise size, application, and geography.
Insight by Type
Based on type, the market can be segmented into public blockchain, private blockchain, and consortium blockchain. Public blockchains are open to anyone, while private blockchains are only accessible to selected users. Consortium blockchains are controlled by a group of organizations.
Public blockchains, such as Bitcoin and Ethereum, have seen significant growth due to their decentralized nature. This market growth is expected to be continued during the projected period of 2022-2030. Factors fueling the market growth include blockchain technologies' ability to provide secure and transparent transactions for various applications, including finance and supply chain management.
Private blockchains are expected to grow in industries that require higher levels of security and privacy, such as healthcare and government. Hybrid blockchains are also expected to see growth as companies seek to balance the benefits of both public and private blockchains. Overall, the estimated growth of the blockchain market is expected to be driven by increasing demand for secure and transparent solutions in various industries.
Insight by Component
Based on components, the market can be segmented into platforms, services and others. Platforms include blockchain-as-a-service (BaaS), which allows users to develop, test, and deploy blockchain applications without the need for extensive knowledge of blockchain technology. Services include consulting, training, and maintenance.
During 2022-2030, the blockchain platform is expected to see significant growth as more companies adopt blockchain technology to enable secure and transparent transactions. The blockchain services market is also expected to grow as companies seek assistance with developing, integrating, and managing blockchain solutions. Other components, such as hardware and application, are also expected to see growth as the adoption of blockchain technology continues to expand across industries.
Insight by Size
Based on enterprise size, the market can be segmented into small and medium-sized enterprises (SMEs) and large enterprises.
The growth in market size is expected to be driven by increasing adoption of blockchain technology across various industries, including finance, healthcare, and supply chain management. Additionally, the development of advanced blockchain solutions, such as smart contracts and decentralized applications, is expected to further drive the growth of the blockchain market.
Insight by Application
Based on application, the market can be segmented into supply chain management, payments, identity management, voting, and others.
The market size is expected to be driven by applications, including finance, healthcare, supply chain management, and more. In finance, blockchain technology is expected to enable secure and efficient transactions, reducing the need for intermediaries and lowering transaction costs.
In healthcare, blockchain technology can enable secure and transparent management of patient data. In supply chain management, blockchain technology can enable greater transparency and traceability of products.
Other potential applications include voting systems, digital identity management, and more. Overall, the future market growth of blockchain technology is expected to be driven by its ability to provide secure and transparent solutions across various applications.
Blockchain Market Report Coverage
Base Year Considered
2023 - 2030
Market Size in 2022
Revenue Forecast in 2030
Segments Covered in the Report
By Type, By Component, By Size, and By Application
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Covid-19, Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
Regions Covered in the Report
North America, Europe, Asia-Pacific, Middle East, and the Rest of the World
The blockchain market is characterized by rapid innovation, with numerous players vying for market share in a wide range of industries and applications. As the technology continues to mature and gain traction, we are likely to see further consolidation and disruption in the industry, with new players emerging and existing players adapting to stay ahead of the competition. Additionally, the regulatory environment is still evolving, which can create uncertainty and challenges for businesses and investors operating in the blockchain space.
Industry Latest Trend
The blockchain market is seeing a number of notable industry trends. One trend is the increasing adoption of blockchain technology across a wide range of industries and applications, including finance, healthcare, logistics, and supply chain management. The rise of cryptocurrencies and decentralized finance (DeFi), which are built on top of blockchain platforms. Additionally, there is a growing focus on data security and privacy, which is driving interest in blockchain technology as a secure and transparent way to store and share data. Finally, there is a trend toward greater collaboration and standardization within the blockchain industry, as players work to develop interoperable solutions and establish common standards and protocols.
The blockchain market faces a number of challenges, including scalability, regulatory uncertainty, security, and education and awareness. Addressing these challenges will be a bit critical to ensuring the continued growth and maturation of the blockchain market in the years to come.
The blockchain market presents numerous opportunities for businesses and organizations that are willing to embrace the technology and explore its potential applications.
One of the primary opportunities in the blockchain market is the potential for increased efficiency and cost savings. Blockchain technology can be used to streamline a wide range of business processes, from supply chain management to financial transactions, reducing the need for intermediaries and increasing transparency and efficiency.
Another opportunity in the blockchain market is the potential for new revenue streams. As businesses and organizations explore new applications for blockchain technology, they may be able to develop new products and services that generate revenue and create new market opportunities.
Blockchain technology also offers the potential for improved security and data privacy, which can be a key selling point for businesses that handle sensitive information. This can help businesses build trust and confidence with their customers and stakeholders, which can be a significant competitive advantage in many industries.
The rise of cryptocurrencies and decentralized finance (DeFi) presents significant opportunities in the blockchain market. As these applications continue to gain traction, businesses and organizations that are able to develop innovative new products and services in this space may be able to capture significant market share and drive growth.
Geographically, the blockchain market is widespread into North America, Europe, Asia-Pacific, and the rest of the world.
North America is the largest market for blockchain technology, with the United States being the leading country in terms of adoption. The region's dominance is due to the presence of many blockchain technology companies, the availability of skilled professionals, and the government's support for innovation and entrepreneurship.
Global Blockchain Market, By Region
Europe is the second-largest market for blockchain technology, with the United Kingdom, Germany, and France being the leading countries in terms of adoption. The region's growth is being driven by increasing investments in blockchain technology and the adoption of blockchain by various industries, including finance, healthcare, and supply chain management.
The Asia-Pacific region is expected to see significant growth in the blockchain market, driven by the increasing adoption of blockchain technology by various industries and the government's support for innovation and entrepreneurship.
Latest News and Updates
Bitcoin hits new all-time high: On November 10, 2022, Bitcoin surpassed its previous all-time high of $64,863, reaching a new high of $69,000. This was a significant milestone for the cryptocurrency and the blockchain technology market as a whole.
Ethereum 2.0 update: On December 1, 2022, Ethereum implemented its long-awaited Ethereum 2.0 update, which aimed to improve the network's scalability, security, and sustainability. This update introduced a new consensus mechanism called Proof of Stake and moved away from the energy-intensive Proof of Work algorithm.
Blockchain gaming on the rise: The blockchain gaming market has been steadily growing, with more and more games being developed on blockchain technology. One notable example is Axie Infinity, which has become one of the most popular blockchain games, with over 1 million daily active users.
Central bank digital currencies (CBDCs): Central banks around the world are exploring the possibility of creating their own digital currencies using blockchain technology. China's digital yuan is one of the most advanced CBDCs, with trials already underway in several cities. Other countries, such as the US, UK, and Canada, are also exploring CBDCs.
NFTs continue to gain popularity: Non-fungible tokens (NFTs) have become increasingly popular in recent months, with sales reaching record highs. NFTs allow creators to sell unique digital assets, such as artwork, music, and videos, on the blockchain. Major brands and celebrities, such as Nike and Paris Hilton, have also entered the NFT market.
The blockchain technology market is highly competitive, with numerous players striving to establish their dominance in this rapidly growing space. The market is expected to continue expanding as blockchain technology becomes increasingly mainstream across a wide range of industries and applications.
Some of the major market players in blockchain technology include IBM Corporation, Microsoft Corporation, Amazon Web Services, Intel Corporation, and Oracle Corporation. These companies have established themselves as key players in the market, offering a range of blockchain-related products and services.
In addition to these established players, there are also a large number of smaller, up-and-coming companies that are actively developing and innovating in the blockchain space. These include companies such as Ripple, Ethereum, and Chain, among many others.
Overall, the competitive landscape of the blockchain technology market is dynamic and fast-paced, with many opportunities for innovation and growth.
Recent Development by Key Players
The general release of Ethereum, a well-known decentralized blockchain technology that created a peer-to-peer network enabling members to transact without a reliable central authority on Amazon Managed Blockchain, was announced by Amazon Web Services (AWS) in March 2021. Decentralized finance (Defi), a network of financial apps based on blockchain networks, is one of the more well-known use cases that it enables.
The Intel Neuromorphic Research Community welcomed Neuromorphic.io in September 2020. (INRC). Neuromorphic.io was the first blockchain firm to be approved by Intel's renowned research group to conduct cutting-edge research towards the creation of blockchain-based neuromorphic computing chips.
Huawei's blockchain-based cloud service, Blockchain Service 2.0, was updated in September 2020. (BCS 2.0). The new and improved platform can handle 50,000 transactions per second (TPS), which is far more than Bitcoin and Ethereum can. Additionally, BCS 2.0 extended capability will support more than 1,000 nodes, fulfilling the needs of large-scale and commercial blockchain networks.
The Hyperledger Fabric 2.5-powered IBM Blockchain Platform 2.5 will enable developers to switch to cutting-edge multi-party systems in May 2020. These multi-party solutions allowed for multi-cloud offerings, IoT connectivity, real-time analytics and reporting, logistics, and supply chain management.
The world's first fully integrated procure-to-pay blockchain solution was created in October 2020 by Accenture and Digital Ventures, a fintech division of Siam Commercial Bank, to simplify payments, financing acquisition, and procurement for Thai companies.
The Global Blockchain Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2023–2030.
Segments Covered in the Report
Region covered in the Report
Rest of the World (RoW)
Source: VynZ Research
Source: VynZ Research