Pune, India, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The global blockchain technology market size was valued at USD 11.14 billion in 2022 and is projected to reach USD 469.49 billion by 2030, exhibiting a CAGR of 59.9% over the forecast period. Fortune Business Insights presents this information in their latest report titled "Global Blockchain Technology Market Forecast, 2023-2030."
In recent times, demand for cloud-based services has increased dramatically. Moreover, the pandemic acted as a catalyst in creating even more new opportunities for this technology. Technology is demanded in setting up virtual work platforms, and this has created a demand for software as a service in companies to ensure work continuity.
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Additionally, B-a-a-S has also emerged as an ideal solution to cater to demand for small and medium-sized enterprises (SMEs). SME's are using this service to safeguard their digital entities and authenticate human identities, increasing demand for B-a-a-S products. The aforementioned factors are expected to fuel the market growth during the forecast period.
Key Industry Developments
IBM Corporation partnered with Moderna to create a smart supply chain for COVID-19 vaccines. This would help individuals, healthcare providers, and governments securely share COVID-19 vaccine-related information by using blockchain applications such as Digital Health Pass.
Applied Blockchain Ltd. collaborated with the Confidential Computing Consortium. This collaboration will help the Confidential Computing Consortium to drive innovation and bring new perspectives to the advanced category of confidential computing.
Key Takeaways
- Blockchain technology market size in North America was USD 5.25 billion in 2022
- Presence of Numerous Blockchain Technology Providers to Favor Growth in North America
- Rising Usage of Bitcoins & IoT Solutions to Accelerate Growth
- BFSI Segment to Exhibit Steady Growth Stoked by High Demand for Faster Transactions
- Rising Usage of DLT System for Recording Transactions Safely to Boost Growth
- Increasing Issues of Financial Data Safety to Drive Market Growth
- BaaS Dominates Market Owing to Rising Adoption of Cloud Applications
Discover the Leading Players Featured in the Report:
“Companies leading the global blockchain technology market are Accenture PLC, Amazon Web Services, Inc., Wipro Limited, IBM Corporation, Intel Corporation, LeewayHeartz, Microsoft Corporation, Oracle Corporation, R3, Tata Consultancy Services Limited.”
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 59.9% |
| 2030 Value Projection | USD 469.49 Billion |
| Base Year | 2022 |
| Blockchain Technology Market Size in 2022 | USD 11.14 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments Covered | Component, Type, Application, Deployment, Industry and Geography |
Drivers and Restraints
Growing Identity & Data Thefts to Boost Adoption of Cryptographic Ledger Solutions
BFSI companies are adopting digital ledger technologies to keep end-user’s financial data and identity safe. Technology applications, such as clearing & settlements, cross-border transactions, digital identity verification, trade finance platforms, and credit reporting, are gaining popularity in the BFSI industry. This will foster the market’s expansion.
Blockchain technology helps users in building secure and stable records by utilizing timestamps and cryptography. It also offers a state-of-the-art version of the digital payment system. It does not require any central mediator and hence, the users are able to take part in peer-to-peer transactions efficiently. Additionally, the increasing adoption of Internet of Things (IoT) solutions and Bitcoins, as well as the high demand for cryptocurrencies would augment the blockchain technology market growth during the forthcoming years.
Rising Usage of DLT System for Recording Transactions Safely to Boost Growth
The rising adoption of distributed ledger technology (DLT) systems is one of the major factors contributing to the blockchain technology market growth. It is capable of recording transactions with advanced data analytics and secured mechanisms. Several companies located across the U.S. and Germany are adopting the strategy of collaboration to develop innovative DLT systems. However, the requirement of huge investments and venture capital funds may hamper the demand for blockchain technology.
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Segmentation
By Component
- Platform/Solution
- Blockchain as a Service (BaaS)
By Type
- Public
- Private
- Hybrid
- Consortium
By Application
- Digital Identity
- Payments
- Smart Contracts
- Supply Chain Management
- Internet of Things
- Others
By Deployment
- Proof of Concept
- Pilot
- Production
By Industry
- BFSI
- Energy & Utilities
- Government
- Healthcare and Life Sciences
- Manufacturing
- Telecom, Media & Entertainment
- Retail & Consumer Goods
- Travel and Transportation
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
Vast Presence of Key Companies to Boost Market Growth in North America
North America held a dominant position in the global blockchain market in 2020 due to the rising presence of key players in the U.S. such as IBM Corporation, Microsoft Corporation, Oracle Corporation, AWS, and Digital Asset Holdings LLC. The region will continue leading the market at a global level through the forecast period. Growth witnessed in the market is also attributable to recent collaborations between market players in the U.S. and blockchain service providers.
Europe held the second position in the market as governments and businesses in many countries across the region are heavily investing in digital currencies. This is expected to fuel the region’s market in upcoming years.
Competitive Landscape:
Upgrading Existing Product Ranges and Launch of New Products Using Blockchain to Spur Market Growth
Key blockchain technology companies are developing a wide range of digital ledger solutions to cater to the growing needs of companies and consumers. The introduction of advanced solutions will help these market players solidify their market position. They are also trying to improve the security of their digital ledgers to help small businesses overcome daily challenges.
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FAQs
How big is the blockchain technology market?
Blockchain technology market size was USD 11.14 billion in 2022. It is expected to reach USD 469.49 billion by 2030.
How fast is the blockchain technology market growing?
The blockchain technology market will exhibit a CAGR of 59.9% during the forecast period, 2023-2030.
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