New York, April 27, 2023 (GLOBE NEWSWIRE) -- The global Blockchain Technology market was valued at USD 72 billion in 2022. Between 2023 and 2032, this market is estimated to register the highest CAGR of 68%. It is expected to reach USD 12,895 billion by 2032.
Blockchain technology is an advanced database system that allows transparent information sharing within a company network. Blockchain databases store data in blocks linked in a chain. Venture capital funding is a key factor in the growth of the blockchain technology market. Several blockchain technology providers have raised funding from strategic as well as institutional investors. This funding was used for market expansion and organizational development.
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Key Takeaway:
- By Type, the public cloud segment has generated a revenue share of 62% in 2022.
- By Component, the infrastructure & protocol segment has dominated the market with a revenue share of 65.5%, In 2022.
- By Application, the payments segment dominated the market and accounted for more than 46% of global revenue.
- By Enterprise Size, the Large Enterprise segment dominated the market with
- By End Use, BFSI Segment Dominated the Market revenue share by 40%, In 2022.
- In 2022, North America dominated the market with the highest revenue share of 39%.
Many companies are working to integrate AI (AI) capabilities with blockchain to improve their offerings and create new market opportunities. For enhancing the customer experience, the different business entities and government initiatives are concentrating on the deployment of numerous innovative technologies.
Factors affecting the growth of the Blockchain Technology Market
There are several factors that can affect the growth of the Blockchain Technology Market. Some of these factors include:
- Growing demand for protocols and standards: The benefits of infrastructure and protocols are driving the segment’s growth.
- Cryptocurrency acceptance: Acceptance of cryptocurrency by companies, like Paypal and Xbox, is expected to drive market growth.
- Large enterprises: In various sectors such as healthcare, finance, and insurance Large enterprises are making more efforts to digitize their offerings. This is driving demand for blockchain systems.
- Increase in Cyberattacks and threats: the adoption of the technology is likely to be stagnant for a few years due to an Increase in Cyberattacks and threats.
- COVID-19 impact: impact of COVID-19 has shown a rise in demand for blockchain systems for digitalization in the healthcare sector, and has also created the need to use blockchain technology.
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Top Trends in Global Blockchain Technology Market
The legalisation of cryptocurrencies has prompted a veritable eruption of interest, luring investors and businesses into the maze-like world of blockchain technology. By adopting this revolutionary innovation, market participants hope to outpace competitors and obtain a distinct competitive advantage. In the whirling vortex of venture capital, the market for blockchain technology's sustenance surges forward.
Strategic and institutional investors have gravitated to the industry, resulting in a deluge of funding for blockchain technology providers. As a mighty river, this influx of capital enables businesses to broaden their horizons, strengthen their organisations, and boldly venture into uncharted territories. However, the unrelenting tide of innovation does not end there, as numerous companies work ceaselessly to combine the untapped potential of artificial intelligence (AI) with the invincible power of blockchain technology.
This potent combination of artificial intelligence and blockchain promises to uncover a treasure trove of new opportunities, catapulting businesses and markets to stratospheric new heights. The pursuance of a customer experience that transcends conventional limitations and leaves users in wonderment of its seamless ingenuity lies at the heart of this technological whirlwind. Business entities and government initiatives alike have recognised this necessity and are concentrating their collective efforts on the deployment of an array of innovative technologies.
From venture capital repositories to the synergistic fusion of AI and blockchain, the technological landscape is enduring a seismic shift. Only one thing is certain as the dust settles: the world will never be the same again.
Market Growth
Blockchain technology market growth is driven by the increasing number of strategic initiatives in decentralized finance. Many restaurants have partnered with blockchain solutions providers to offer cryptocurrency-based payments to customers. Across cryptocurrency networks, customers demand protocols as they enable them to share information reliably and securely. The epidemic has opened up a market for cloud-based services by inspiring businesses to adopt a cutting-edge approach to allowing employees to work from home. There is a growing need for cloud-based solutions to create virtual work environments.
Regional Analysis
In 2022, North America dominated the global blockchain technology market share and accounted for more than 39% of global revenue. The increasing adoption of blockchain technology drives regional markets’ annual growth rate. The Blockchain Technology market for the Asia Pacific is expected, on the other hand, to grow at the fastest rate of CAGR during the forecast period. Governments have promoted the market for blockchain technology in countries like India, Japan, China, and China.
Competitive Landscape
Emerging key players are focused on a variety of strategic policies to develop their respective businesses in foreign markets. Blockchain technology market players are also focusing on improving their product offerings to meet customer satisfaction and remain competitive. Furthermore, market players are increasing their research and development investment to improve their product offerings. Companies are also working with universities worldwide to support academic research and technical development in cryptocurrency and blockchain technology.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 72 Billion |
| Market Size (2032) | USD 12,895 Billion |
| CAGR (from 2023 to 2032) | 68% |
| North America Revenue Share | 39% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Funding from venture capital is a key factor in the growth of the blockchain technology market. Several blockchain technology providers have raised funding from strategic as well as institutional investors. blockchain technology Market growth will be driven by the increasing number of strategic initiatives in decentralized finance. The legalization of cryptocurrency encourages investors and businesses to invest in the market for blockchain technology. It also encourages market players to invest more in blockchain technology to increase their competitive advantage.
Market Restraints
Cyberattacks and threats have increased with the rise of digital transformation among industries. It is however difficult for organizations to overcome the situation of risk factors due to a lack of skilled professionals. Therefore, the adoption of technologically advanced solutions is slow and is anticipated to impact the market growth for the next few years. A lack of awareness of data protection risks is also prevalent in various developing countries. Therefore, the adoption of the technology is likely to be stagnant for a few years.
Market Opportunities
The blockchain technology market is expanding at a rapid pace, with numerous market opportunities available for businesses to explore. One area of significant growth potential is the use of blockchain for the supply chain management.
Blockchain can offer several benefits for supply chain management, including increased transparency, security, and traceability. With blockchain, businesses can track products at every stage of the supply chain, from manufacturing to delivery, and ensure that they meet quality and safety standards.
Another promising area for blockchain technology is the financial services industry. Blockchain can help reduce fraud, increase efficiency, and cut costs for financial institutions. For example, blockchain can enable secure and instant cross-border payments, reducing the need for intermediaries and lowering transaction fees.
It is also expected to be driven by accepting cryptocurrency in countries as a form of payment by companies such as PayPal or Xbox. Many restaurants have partnered with blockchain solutions providers to offer cryptocurrency-based payments to customers.
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Report Segmentation of the Blockchain Technology Market
Type Insight
Based on technology global blockchain technology market can be divided into three types: public cloud, hybrid cloud, and private cloud. providing dedicated resources and infrastructure to organizations, the public cloud segment dominated the market's highest revenue share of 62%, in 2022. The private cloud segment will also see significant growth during the forecast period.
Component Insight
Based on components, the market can be divided into three segments: application & solution, infrastructure & protocols, and middleware. Demand for protocols and standards is making the infrastructure & protocol segment dominant. Users seek protocols because they allow them to securely and reliably share information across crypto networks. The benefits of infrastructure and protocols are driving the segment’s growth. Over the forecast period, the fastest growth rate in the middleware segment will be recorded. Developers can build more efficient applications with middleware. Middleware is used primarily in the healthcare sector to automate the authentication of clinical data.
Application Insight
By applications, the Blockchain Technology market can be divided into three categories: digital identity segment, exchanges, payments, and Supply chain management. payments segment dominated the market with the acceptance of cryptocurrency by various key companies. Blockchain technology increases the efficiency of payment systems, reduces operating costs, and provides transparency. Companies that offer digital identity have begun to partner with blockchain technology providers.
Enterprise Size Insight
Based on enterprise size market can be segmented into Small & Medium Enterprises and Large Enterprises. In 2022, the large enterprise segment dominated the market with a revenue share of 68%. large enterprise segment dominated the market by digitizing their offerings. Over the forecast period, the Small & Medium Enterprise (SME) segment is anticipated to grow at the fastest CAGR. Small business segments are increasingly looking for blockchain-based storage solutions that allow them to securely store their data and do so at a low cost. They can use blockchain technology to reduce the costs of exchanging and subsidizing accounts.
End-Use Insight
Based on the end-use market can be segmented into Government, BFSI, Media & Entertainment, Transportation & Logistics, Healthcare, Retail, Travel & Hospitality, and Other End-uses. The BFSI segment dominated the market because of its secure and efficient transactions. Blockchain technology is being adopted in healthcare because of increasing consumer data regulations. Due to increasing data theft incidents and breaches, governments worldwide are adopting strict regulations to protect consumer information.
Recent Development of the Blockchain Technology Market
- In June 2021, India's significant banks, including the State Bank of India (SBI), HDFC Bank, ICICI Bank, and others, teamed up to shape Indian Banks' Blockchain Foundation Co (IBBIC), a confidential, restricted organization devoted to getting exchanges, diminishing exchange handling time, and accelerating the letters of the credit cycle.
- April 2021 -R3.Trames and IMDA have signed a Memorandum of Intent to speed up supply chain digitization and global trade.
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Market Segmentation
By Type
- Private Cloud
- Public Cloud
- Hybrid Cloud
By Component
- Infrastructure & Protocols
- Application & Solution
- Middleware
By Application
- Exchanges
- Digital Identity
- Smart Contracts
- Payments
- Supply Chain Management
- Other Applications
By Enterprise
- Small & Medium Enterprises
- Large Enterprises
By End User
- Government
- BFSI
- Media & Entertainment
- Transportation & Logistics
- Healthcare
- Retail
- Travel & Hospitality
- Other End-uses
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players:
- IBM Corporation
- The Linux Foundation
- Microsoft Corporation
- Chain, Inc.
- Circle Internet Financial Ltd.
- Earthport Plc
- BitFury Group Ltd
- Deloitte Touche Tohmatsu Limited
- BTL Group Ltd.
- Digital Asset Holdings, LLC
- Deloitte Touche Tohmatsu Ltd.
- Global Arena Holding, Inc. (GAHI)
- Indian Banks’ Blockchain Infrastructure Company Private Limited (IBBIC)
- Oracle Corporation
- Other Key Players
Browse Related Reports
- Blockchain technology in the healthcare market was valued at USD 1200 Million in 2021 and estimated a CAGR of 65% between 2023 and 2032.
- Blockchain for Supply Chain Market size was valued at USD 373.64 Million in 2021 and is projected to reach USD 16,667.74 Million by 2030, growing at a CAGR of 52.3%.
- Blockchain in Fintech Market is expected to reach USD 31.4 Billion by 2030, at a CAGR of 47.9%.
- Artificial Intelligence Market was valued to be worth USD 129.28 Billion in 2022. From 2023 to 2032, it is estimated to reach USD 2745 Billion growing at a CAGR of 36.8%.
- Blockchain in media, advertising, and entertainment market size is expected to reach USD 208.71 Bn from USD 0.55 Bn in 2022 – growing at a compound annual growth rate (CAGR) of 81.1% from 2023-2032.
- Blockchain-as-a-service market size was valued at USD 1.32 billion and is projected to reach USD 138.97 billion by 2032, growing at a compound annual growth rate (CAGR) of 59.3% from 2022-2032.
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The blockchain technology market is expanding at a rapid pace, with numerous market opportunities available for businesses to explore. One area of significant growth potential is the use of blockchain for supply chain management.
Blockchain can offer several benefits for supply chain management, including increased transparency, security, and traceability. With blockchain, businesses can track products at every stage of the supply chain, from manufacturing to delivery, and ensure that they meet quality and safety standards.
Another promising area for blockchain technology is in the financial services industry. Blockchain can help reduce fraud, increase efficiency, and cut costs for financial institutions. For example, blockchain can enable secure and instant cross-border payments, reducing the need for intermediaries and lowering transaction fees.
