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 News

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 Market Report Snapshots

License Type Top market research company in USA

File Type

$5,300

BUY NOW GET FREE SAMPLE

Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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).

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. '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'

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.

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 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.

Feedback From Our Clients

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.

Global Blockchain Market News

Global Blockchain Market Report Snapshots

Want to customize this report?

FAQs

What is the global market size of Blockchain Market?

Who are the key vendors in the Global Blockchain Market?

What is the key driver of Global Blockchain Market?

What is the key market trend for Global Blockchain Market?

Which region accounted for the largest share in Global Blockchain Market?

Request Free Customization

Related Reports

Feedback From Our Clients

$5,300