USD 10.66 Billion
Report ID:
SQMIG45M2012 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
93 |
Figures:
76
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.
Global Market Size
USD 10.66 Billion
Largest Segment
Public cloud
Fastest Growth
Public cloud
Growth Rate
62.5% CAGR
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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.
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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.
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Drivers
Increase in Venture Capital
Restraints
IoT in Blockchain
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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
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.
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 |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
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 Technology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global 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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Product ID: SQMIG45M2012