USD 6.5 Billion
Global Blockchain Market Size, Share, Growth Analysis, By Component(Platforms/software, Hardware), By Type(Public, Private), By Application(Supply Chain Management, Cryptocurrencies), By Organization Size(SMEs and Large Enterprises), By End-User(BFSI, Healthcare & Lifesciences) - Industry Forecast 2024-2031
Report ID:
SQMIG45E2230 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
148 |
Figures:
78
Global Blockchain Market Insights
Global Blockchain Market size was valued at USD 6.5 Billion in 2022 and is poised to grow from USD 8.76 Billion in 2023 to USD 1.3 Trillion by 2031, at a CAGR of 80.8% during the forecast period (2024-2031).
Growing innovations and consumer awareness of the benefits of employing blockchain technology is expected to propel the market forward in the near future. The key aspects driving the growth of the global blockchain market include the adoption of blockchain technology across BFSI, healthcare, media and entertainment, and many others.
Wide acceptance of blockchain solutions for payment, digital identities, and smart contracts are also among some of the prospects that drive the market growth during the forecast period. The increased venture capital investing in blockchain technology startups can also be attributed to the market growth. Blockchain technology witnessed significant growth after the advent of Bitcoin, and it is now being used by various financial institutions for transactions. In the last two to three years, blockchain technology solutions have gained in popularity for a variety of commercial applications, including payments, exchanges, documentation, and many others. Many startups such as Blockpoint, Auxesis Group, Symbiont, SpinSys, Bitfury, Neufund, Fetch.AI, Confirm, Genomes, QubiTech, and CiveQ among others have entered the market and begun developing blockchain-based solutions.
US Blockchain Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Platforms/software
Fastest Growth
Services
Growth Rate
80.8% CAGR
Global Blockchain Market ($ Bn)
Country Share for North America Region (%)
Global Blockchain Market Size By Component ($ Bn)
Global Blockchain Market Size By Component (%)
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Global Blockchain Market Segmental Analysis
Blockchain Market is segmented on the basis of component, type, application, and region. Based on the component, the Blockchain Market is segmented as platform and services. Based on the type, the market is segmented as public, private, and hybrid. Whereas, based on the applications, the Blockchain Market is segmented as food & agriculture, transportation & logistics, manufacturing, energy & utilities, healthcare & life sciences, media & entertainment, BFSI, retail & e-commerce, it & telecom, and others. Based on region, Blockchain Market is categorized into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Blockchain Market Analysis by Component
In the global blockchain market, the largest market segment by component is platform/software. This segment encompasses the technologies and frameworks that act as the fundamental structures upon which the applications are based. The rising industry trend of having blockchain developed for various use cases has been accompanied by the escalation of demand for strong and multipurpose blockchain platforms and software solutions. Enterprises are on the lookout for platforms that provide features like scalability, security, interoperability and customizable intelligible contract functionality to serve their unique business needs.
On the other hand, the fastest-growing segment in the global blockchain market is the services segment. The services segment of the blockchain space is diverse and includes services like consulting, implementation of blockchain solutions, integration services, maintenance services, and support services. These services are meant to help organizations design and manage blockchain solutions as they see fit. As blockchain technology is growing continuously and, in several ways, organizations and enterprises are looking for experts and consultants with solid backgrounds to go through the adoption and integration difficulties. Also, along with the development of the blockchain technological environment, there is an increase in the need for services like education, training, personalization, and after-sales support to enhance the performance of all the blockchain implementations for the maximum benefits.
Blockchain Market Analysis By Organization Size
The large enterprises segment that accounts for most of the market with 79% share in 2023 is the large enterprises segment. Corporates with means and infrastructure can develop and upgrade complex blockchain solutions to address business problems of high complexity. One of the main reasons why many organizations of this kind have chosen blockchain technology is its transparency and traceability features, as well as its efficiency in supply chain management. That said, most of these organizations operate across various locations and have complex supply chains, which means blockchain is the best solution to address their problems. Blockchain is widely used by large enterprises to automate processes including supply chain management, financial transactions, and data security. This in turn leads to the demand of comprehensive solutions for blockchain which are tailor made to meet the needs of the enterprises.
SMEs are the fast-growing segment by organization size, and they also experience a significant growth to blockchain adoption. In initial phase of blockchain technology there was certain barriers that came for SMEs due to factors like limited resources and expertise, but gradually small and medium enterprises are acknowledging the potential benefits of blockchain in improving their competitive and sustainable nature. The more blockchain solutions become available, easily implementable, scalable, and cost-effective, the more SMEs can adopt them to ease their operational difficulties, boost partnering and collaboration, and access new opportunities.
Global Blockchain Market By Component (%), 2022 (%)
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Global Blockchain Market Regional Insights
The North American region leads the global blockchain market in terms of size, when considering the global market. This is mainly the effect of the high involvement of blockchain technology providers, the established IT infrastructure and the regulatory environment that is conducive for blockchain innovation and acceptance. Furthermore, North America is a melting pot of diverse industries, including finance, health care, retail, and supply chain, and these industries are actively investigating the ways that blockchain technology can improve efficiency, safety, and visibility in their respective operations. The area is also homegrown with a diverse make-up of blockchain start-ups, research institutions and venture capital funding thus speeding up the growth of the blockchain market in North America.
On the other hand, the fastest growing region of the global blockchain market is Asia Pacific. At the same time, among the critical driving forces behind the growth of APAC are the fast-paced economic development, digitalization, and development of a young population who are tech-savvy. For instance, China, Japan, South Korea, Singapore, and India are experiencing the expanding number of investments in the research and development of blockchain, as well as the implementation of the technology in the financial, logistics, healthcare, government services, and other fields. In addition, the governmental initiatives such as regulatory sandboxes and blockchain-friendly policies are also creating an enabling environment for the blockchain startups and enterprises to grow more in the region. This, in turn, is leading to a tremendous increase in the usage of blockchain across the Asia-Pacific region, that is fueled by the regional business dynamism, technological progress, and rising demand for safe and reliable solutions.
Global Blockchain Market By Geography, 2024-2031
- Largest
- Fastest
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Global Blockchain Market Dynamics
Blockchain Market Drivers
- The legalization of cryptocurrencies is considered a major factor driving industry growth forwards, as companies and investors are more likely to invest in blockchain technology. Legalized cryptocurrencies also push market participants to put in more effort to improve their services in order to acquire a competitive advantage. In the near future, these companies' efforts are projected to make blockchain technology more effective and efficient. DeFi is a new financial system based on blockchain that aims to reduce banks' influence over financial services and money. Over the forecast period, market growth is also expected to be driven by increased strategic initiatives in the decentralized financial domain.
Blockchain Market Restraints
- An uncertain regulatory and compliance environment is one of the major factors that hinder market growth. Some governments have outlawed the use of initial coin offerings (ICOs). One of the most difficult aspects of modernizing transaction systems is regulatory acceptance; which is hindering market growth. With the rapid advancement of technology, regulatory agencies must evaluate what gaps exist in current regulations and how they affect total technological applications. Financial institutions worldwide are collaborating to develop blockchain technology standards, which might influence market growth.
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Global Blockchain Market Competitive Landscape
The market is fragmented in nature. Market participants are concentrating on strategies such as mergers and acquisitions to strengthen their market position. For example, Circle Internet Financial Limited completed the acquisition of SeedInvest, an equity crowdfunding platform, in March 2019. The acquisition was intended to create a token marketplace that would enable individuals and businesses to raise capital and interact with investors via open crypto infrastructure.
Web3 Foundation (Polkadot), Helium Systems Inc., Ocean Protocol Foundation Ltd., Zel Technologies GmbH (Flux), Kusama, Livepeer, Inc., and Filecoin, and Kadena LLC are among the market's major players. To strengthen their market position, these companies are focusing on strategies such as partnerships and mergers and acquisitions. For example, Mphasis, an information and technology company, announced its collaboration with CrossTower, a cryptocurrency exchange solution provider, in January 2022. The collaboration aims to establish a Web 3.0 and blockchain-based Center of Excellence, with products launched and traded on the CrossTower platform.
Top Players in the Global Blockchain Market
- IBM
- Microsoft
- Accenture
- Deloitte
- ConsenSys
- Chain
- R3
- Digital Asset Holdings
- Bitfury Group
- Intel
- Baidu
- Amazon Web Services
- Ripple
- Blockstream
- Circle Internet Financial Limited
- Coinbase
- Bitmain Technologies
- JPMorgan Chase
- Huawei
- Ernst & Young
Blockchain Market Recent Developments
- In March 2021, AWS Inc. announced the broad availability of Ethereum on Amazon Managed Blockchain. Ethereum is a popular decentralized blockchain platform that developed a peer-to-peer network allowing members to transact without the use of a trusted central authority. Decentralized finance (DeFi) is a network of financial applications that rely on blockchain networks; it is one of the most prominent use cases.
- In October 2020, the world's first fully-integrated procure-to-pay blockchain solution was developed by Accenture and Digital Ventures, Siam Commercial Bank's fintech unit, to expedite purchasing processes, payments, and loan acquisition for Thai firms.
- In September 2020, the Intel Neuromorphic Research Community (INRC) and Neuromorphic.io united. Neuromorphic.io was the first blockchain firm to be approved into Intel's elite research lab, intending to develop blockchain-based neuromorphic computer processors through advanced research.
Global Blockchain Key Market Trends
- Rapid digitalization of the banking and finance industries has resulted in significant growth in the blockchain technology market. Digital India and other government efforts aimed at boosting digitization in the BFSI sector could serve as growth pillars for the blockchain technology market. The significant adoption of blockchain technology across healthcare and media & entertainment also enacts as major growth pillars for the global blockchain market.
- The blockchain technology sector has seen an influx of investments from a variety of investors and companies, which is projected to result in enormous market growth. The large number of collaborations, partnerships, joint ventures, mergers, and acquisitions that have taken place in the blockchain technology industry is proven to be a substantial growth multiplier.
- Various venture capital companies including NGC Ventures, Digital Currency Group, Fenbushi Capital, Pantera Capital, Node Capital, Blockchain Capital, Coinbase Ventures, Andreessen Horowitz, and IDG Capital among others are some of the top venture capital companies that invested in blockchain technology solutions.
Global Blockchain Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global blockchain market analysis, there are several factors that shape the path of the blockchain market. In summary, the future of the global blockchain market future is promising to have fast-growing impacts from emerging technology convergence and business horizon development. Given that the blockchain technology is still in the immature phase, in merely a few years it will be able to add on the list of the adopting technologies of artificial intelligence (AI) and the Internet of Things (IoT), thus generating amazing possibilities for innovation and disruption of industries. Further on, the rapid progress in data security, transparency, and decentralized governance, which becomes the major engine behind the wide spread of blockchain technology. Plus, to the growth of the blockchain recognition as a strategic enabler of the digital transformation and of the competitive advantage, the blockchain is now recognized as the main driver of the changing business practices as well, leading the way into the future of services and business operations. Within the context of these developments, however, there emerges one strong trend, which is the advent of the BaaS offerings enabling the companies both big and small to avail the benefits of blockchain technology yet save the associated complexity and costs that come with the development of in-house solutions. With further development of the global blockchain systems and actors, collaborative and concerted efforts towards the standardization and regulations will continue to be of importance towards maximizing blockchain use possibility and the innovation in the digital space.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.5 Billion |
| Market size value in 2031 | USD 1.3 Trillion |
| Growth Rate | 80.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Trillion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Blockchain Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Blockchain Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Blockchain Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Blockchain Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Blockchain Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Blockchain Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Blockchain Market Report Snapshots
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