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Global Blockchain Market – Industry Trends and Forecast to 2030

  • ICT
  • Upcoming Report
  • May 2023
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Blockchain Market – Industry Trends and Forecast to 2030

Market Size in USD Billion

CAGR - % Diagram

Diagram Forecast Period 2022–2030
Diagram Market Size (Base Year) USD 10.02 Billion
Diagram Market Size (Forecast Year) USD 766.10 Billion
Diagram CAGR %

Global Blockchain Market, By  Component (Platform, Services), Provider (Application and Solution Providers, Middleware Providers, Infrastructure Providers), Type (Private, Public, Hybrid, Consortium), Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), Development (Proof Of Concept, Pilot, Production), Application (Real Estate and Construction, Agriculture and Food, Manufacturing, Energy and Utilities, Documentation, IT and Telecom, Insurance, E-Commerce, Consumer goods, others), End User (Transportation and Logistics, Retail and E-commerce, Media, Advertising and Entertainment, Travel, Health care and Life Science, Banking and Financial Service (BFSI), Government) – Industry Trends and Forecast to 2030.

Blockchain Market Analysis and Size

A data collection of records, a technological database linked together using cryptography, is called a blockchain. Globally expanding cross-border trade operations are predicted to boost demand for the technology. For instance, global cross-border trade is expected to total about $39 trillion by the end of 2022. Most of this growth can be attributed to developments in global trade, B2C cross-border transactions, borderless e-commerce, and web-based businesses.

Data Bridge Market Research analyses that the blockchain market, valued at USD 10.02 billion in 2022, will reach USD 766.10 billion by 2030, growing at a CAGR of 71.96% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Blockchain Market Scope and Segmentation      

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021 (Customizable to 2015 - 2020)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Component (Platform, Services), Provider (Application and Solution Providers, Middleware Providers, Infrastructure Providers), Type (Private, Public, Hybrid, Consortium), Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), Development (Proof Of Concept, Pilot, Production), Application (Real Estate and Construction, Agriculture and Food, Manufacturing, Energy and Utilities, Documentation, IT and Telecom, Insurance, E-Commerce, Consumer goods, others), End User (Transportation and Logistics, Retail and E-commerce, Media, Advertising and Entertainment, Travel, Health care and Life Science, Banking and Financial Service (BFSI), Government

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Market Players Covered

IBM (U.S.), Microsoft (U.S.), SAP SE (Germany), Oracle (U.S.), Digital Asset Holdings, LLC (U.S.), CONSENSYS (U.S.), Huawei Cloud Computing Technologies Co., Ltd. (China), Factom (U.S.), Stratis Group Ltd. (U.K.), Intel Corporation (U.S.), Symbiont (U.S.), Guardtime (Estonia), AlphaPoint. (U.S.), NTT DATA Americas, Inc. (Japan), Ripple (U.S.), SoluLab (India), Chainalysis Inc. (U.S.), Cision US Inc. (China), Riot Platforms, Inc. (U.S.), Bitfarms Ltd (Canada)

Market Opportunities

  • Government programs offer profitable opportunities to expand
  • Growing capital funding and investment in blockchain ventures
  • Artificial intelligence (AI) capabilities to improve their offerings create expansion

Market Definition

Blockchain is a distributed database that maintain a continuously increasing list of ordered records called blocks.  Data such as the time, date, payment participants, and other details are stored in the block, a digital bit of information. Each block is given a unique code known as a hash. The block is prepared to be added to the blockchain if a code hash has been assigned. Many industries, including agriculture, healthcare, retail, and others, can benefit significantly from blockchain technology.

Blockchain Market Dynamics

Drivers

  • Expanding strategic initiatives fosters market expansion

The acceptance of cryptocurrencies by the law motivates companies and investors to increase their blockchain technology investments. Additionally, blockchain technology is anticipated to become more effective and efficient in the companies' efforts shortly. DeFi is a new blockchain-based financial technology that lessens banks' control over financial services and money. Throughout the projection period, market growth is anticipated by increasing strategic initiatives in the decentralized finance space.

  • The private cloud segment drives the market.

It is also anticipated that the private cloud market will expand significantly. Private cloud services include the provision of exclusive infrastructure and resources for organizations. With a private cloud, businesses can reverse transactions at reasonable rates. This is leading to the segment's growth. Significant and smaller companies' growing use of private clouds helps create a robust blockchain that surges in the growth segment.

Opportunities

  • Government programs offer profitable opportunities to expand.

The rising government initiatives and growing adoption of blockchain technologies in the IoT, banking, and cybersecurity sectors will open up new market opportunities. Additional growth catalysts for the blockchain market include increasing venture capital funding and investments, extensive use of blockchain solutions in banking and cybersecurity, widespread adoption of blockchain solutions for payments, blockchain-based and digital identities, and new initiatives.

  • Growing capital funding and investment in blockchain ventures

Technology adoption has become more widespread, especially in payments, exchanges, SMART contacts, documentation, and digital identity. The amount of money venture capitalists are investing in blockchain technology has increased. Increased venture capital funding, investments, and the adoption of blockchain technology in supply chain management and retail are all predicted to contribute to market growth.

  • Artificial intelligence (AI) capabilities to improve their offerings create expansion.

Many companies are attempting to combine blockchain technology with AI capabilities to enhance their products and create new opportunities for market expansion. For instance, the blockchain technology startup Primechain Technologies and the RegTech startup Signzy Technologies Private Ltd. announced their partnership in September 2019. The collaboration aimed to give banks and other financial institutions access to AI-powered smart banking solutions. This smart banking solution combines blockchain and artificial intelligence (AI) to digitalize and automate back-office tasks.

Restraints/Challenges

  • Security issues limit growth.

While security, privacy, and control of blockchain transactions are some of the significant challenges the blockchain market faces, high initial investments and security concerns are the main factors limiting the market's growth. With increasing connectivity, IoT devices are becoming less prone to security vulnerabilities, such as botnet attacks, distributed denial of service (DDoS) attacks, and insecure interfaces. Not-so-secured IoT devices give access to cybercriminals to exploit the system. IoT in blockchain adds a higher level of security to prevent data breaches and make IoT safer and more innovative.

  • An uncertain regulatory environment limits growth.

The blockchain market is still concerned about regulatory uncertainty. Currently, one of the main barriers preventing blockchain adoption in most verticals is the absence of regulation and the resulting uncertainty. One of the biggest obstacles to changing the trading system is acceptance. Regulators must understand what is lacking from the current regulations and how they affect the use of global technology. Finding universal standards for the blockchain market is a challenge for financial institutions around the world.

This blockchain market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the blockchain market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

  • In 2021, The State Bank of India (SBI), HDFC Bank, ICICI Bank, and other significant banks in India joined forces to create Indian Banks' Blockchain Infrastructure Co (IBBIC), a private limited company whose goals include securing transactions, accelerating the letters of credit process, and reducing transaction processing time.
  • In 2021, A Memorandum of Understanding (MOU) -R3 was signed by Trames and IMDA to advance supply chain digitalization and international trade. The MOI will push Trames to put into practice a digital solution built on the platform of R3 and the digital utility of IMDA.
  • In 2021, A digital asset marketplace called Bakkt Holdings, LLC declared it would begin a physical location pilot with the quick-service restaurant (QSR) Quiznos. With the help of this pilot, specific Quiznos locations now accept bitcoin payments.

Global Blockchain Market Scope

The blockchain market is segmented on the basis of component, provider, type, organization size, development, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

  • Platform
  • Services
  • Technology advisory and consulting service
  • Development and Integration service
  • Support and maintenance

Provider

  • Application and Solution Providers
  • Middleware Providers
  • Infrastructure Providers

Type

  • Private
  • Public
  • Hybrid
  • Consortium

Organization Size

  • Small and Medium-Sized Enterprises
  • Large Enterprises

Development

  • Proof of concept
  • Pilot
  • Production

Application

  • Real Estate and Construction
  • Smart contracts
  • Tokenization and Asset Management
  • Others
  • Agriculture and Food
  • Product Traceability
  • Tracking and Visibility
  • Payment and settlement
  • Smart contracts
  • Improved quality control and food safety
  • Manufacturing
  • Predictive maintenance
  • Asset tracking and management
  • Business process optimization
  • Logistics and supply chain
  • Management
  • Quality control and compliance
  • Others
  • Energy and Utilities
  • Grid management
  • Energy trading
  • GRC management
  • Payment schemes
  • Supply chain management
  • Others
  • IT and Telecom
  • OSS/ BSS processes
  • Identity management
  • Payments
  • Smart Contracts
  • Connectivity provisioning
  • Others
  • Insurance
  • GRC management
  • Claims management
  • Payments
  • Identity management and fraud detection
  • Smart contacts
  • Others
  • E-Commerce
  • Consumer goods
  • Others
  • Lot Lineage
  • Cross-Sector

End User

  • Transportation and Logistics
  • Financing
  • Mobility solutions
  • Smart contracts
  • Other
  • Retail and Ecommerce
  • Compliance management
  • Identity management
  • Loyalty and rewards management
  • Payments
  • Contracts
  • Supply chain
  • Others
  • Media, Advertising and Entertainment
  • Licensing and right management
  • Digital advertising
  • Smart contracts
  • Content security
  • Online gaming
  • Payments
  • Others
  • Travel
  • Health care and life science
  • Clinical trials and research
  • Supply chain management
  • Tracking and authentication of healthcare data
  • Others
  • Banking and financial service (BFSI)
  • Payments, clearing and settlements
  • Exchanges and Remittances
  • Smart Contracts
  • Identity management
  • Compliance management/ KYC
  • Others
  • Government
  • Asset registry
  • Identity managements
  • Payments
  • Smart contracts
  • Voting
  • Others

Global Blockchain Market Regional Analysis/Insights

The blockchain market is analysed and market size insights and trends are provided by country, component, provider, type, organization size, development, application and end user as referenced above.

The countries covered in the block chain market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market and will continue to flourish its trend of dominance during the forecast period. The major factors attributable to the region’s dominance are less time-consuming, transparent nature, and low transaction costs; the blockchain market will maintain its trend of dominance during the forecast period.  Additionally, businesses in this region are progressively using safety and exposure monitoring solutions to support business continuity by enabling data protection, preventing cyberattacks and economic exploitation, and preserving the reliability and confidentiality of data.

Asia-Pacific will undergo the highest growth rate during the forecast period owing early adoption of blockchain technologies. Additionally, the financial sector is developing quickly, and emerging economies such as China and India are growing economically.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Blockchain Market Share Analysis

The blockchain market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to block chain market.

Some of the major players operating in the blockchain market are:

  • IBM (U.S.)
  • Microsoft (U.S.)
  • SAP SE (Germany)
  • Oracle (U.S.)
  • Digital Asset Holdings, LLC (U.S.)
  • CONSENSYS (U.S.)
  • Huawei Cloud Computing Technologies Co., Ltd. (China)
  • Factom (U.S.)
  • Stratis Group Ltd. (U.K.)
  • Intel Corporation (U.S.)
  • Symbiont (U.S.)
  • Guardtime (Estonia)
  • AlphaPoint. (U.S.)
  • NTT DATA Americas, Inc.  (Japan)
  • Ripple (U.S.)
  • SoluLab (India)
  • Chainalysis Inc. (U.S.)
  • Cision US Inc. (China)
  • Riot Platforms, Inc. (U.S.)
  • Bitfarms Ltd (Canada)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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Customization Available:

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

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FREQUENTLY ASK QUESTIONS

The blockchain market size will be worth USD 766.10 billion by 2030.
The growth rate of the blockchain market is 71.96% in the forecast by 2030.
Major companies in the blockchain market are IBM (U.S.), Microsoft (U.S.), SAP SE (Germany), Oracle (U.S.), Digital Asset Holdings, LLC (U.S.), CONSENSYS (U.S.), Huawei Cloud Computing Technologies Co., Ltd. (China), Factom (U.S.), Stratis Group Ltd. (U.K.), etc.
Expanding strategic initiatives fosters market expansion and the private cloud segment are the growth drivers of the blockchain market.
Component, provider, type, organization size, development, application, and end-user are the factors on which the blockchain market research is based.
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