USD 6,565.28 Million
Blockchain Market Size, Share, Growth Analysis, By Component, Type(Public, Private, Hybrid), Application(Supply Chain Management, Cryptocurrencies, Financial Services, Smart Contracts, Others), Organization Size, End-User, and Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2230 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
148
|Figures:
68
Blockchain Market Insights
Global Blockchain Market size was valued at USD 6,565.28 Million in 2022 and is expected to grow from USD 7,543.51 Million in 2023 to reach USD 87,011.20 Million by 2031, at a CAGR of 37.7% during the forecast period (2024-2031)
Blockchain technology has emerged as a transformative force, offering decentralized and secure solutions for recording, verifying, and streamlining transactions and processes across industries such as finance, healthcare, manufacturing, and trading.
After a slight decline from 2019 to 2020, mainly due to disruptions in blockchain projects, the market rebounded and continued its growth trajectory from 2021 onwards. This resurgence can be attributed to factors such as the increasing acceptance of cryptocurrencies worldwide, the growing adoption of blockchain technology in financial and retail sectors, and heightened emphasis on cybersecurity and transparency.
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
Platform/Software
Fastest Growth
Platform/Software
Growth Rate
37.7% CAGR
Global Blockchain Market ($ Million)
Country Share for North America Region (%)
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Blockchain Market Segmental Analysis
The blockchain market is segmented based on various factors, including components, types, organizations, applications, and end-users. In terms of components, the market is divided into platforms/software, hardware, and services. The type segment encompasses private, public, and hybrid blockchain solutions. Organizations adopting blockchain technology range from small and medium-sized enterprises (SMEs) to large enterprises.
The application segment includes supply chain management, cryptocurrencies, financial services, smart contracts, and others. End-users of blockchain technology span various industries, such as banking, financial services, and insurance (BFSI), healthcare and life sciences, media, entertainment and games, retail, manufacturing, and others.
Blockchain Market Analysis by Component
Within the Platform/Software segment, the smart contract platforms sub-segment is currently dominating the market. Smart contract platforms like Ethereum, Hyperledger, and Cardano provide the essential infrastructure for executing self-executing contracts, where the terms of the agreement are directly embedded in the code. These platforms are critical for a wide range of blockchain applications, from decentralized finance (DeFi) to supply chain management, enabling automated, secure, and transparent transactions without intermediaries. The robust capabilities and widespread adoption of smart contract platforms underscore their dominant position in the blockchain market.
Additionally, the entire Platform/Software segment is the fastest-growing market within the global blockchain landscape. Within this rapidly expanding segment, the Blockchain-as-a-Service (BaaS) sub-segment stands out for its exceptional growth. BaaS offerings from major tech companies such as Microsoft, IBM, and Amazon Web Services (AWS) allow businesses to leverage cloud-based solutions to build, host, and manage their blockchain applications, smart contracts, and other related functions. The rapid growth of BaaS can be attributed to its ability to simplify the deployment and integration of blockchain technologies, reduce costs, and accelerate time-to-market for new blockchain solutions. Additionally, BaaS provides scalability and flexibility, which are crucial for businesses looking to innovate and adapt quickly in a competitive landscape, driving its swift adoption and expansion.
Blockchain Market Analysis by Type
The Private Cloud segment is dominating the global blockchain market, primarily due to its unparalleled control and robust security features. This sub-segment has gained a significant share, with enterprises favoring its ability to provide a customized, secure environment tailored to their specific needs. Its dominance is expected to continue, driven by the increasing emphasis on data privacy and regulatory compliance.
Within the fastest-growing sub-segment, Hybrid Cloud stands out, driven by its flexibility and scalability. Organizations are increasingly adopting Hybrid Cloud solutions to leverage the benefits of both private and public clouds, optimizing costs while maintaining essential security measures. This dual advantage fuels its rapid growth.
Global Blockchain Market By Component
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Blockchain Market Regional Insights
Regionally, North America led the global blockchain market in 2023. This dominance can be attributed to significant investments by key players in the blockchain space and the burgeoning startup ecosystem in North America. Major technology companies, including established firms and startups, have been actively investing in blockchain research, development, and implementation, propelling the adoption of blockchain solutions across various industries and solidifying North America's position as a global leader in this technology.
However, Asia-Pacific emerged as the fastest-growing market in 2023 and is projected to reach remarkable heights during the forecast period. The growth of the blockchain market in this region can be attributed to several factors, including increasing investments in blockchain technology by governments and businesses, rising adoption of digital payment systems, and the presence of a large unbanked population. Supportive regulatory frameworks and initiatives aimed at fostering blockchain innovation have further propelled market growth in the Asia-Pacific region.
Looking ahead, the global blockchain market is poised for continued expansion, driven by advancements in blockchain technology, increasing awareness and understanding of its benefits across industries, and growing demand for secure and transparent digital solutions. Key factors influencing market growth will include regulatory developments, technological innovations, and the emergence of new use cases and applications for blockchain technology.
Global Blockchain Market By Region
- Largest
- Fastest
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Blockchain Market Dynamics
Blockchain Market Drivers
Increased Demand for Transparent and Secure Transactions
- The blockchain market is driven by the increasing demand for transparent and secure transactions across various industries. Blockchain's decentralized and immutable nature is a significant driver, ensuring transparency while reducing fraud and enhancing security. Its appeal lies in providing a tamper-proof ledger of transactions, accessible to all participants in a network. This feature not only fosters trust among users but also offers unparalleled security measures, making blockchain technology highly attractive for applications ranging from financial services to supply chain management.
Reduction in Fraud Cases and Security Boost Property
- Another key driver is the reduction in fraud enabled by blockchain. Its cryptographic mechanisms and consensus algorithms make it extremely difficult for malicious actors to tamper with data. This enhanced security not only reduces the risk of fraud but also fosters greater trust among participants in the network. As industries seek ways to combat fraud and improve accountability, blockchain's capabilities make it an attractive solution.
Blockchain Market Restraints
Regulatory and compliance uncertainties retraining the Blockchain Market
- Blockchain's transformation of transaction systems faces a critical hurdle in regulatory acceptance. The absence of clear regulations acts as a major roadblock for industries contemplating blockchain adoption, leading to uncertainty in implementation. Moreover, the ban on Initial Coin Offerings (ICOs) in certain jurisdictions adds to the complexity of the regulatory landscape.
Blockchain Technology's Significant Energy Consumption
- High energy consumption poses a significant challenge for the blockchain technology market. The immense electricity usage, especially in the case of Bitcoin with an estimated 127 terawatt-hours (TWh) per year, raises concerns about sustainability and environmental impact. This excessive energy requirement inhibits widespread adoption of blockchain technology. The substantial energy consumption of blockchain processes has become a notable barrier for companies considering its implementation. The growing focus on sustainability and environmentally friendly practices further accentuates the need for energy-efficient solutions. As businesses prioritize green technologies, the energy-intensive nature of blockchain becomes a significant deterrent to its adoption.
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Blockchain Market Competitive Landscape
The global Blockchain market is highly fragmented, with the presence of several players operating in the market. The blockchain market is driven by several factors that contribute to its rapid growth and widespread adoption. Firstly, the increasing demand for secure and transparent transactions across various industries has fueled the adoption of blockchain technology. Its decentralized and immutable nature ensures data integrity, making it attractive for applications such as supply chain management, financial transactions, and record-keeping.
Top Players in the Global Blockchain Market
- Microsoft Corporation (U.S.)
- IBM Corporation (U.S.)
- Intel Corporation (U.S.)
- SAP SE
- Oracle Corporation (U.S.)
- Amazon Web Services, Inc. (U.S.)
- Accenture PLC (Ireland)
- Wipro Limited (India)
- Tata Consultancy Services Limited (India)
- Ripple (U.S.)
Blockchain Market Recent Developments
-
In August 2023, Microsoft partnered with Aptos Labs to leverage the synergy between artificial intelligence (AI) and blockchain technology, aiming to drive the widespread adoption of web3. Aptos Labs, a layer 1 blockchain developer, is utilizing Microsoft Azure OpenAI service to create Aptos Assistant, an innovative solution designed to streamline the onboarding process for web3 users. This AI-driven assistant offers a user-friendly and secure approach to transition from web2 to web3, addressing the challenges of complexity and time associated with onboarding new users. The collaboration between Microsoft and Aptos Labs holds potential implications for various industries. The integration of blockchain and AI technologies can enhance supply chain transparency, traceability, and efficiency in manufacturing processes.
-
In January 2024, Intel Corporation launched Articul8 AI, Inc., an independent entity dedicated to generative artificial intelligence (GenAI) software platforms for enterprise clients. This strategic move underscores Intel's commitment to expanding its presence in the dynamic AI sector. Articul8 AI aims to provide a secure GenAI software platform, emphasizing data privacy and security, with deployment options including cloud, on-premises, or hybrid models.
Blockchain Key Market Trends
- Increased Focus on Interoperability and Standardization: In the vast landscape of blockchain technology, an exciting evolution is underway towards seamless interoperability among platforms, akin to languages effortlessly conversing. This transformative trend promises widespread adoption of blockchain in real-world applications. Simultaneously, there's a surge in standardization efforts across platforms, creating a common blueprint. This drive ensures uniformity and compatibility, shaping a more integrated blockchain ecosystem.
- Rise of Blockchain-as-a-Service (BaaS) Offerings: In the world of blockchain, cloud-based Blockchain as a Service (BaaS) platforms are revolutionizing how businesses approach this technology. BaaS platforms like Amazon Web Services (AWS) and Microsoft Azure's Azure Blockchain Service are streamlining blockchain adoption by eliminating the need for companies to build and manage their own blockchain infrastructure.
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 by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the market has been growing rapidly over the past few years and is expected to continue growing in the coming years. The market is driven by various factors such as the increasing use of Blockchains in military and commercial applications, advancements in Blockchain technology, and rising demand for Blockchains in various industries. The major drivers of the global Blockchain market are increasing use of Blockchains in military and commercial applications. Blockchains are used in the military for surveillance, reconnaissance, and attack purposes. They are also used in commercial applications such as agriculture, infrastructure inspection, surveying, and mapping. The use of Blockchains in these applications has increased efficiency and reduced costs, which has led to increased adoption of Blockchains in various industries. The increasing use of Blockchains in the transportation and logistics industry. Blockchains are being used for package delivery, which has the potential to reduce costs and increase efficiency in the transportation and logistics industry, thus driving the market. The rotary wing Blockchains is likely the largest in terms of market share due to its features like flexibilty and stablity which makes it applicable across different industries. North America accounts for the highest share and Asia-Pacific is the fastest growing region. One big trend is the advancements in Blockchain technology such as integration of AI which drives the demand, thus propelling the market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6,565.28 Million |
| Market size value in 2031 | USD 87,011.20 Million |
| Growth Rate | 37.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| 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 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 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 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 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 Blockchain Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the 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.
Blockchain Market Report Snapshots
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