USD 4.67 billion
Report ID: SQMIG45F2063 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 96 | Figures: 76
Global Blockchain Market size was valued at USD 4.67 billion in 2021 and is poised to grow from USD 7.18 billion in 2022 to USD 163.83 billion by 2030, growing at a CAGR of 56.3% in the forecast period (2023-2030).
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.
Global Market Size
USD 4.67 billion
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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 2021, the blockchain platform segment is projected to hold the most lucrative share of 40% in the global market. Availability of a diverse range of platforms for blockchain such as Ethereum, Hyperledger, R3 Corda, Ripple, and Quorum are among a few of them. Various features offered by these platforms are a major aspect that supports the industry growth over the forecast period.
Blockchain Market Analysis by Type
In 2021, the public blockchain segment is projected to hold the most lucrative share of 20% in the global market. The segment growth is attributed to the increased focus of various organizations and governments to establish efficient and open transactions. Whereas, the private segment also holds a substantial market share, as it enables businesses to reverse transactions and change regulations and a minimal transaction cost.
Blockchain Market Analysis by Applications
In 2021, the BFSI segment held a substantial share of 16% in the global market. In financial services, blockchain technology is used to manage financial transactions in businesses. The need for blockchain technology in financial services is being driven by the technology's ability to deliver secure and efficient transactions. Due to factors including increasing cryptocurrencies, high compatibility with the industry ecosystem, speedy transactions, Initial Coin Offerings (ICOs), and lower total cost of ownership, the technology is predicted to be widely utilized in this vertical.
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Based on the geographical viewpoint, the global blockchain market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the North America region dominated the global market, accounting for more than 37.0% of global revenue. The increasing adoption of blockchain technology by various organizations is driving regional market growth. Government, retail, and BFSI industries are implementing payment and wallet solutions, smart contracts, and digital identity detection solutions, necessitating the use of blockchain technologies. Furthermore, the increased use of cryptocurrency among North Americans is one of the major factors driving regional market growth.
On the other hand, the Asia Pacific market is expected to grow at the fastest CAGR during the forecast period. Blockchain technology has been promoted by governments in countries such as China, Japan, and India. This is primarily due to the benefits that this technology provides to a variety of industries, such as increased transparency and efficiency. For example, the South Korean government announced an investment of USD 880 million in blockchain development projects in 2019.
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Blockchain Market Drivers
Blockchain Market Restraint
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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
Blockchain Market Recent Developments
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 analysis, among the component, the platform segment is projected to hold a dominating share during the period. While among the type and application the public and BFSI segments hold a dominating market share respectively. Further, blockchain is revolutionizing the BFSI industry, as banks and financial services, companies are among the most heavily invested enterprises exploring blockchain technology.
|Market size value in 2021||USD 4.67 billion|
|Market size value in 2030||USD 7.18 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
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MARKET DYNAMICS & OUTLOOK
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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.
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.
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