Blockchain Technology Market Overview
Blockchain Technology Market Size was valued at USD 2.22 billion in 2021. The blockchain technology market industry is projected to grow from USD 3.71 billion in 2022 to USD 137.8 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 67.54% during the forecast period (2024 - 2030). The rising frequency of digital identity and the increasing capitalization of market-related cryptocurrencies are the key market drivers enhancing market growth.
Figure 1: Blockchain Technology Market Size, 2022-2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Blockchain Technology Market Trends
-
Growing Prevalence of digital identity to boost the market growth
Numerous uses for the various identity platforms based on blockchain technology exist in both regulated and unregulated nations as well as in nations with weak identification laws. Several governments have implemented blockchain technology market demand-based identification platforms at the national level to encourage safe and transparent transactions between the public and private sectors. Additionally, with secure digital IDs, this technology has enabled them to digitize all manner of public transactions.
Further, the venture of capital investment undertaken by many governments has been spurred by the expanding capitalization of market-related cryptocurrencies. Depending on the market size for blockchain technology, cryptocurrencies have contributed to innovation across a range of payment environments. Additionally, these currencies offer reduced transaction fees than traditional payment methods. As a result, the low transaction costs and other variables are boosting the market for blockchain technology and the capitalization of cryptocurrencies.
Blockchain Technology Market Segment Insights
-
Blockchain Technology Service Provider Insights
The blockchain technology market segmentation, based on the service provider, includes application and solution providers, middleware providers, and infrastructure & protocol providers. In 2022, the market was dominated by the infrastructure & protocols segment due to the rising need for blockchain standards and protocols like Ethereum, Openchain, and Hyperledger. Because protocols make it possible for users to securely and dependably transmit information across bitcoin networks, users need them.
Over the forecast period, the middleware segment is anticipated to increase at the second-fastest rate. In the healthcare industry, a middleware solution is mostly used to automate the authentication of clinical data. The area is anticipated to develop as a result of rising investments in the healthcare industry.
Blockchain Technology Organization Type Insights
Figure 2: BLOCKCHAIN TECHNOLOGY MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The blockchain technology market segmentation, based on organization type, includes large enterprises and small & medium enterprises. The large enterprise segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period. Blockchain technology is becoming more and more in demand among large businesses operating in industries like insurance, financial services, healthcare, and supply chain as they work to digitalize their operations. Blockchain technology is being used by big businesses like BBVA, Intesa Sanpaolo, Barclays, and HSBC to improve their KYC and finance operations. Hence, the rising large enterprise segment positively impacts the blockchain technology market growth.
Over the projection period, the Small & Medium Enterprise (SME) segment is anticipated to develop at the quickest CAGR. Small and medium-sized businesses have trouble scaling up processes like funding, processing payments, and choosing supplementary services necessary for international expansion. They encounter less problems while trading accounts and providing subsidies due to blockchain technology.
Blockchain Technology Application Insights
The blockchain technology market data has been bifurcated by payment and transaction, smart contracts, digital identity, documentation, and exchanges. In 2022, the payments sector led the market. Blockchain technology increases the effectiveness of Digital payment systems, lowers operating costs, and provides transparency. Due to the advantages that blockchain technology offers, its application in payment solutions is growing, which is fueling the segment's expansion. Additionally, blockchain eliminates the need for a middleman in the processing of payments, which is another important reason for boosting the segment's growth.
Over the projected period, the category for digital identity is expected to develop at the quickest CAGR. Blockchain technology providers are forming agreements with the businesses that provide digital identification, which is fueling the segment's expansion.
October 2022: Police in the densely populated state of Firozabad in Uttar Pradesh have revealed a blockchain-based project to track citizen complaints. Sandeep Nailwal, the co-founder of Polygon, revealed in a series of tweets on October 12 that the Firozabad police in Uttar Pradesh are now using the Polygon blockchain protocol to address local police corruption and crime.
Blockchain Technology End User Insights
Based on End Users, the Blockchain Technology industry has been segmented into healthcare, life sciences, BFSI, IT and telecommunication, retail, government, travel and hospitality, and real estate & construction. BFSI sector held the largest segment share in 2021, owing to the rapid adoption of advanced blockchain technology. Blockchain technology provides efficient and secured transactions which helps to boost the demand for blockchain technology. Owing to considerations including increasing cryptocurrencies, high compatibility with the industrial ecosystem, quick transactions, Initial Coin Offerings (ICOs), and lower total cost of ownership, the technology is anticipated to be widely utilised in this vertical. Over the forecast period, the healthcare segment is anticipated to develop at the quickest CAGR.
For Instance: General Data Privacy Regulation (GDPR), a regulation governing data protection in the European Union, went into force in May 2018. Protecting EU residents from privacy and data breaches is the goal of GDPR. Companies all around the world are being compelled by such requirements to spend in increasing data security.
Blockchain Technology Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America blockchain technology market accounted for USD 0.98 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the growing implementation of payment and wallet solutions, digital identity detection solutions, and smart contracts across the region is increasing the blockchain technology market.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: BLOCKCHAIN TECHNOLOGY MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's blockchain technology market accounts for the second-largest market share due to the government backing for the growth of healthcare. Further, the Germany blockchain technology market held the largest market share, and the UK blockchain technology market was the fastest-growing market in the European region.
The Asia-Pacific Blockchain Technology Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the increasing use of blockchain technology to manage KYC or know your documents by the banks. Moreover, China's Blockchain Technology market held the largest market share, and the India blockchain technology market was the fastest-growing market in the Asia-Pacific region.
Blockchain Technology Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the blockchain technology market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the blockchain technology industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the blockchain technology industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, the blockchain technology industry has provided services with some of the most significant benefits. The blockchain technology markets major players such as Microsoft Corporation, IBM Corporation, Coinbase, Blockchain Tech LTD, Eathport Plc, BitFury Group Ltd., Ripple Labs Inc., Deloitte, Touche Tohmatsu Limited, Abra Inc., Chain Inc., Digital Asset Holdings LLC, and Antier Solutions is working to expand the market demand by investing in research and development activities.
IBM Consulting is a new partner with new laws of contemporary business. By combining a variety of voices and technology, we embrace an open style of working. We work closely together, freely exchange ideas, and quickly implement ground-breaking technologies that have an exponential impact on how business is conducted. For instance: The Hyperledger Fabric 2.5-powered IBM Blockchain Platform 2.5 will allow programmers to transition to cutting-edge multi-party systems. These multi-party solutions allowed for multi-cloud offerings, IOT connectivity, real-time analytics and reporting, logistics, and supply chain management.
Key Companies in the Blockchain Technology Market Include
Blockchain Technology Industry Developments
March 2021: Amazon Web Services (AWS) declared availability of Ethereum, A famous decentralized blockchain structure that started a peer-to-peer network authorizing participants to tranct without a trusted central authority on Amazen Managed Blockchain. It authorized popular use cases such as a network of financial applications, decentralized finance (DeFi) built on blockchain networks.
October 2020: Accenture and Digital Ventures, Siam Commercial Bank’s fintech subsidiary, manufactured world’s first fully unified procure-to-pay blockchain solution to streamline buying processes, finance acquisition and payments for Thai businesses.
Blockchain Technology Market Segmentation
Blockchain Technology Service Provider Outlook
Blockchain Technology Organization Size Outlook
Blockchain Technology Application Outlook
-
Payment and Transaction
-
Smart Contract
-
Digital Identity
-
Documentation
-
Exchanges
Blockchain Technology End User Outlook
Blockchain Technology Regional Outlook
-
North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific
-
China
-
Japan
-
India
-
Australia
-
South Korea
-
Australia
-
Rest of Asia-Pacific
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
| Report Attribute/Metric |
Details |
| Market Size 2021 |
USD 2.22 billion |
| Market Size 2022 |
USD 3.71 billion |
| Market Size 2030 |
USD 137.8 billion |
| Compound Annual Growth Rate (CAGR) |
67.5% (2024-2030) |
| Base Year |
2021 |
| Market Forecast Period |
2024-2030 |
| Historical Data |
2018 & 2020 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Service Provider, Organization Size, Application, End- Users, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered |
The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Microsoft Corporation, IBM Corporation, Coinbase, Blockchain Tech LTD, Eathport Plc, BitFury Group Ltd., Ripple Labs Inc., Deloitte, Touche Tohmatsu Limited, Abra Inc., Chain Inc., Digital Asset Holdings LLC, and Antier Solutions |
| Key Market Opportunities |
Rising demand for digital identity |
| Key Market Dynamics |
Increasing capitalization of market-related cryptocurrencies The low transaction fees |
Frequently Asked Questions (FAQ) :
The blockchain technology market size was valued at USD 2.22 Billion in 2021.
The market is projected to grow at a CAGR of 67.54% during the forecast period, 2024-2030.
North America had the largest share in the market.
The key players in the market are Microsoft Corporation, IBM Corporation, Coinbase, Blockchain Tech LTD, Eathport Plc, BitFury Group Ltd., Ripple Labs Inc., Deloitte, Touche Tohmatsu Limited, Abra Inc., Chain Inc., Digital Asset Holdings LLC, Antier Solutions.
The Infrastructure & Protocol blockchain technology category dominated the market in 2021.
The payment had the largest share in the market.
