Global Blockchain Technology Market

Blockchain Technology Market Size, Share, Growth Analysis, By Type(Public cloud, Private cloud), By Component(Application & Solution, Infrastructure & Protocols), By Application(Digital identity, Exchanges) - Industry Forecast 2024-2031


Report ID: SQMIG45M2012 | Region: Global | Published Date: April, 2024
Pages: 197 | Tables: 93 | Figures: 76

Blockchain Technology Market Insights

Global Blockchain Technology Market size was valued at USD 10.66 Billion in 2022 and is poised to grow from USD 17.32 Billion in 2023 to USD 842.24 Billion by 2031, at a CAGR of 62.5% during the forecast period (2024-2031).

Blockchain technology utilizes consensus-based algorithms, enabling the access, exchange, and protection of data without the need for intermediaries or third parties. With the emergence of the COVID-19 pandemic, there has been a significant increase in reliance on internet-based services across various industries such as finance, healthcare, science, commerce, transportation, and communication. This has subsequently led to a higher demand for blockchain technology as it provides critical solutions to customers.

Moreover, the widespread adoption of blockchain is driven by its versatile applications in different fields. Recognizing its value, many companies and governments worldwide have started leveraging this technology to combat the challenges posed by COVID-19. Examples of COVID-19 use cases for blockchain include managing scientific experiments, controlling user data, ensuring the integrity of healthcare supply chains, consolidating databases, monitoring donors, tracing contacts, and tracking virus spread.

US Blockchain Technology Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 10.66 Billion

Largest Segment

Public cloud

Fastest Growth

Public cloud

Growth Rate

62.5% CAGR

Global Blockchain Technology Market ($ Bn)
Country Share for North America Region (%)
Global Blockchain Technology Market By Type ($ Bn)
Global Blockchain Technology Market By Type (%)

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Blockchain Technology Market Segmental Analysis

The global blockchain technology market is segmented on the basis of type, component, application, and region. By type, the market is segmented into public cloud, private cloud, and hybrid cloud. By component, the market is segmented into application & solution, infrastructure & protocols, and middleware. By application, the market is segmented into digital identity, exchanges, payments, smart contracts, supply chain management, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Analysis By Type

The global market can be categorized into three segments based on type, namely, public cloud, private cloud, and hybrid cloud. The public cloud segment emerged as the dominant player in 2023. Public cloud blockchains operate in a shared computing environment, accommodating multiple clients. Presently, various government bodies worldwide are integrating traditional systems with cloud technologies, contributing to the high demand for public clouds. These clouds offer cost competitiveness to enterprises.

The private cloud segment is also expected to experience substantial growth during the forecast period. Private cloud services involve the provision of dedicated infrastructure and resources exclusively for organizations. With a private cloud, companies can execute transactions at cost-effective rates, which is fueling the growth of this segment. Additionally, the increasing adoption of private cloud solutions by both large enterprises and small to medium-sized businesses is a significant factor driving the segment's growth.

Analysis By Component

The market can be categorized into three components namely, application and solution, infrastructure and protocols, and middleware. The infrastructure and protocols segment emerged as the market leader. This growth can be attributed to the increasing demand for blockchain standards and protocols such as Ethereum, Open chain, and Hyperledger. Users are seeking these protocols as they facilitate reliable and secure information sharing across cryptocurrency networks. The advantages provided by infrastructure and protocols are thus contributing to the growth of this segment.

The middleware segment is projected to experience the second-highest growth rate during the forecast period. Middleware plays a crucial role in enabling developers to build applications more efficiently. In the healthcare sector, middleware tools are extensively used to automate the authentication of clinical data. With growing investments in the healthcare industry, the demand for middleware is expected to rise, driving the growth of this segment. Additionally, middleware tools also track laboratory performance metrics, which further contributes to the expansion of the segment.

Global Blockchain Technology Market By Type, 2023 (%)

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Blockchain Technology Market Regional Insights

North America emerged as the dominant force in the global market in 2023. The region's market growth is primarily driven by the increasing adoption of blockchain technology among organizations. Industries such as government, retail, and BFSI are actively implementing blockchain solutions like payment and wallet systems, smart contracts, and digital identity verification solutions. This implementation is creating a strong demand for blockchain technologies in the region. Additionally, the growing usage of cryptocurrencies among the population in North America is also a significant factor contributing to the regional market's growth.

Conversely, the market in the Asia Pacific region is expected to exhibit the fastest compound annual growth rate (CAGR) during the forecast period. Governments in countries like China, Japan, and India have been actively promoting the utilization of blockchain technology. This is mainly due to the various benefits it offers, such as enhanced transparency and increased operational efficiency, across multiple industries. The favorable initiatives and growing awareness are driving the adoption of blockchain technology in the Asia Pacific region, leading to its rapid market growth.

Global Blockchain Technology Market By Region, 2024-2031
  • Largest
  • Fastest

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Blockchain Technology Market Dynamics

Drivers

Increase in Venture Capital

  • The continuous growth of the blockchain market can be attributed to several significant factors. Firstly, there has been a notable increase in venture capital and investment directed towards blockchain technology, which has propelled its advancement. Secondly, the widespread adoption of blockchain solutions in the banking and cybersecurity sectors has played a crucial role in driving market growth. Organizations in these industries recognize the value of blockchain in enhancing security and efficiency. Additionally, there has been a strong adoption of blockchain solutions for various applications such as smart contracts, payments, and digital identities, further fueling the market's expansion. Lastly, increased government initiatives have provided substantial support and encouragement to the development and implementation of blockchain technology, contributing to its thriving growth rate.

Restraints

IoT in Blockchain

  • As connectivity expands, IoT devices face growing security vulnerabilities, including botnet attacks, distributed denial of service (DDoS) attacks, and insecure interfaces. These vulnerabilities expose IoT devices to potential exploitation by cybercriminals. However, incorporating blockchain technology into IoT can significantly enhance security measures, mitigating the risk of data breaches and making IoT systems safer and more intelligent. By leveraging blockchain, the security of IoT devices is bolstered, providing a higher level of protection against potential threats.

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Blockchain Technology Market Competitive Landscape

The global blockchain technology market is highly competitive in nature, with numerous players vying for market share. Companies are focused on developing innovative blockchain solutions and expanding their product portfolios. Key strategies employed by market players include partnerships, collaborations, mergers and acquisitions, and product launches. The market is characterized by intense competition, technological advancements, and increasing investments in research and development. Additionally, players are striving to enhance their global presence through geographic expansions and strategic alliances. The competitive landscape is dynamic, with both established companies and startups competing to gain a competitive edge in the rapidly evolving blockchain technology market.

Top Player’s Company Profile

  • Microsoft (US)
  • Coinbase (US)
  • Binance (Cayman Islands)
  • Bitmain Technologies (China)
  • Kraken (US)
  • Bitfury (Netherlands)
  • Chain (US)
  • Circle (US)
  • Blockstream (Canada)
  • Huobi (Seychelles)
  • Bitstamp (UK)
  • Digital Asset Holdings (US)
  • R3 (US)
  • BitPay (US)
  • Bittrex (US)
  • VeChain (China)
  • Hyperledger (US)

Recent Developments

  • In March 2024, Revolut and Sui announced the strategic partnership to launch Blockchain Education Tool. The product of Revolut and Sui’s collaboration will be available for Revolut users, and serve as a valuable tool for Sui to educate an untapped global audience of potential future crypto users.

  • In January 2024, Qila launched Blockchain-As-A-Service platform. Qila’s blockchain-as-a-service platform can change the way enterprises across sectors conduct their day-to-day activities using blockchain technology.

Blockchain Technology Key Market Trends

  • Increasing Adoption: The global blockchain technology market is witnessing a significant increase in adoption across various industries, including finance, supply chain, healthcare, and government sectors. Organizations are recognizing the potential of blockchain to enhance transparency, security, and efficiency in their operations.
  • Interoperability and Integration: There is a growing focus on developing interoperable blockchain solutions that can seamlessly integrate with existing systems and networks. This trend aims to facilitate smooth data exchange and collaboration among different blockchain platforms, enhancing overall efficiency and usability.

Blockchain Technology Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global blockchain technology market analysis, the widespread adoption of blockchain technology by organizations in sectors such as finance, government, and retail stands as the key growth drivers. The region benefits from advanced infrastructure, supportive regulatory frameworks, and a thriving startup ecosystem. On the other hand, the Asia Pacific region is expected to witness the fastest growth rate in the blockchain technology market. Governments in countries like China, Japan, and India are actively promoting the use of blockchain technology, recognizing its potential to enhance transparency, efficiency, and security across multiple industries. Overall, the global blockchain technology market is characterized by intense competition, technological advancements, and increasing investments in research and development. As blockchain continues to mature and gain traction, it is expected to revolutionize various sectors, driving innovation and transforming business processes worldwide.

Report Metric Details
Market size value in 2023 USD 10.66 Billion
Market size value in 2031 USD 842.24 Billion
Growth Rate 62.5%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Public cloud, Private cloud, and Hybrid cloud.
  • Component
    • Application & Solution, Infrastructure & Protocols, and Middleware.
  • Application
    • Digital identity, Exchanges, Payments, Smart contracts, Supply chain management, and Other.
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
  • Microsoft (US)
  • Coinbase (US)
  • Binance (Cayman Islands)
  • Bitmain Technologies (China)
  • Kraken (US)
  • Bitfury (Netherlands)
  • Chain (US)
  • Circle (US)
  • Blockstream (Canada)
  • Huobi (Seychelles)
  • Bitstamp (UK)
  • Digital Asset Holdings (US)
  • R3 (US)
  • BitPay (US)
  • Bittrex (US)
  • VeChain (China)
  • Hyperledger (US)
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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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 Technology 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
  • 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 Technology 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
  • 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
  • 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(%)

Methodology

For the Blockchain Technology 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 Technology 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 Technology Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Blockchain Technology 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.

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FAQs

Blockchain Technology Market size was valued at USD 10.66 Billion in 2022 and is poised to grow from USD 17.32 Billion in 2023 to USD 842.24 Billion by 2031, at a CAGR of 62.5% during the forecast period (2024-2031).

The blockchain technology market is highly competitive in nature, with numerous players vying for market share. Companies are focused on developing innovative blockchain solutions and expanding their product portfolios. Key strategies employed by market players include partnerships, collaborations, mergers and acquisitions, and product launches. The market is characterized by intense competition, technological advancements, and increasing investments in research and development. Additionally, players are striving to enhance their presence through geographic expansions and strategic alliances. The competitive landscape is dynamic, with both established companies and startups competing to gain a competitive edge in the rapidly evolving blockchain technology market. 'IBM (US)', 'Microsoft (US)', 'Coinbase (US)', 'Ripple (US)', 'Binance (Cayman Islands)', 'Bitmain Technologies (China)', 'ConsenSys (US)', 'Kraken (US)', 'Bitfury (Netherlands)', 'Chain (US)', 'Circle (US)', 'Blockstream (Canada)', 'Huobi (Seychelles)', 'Bitstamp (UK)', 'Digital Asset Holdings (US)', 'R3 (US)', 'BitPay (US)', 'Bittrex (US)', 'VeChain (China)', 'Hyperledger (US)'

The continuous growth of the blockchain market can be attributed to several significant factors. Firstly, there has been a notable increase in venture capital and investment directed towards blockchain technology, which has propelled its advancement. Secondly, the widespread adoption of blockchain solutions in the banking and cybersecurity sectors has played a crucial role in driving market growth. Organizations in these industries recognize the value of blockchain in enhancing security and efficiency. Additionally, there has been a strong adoption of blockchain solutions for various applications such as smart contracts, payments, and digital identities, further fueling the market's expansion. Lastly, increased government initiatives have provided substantial support and encouragement to the development and implementation of blockchain technology, contributing to its thriving growth rate.

Increasing Adoption: The blockchain technology market is witnessing a significant increase in adoption across various industries, including finance, supply chain, healthcare, and government sectors. Organizations are recognizing the potential of blockchain to enhance transparency, security, and efficiency in their operations.

North America emerged as the dominant force in the market in 2023. The region's market growth is primarily driven by the increasing adoption of blockchain technology among organizations. Industries such as government, retail, and BFSI are actively implementing blockchain solutions like payment and wallet systems, smart contracts, and digital identity verification solutions. This implementation is creating a strong demand for blockchain technologies in the region. Additionally, the growing usage of cryptocurrencies among the population in North America is also a significant factor contributing to the regional market's growth.

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Global Blockchain Technology Market

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