"Smart Strategies, Giving Speed to your Growth Trajectory"

Blockchain Technology Market Size, Share & Industry Analysis, By Component (Platform/Solution and Blockchain as a Service), By Type (Public, Private, Hybris, and Consortium), By Application (Digital Identity, Payments, Smart Contracts, Supply Chain Management, Internet of Things (IoT), and Others), By Deployment (Proof of Concept, Pilot, and Production), By Industry (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Entertainment, Retail & Consumer Goods, Travel and Transportation, and Others), and Regional Forecast, 2024-2032

Last Updated: June 10, 2024 | Format: PDF | Report ID: FBI100072

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global blockchain technology market size was valued at USD 17.57 billion in 2023 and is projected to grow from USD 27.84 billion in 2024 to USD 825.93 billion by 2032, exhibiting a CAGR of 52.8% during the forecast period (2024-2032). The scope of this study considers technology platforms, solutions, and services offered by companies, such as Wipro’s distributed ledger blockchain technology solutions, ecosystem services advisory, consulting services, platform services, and application services. It also includes Microsoft’s Azure service, Azure digital ledger workbench, and other related products and services.


The rapidly growing digital environment is expected to fuel the demand for blockchain technology across various industries. Similarly, the usage of digital payment systems is further expected to gain traction with the adoption of this technology. As the growth opportunities for the market are increasing, various companies are heavily investing in this technology. For instance,



  • In May 2021, Ernst & Young Global Limited announced a new investment of approximately USD 100 million to expand its offerings to the public domain.


The COVID-19 pandemic caused the closure of most production facilities, which disrupted the entire economy and investments in digital technology. Also, the outbreak had a significant impact on digital ledger technology. Key players in the market have invested significantly and reconstructed their digital strategies, which are anticipated to surge the demand for digital ledger technology post-pandemic. Also, the pandemic accelerated the adoption of digital technologies across sectors ranging from government to retail.


Blockchain Technology Market Trends


Increasing Adoption of Blockchain-as-a-Service to Generate New Opportunities for Key Players in the Market


The pandemic has generated many opportunities for cloud-based services by creating an innovative strategy for enterprises to give work-from-home access. The demand for cloud-based solutions to develop virtual work platforms has surged. As a result, there is an increasing demand for advanced software across different industries to ensure job security. According to the World Economic Forum, BaaS bridges the global trade financing gap, and thus, SMEs can use this technology for its global supply chain operations.


BaaS is an ideal solution for issues that cause inconvenience to small and medium-sized enterprises (SMEs). SMEs employing cloud-based solutions are implementing blockchain-based services to safeguard digital entities and authenticate human identities, thereby increasing the demand for BaaS products.


Further, blockchain technology trends have revolutionized different industry sectors and are expected to continue over the forecast period. Following are a few crucial trending factors that enhance the future of blockchain technology:



  • Interoperability solutions

  • Decentralized Finance (DeFi) evolution

  • Innovation in Non-Fungible Tokens (NFTs)

  • Security, confidentiality, and privacy improvements

  • Decentralized Autonomous Organizations (DAOs) and cross-industry applications

  • Artificial Intelligence (AI) and Blockchain integration


Request a Free sample to learn more about this report.


Blockchain Technology Market Growth Factors


Rising Identity and Data Theft Incidents to Surge Demand for Cryptographic Ledger Solutions


BFSI companies are adopting digital ledger technology to secure end-user’s financial data and identity. Technology applications including cross-border transactions, clearing & settlements, trade finance platforms, digital identity verification, and credit reporting are gaining traction across the BFSI industry. This is expected to foster the market growth. For instance,



  • In June 2021, India’ major banks, such as the State Bank of India(SBI), HDFC, ICICI Bank, and others, collaborated to establish Indian Bank’s digital ledger infrastructure company private limited, Indian Banks' Blockchain Infrastructure Co (IBBIC), to secure transactions, reduce transaction processing time, and speed up the process of letters of credit.


Blockchain is gaining traction despite questions about its scalability, security, and sustainability. Confidentiality, Integrity, and Availability (CIA) will be referenced to assess the current maturity level of blockchain technology.


Also, blockchain technology has the highest potential to transform ESG reporting and monitoring, streamlined payments, data interoperability and sharing, provenance tracking, IoT integration and real-time tracking, quality assurance and compliance.


Therefore, the rising awareness of data protection from malware activities within enterprises and consumers is one of the emerging drivers projected to drive the blockchain technology market growth.


RESTRAINING FACTORS


Lack of Skilled Professionals to Hinder Market Growth


Rising digital transformation among industries has increased various threats and cyberattacks. However, organizations face a lack of skilled professionals to overcome the situation of risk factors. Therefore, the adoption of technologically advanced solutions is slow and is anticipated to impact the market growth for the next few years. Further, developing countries, such as India, Peru, Mexico, among others, are facing lack of awareness about the risks associated with data protection. Therefore, the adoption of the technology is likely to be stagnant for a few years.


Blockchain Technology Market Segmentation Analysis


By Component Analysis


Rising Adoption of Cloud Applications to Boost BaaS Segment Share


Based on component, the market is divided into Blockchain-as-a-Service (BaaS) and platform/solution.


The BaaS segment is projected to record the fastest growth rate in the market owing to the increasing usage of cloud-based services, such as smart contracts, crowdfunding, crypto wallet development, and others across enterprises. With the growing awareness of key benefits and increasing demand for this platform, various players are entering the market to offer third-party digital ledger services.


The platform/solution segment is estimated to grow steadily due to increased demand for R3 Corda, Hyperledger Ethereum, Fabric, Ripple, and other solutions in various industries. Platform/solution allows digital ledger network and application developers to design customized Distributed Ledger Technology (DLT) networks for end-users.


By Type Analysis


Private Solutions to Dominate Market due to their Benefits


Based on type, the market is categorized into public, private, hybrid, and consortium.


Private blockchain technology to gain dominant revenue share during the forecast period. Private solutions and services can allow organizations to change regulations at a lower transaction cost and reverse transactions. Also, the benefit of high scalability is expected to fuel the demand for private digital ledger solutions.


The hybrid segment is predicted to witness rapid growth rate during the forecast period owing to greater privacy offered to transactions and data. Along with performance, hybrid digital ledger solutions offer controlled access and thus, the demand for this type is growing in healthcare, real estate, and other industries.


The consortium, also referred to as federated digital ledger, is beneficial where multiple businesses operate in the same industry and leverages a standard platform to streamline the operations. Consortium type offers collaborated platform to facilitate innovation across enterprises.


During the forecast period, the public segment is expected to register a significant CAGR. This robust increase can be attributed to the growing focus of numerous institutions and governments on establishing efficient and open transactions.


By Deployment Analysis


Rising Demand for Improving Online Transactions to Drive Adoption of Proof of Concept Deployment Model


Based on deployment, the market is categorized into pilot, production, and proof of concept. The proof of concept segment is expected to hold the largest market share due to the increasing adoption of this deployment model for enhancing online transaction services in numerous sectors.


The production segment is expected to record the highest CAGR during the forecast timeline. This growth can be attributed to the increasing requirement for simplification of complex business processes and integrated supply chain management software.


By Application Analysis


Increased Adoption of Cloud Services to Boost Application of Digital Ledger Technology in Payments


Based on application, the market is divided into payments, digital identity, supply chain management, smart contracts, Internet of Things (IoT), and others.


The payments segment is expected to have a larger market share. This rise is due to the increasing use of cloud services in payment and transaction procedures. The technology increases the transparency of payment systems, cost-effectiveness, and operational efficiency.


During the forecast period, the digital identity segment is expected to record the fastest CAGR in the market. This is owing to a worrying rise in identity frauds and cyber-attacks across the world.


The supply chain management segment is anticipated to be a significant application in the market. Digital ledger technology can drive transparency in supply chain networks and reduce frauds of costly goods, such as pharmaceutical drugs and diamonds. This technology can also help companies eliminate the impact of counterfeit products.


Similarly, the Internet of Things (IoT) segment is expected to record a significant growth rate during the forecast period as blockchain technology enhances IoT security and brings transparency in its ecosystem.


By Industry Analysis


To know how our report can help streamline your business, Speak to Analyst


BFSI Segment to Increase the Use of Digital Ledger Solutions to Enhance Efficiency


Based on industry, the market is divided into BFSI, government, energy & utilities, government, manufacturing, healthcare & life sciences, telecom, media & entertainment, travel and transportation, telecom, retail & consumer goods, and others.


The increasing adoption of digital ledger solutions and services by banks and other financial institutions to optimize company processes and decrease operational costs has made the BFSI industry a dominant segment in the market.


During the forecast period, the retail & consumer goods industry is projected to exhibit the highest CAGR, owing to the rapid shift on digital technologies. Other industry verticals including healthcare & life sciences, energy & utilities, government, manufacturing, travel and transportation, and telecommunications are expected to grow rapidly.


REGIONAL INSIGHTS


Geographically, the market is fragmented into five regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.


North America Blockchain Technology Market Size, 2023 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


As per the global market statistics, North America dominated the market in 2020. This dominance can be attributed to the growing presence of major players, such as IBM Corporation, Microsoft Corporation, Oracle Corporation, AWS, and Digital Asset Holdings LLC, in the U.S. In addition, this market is highly diverse. As a result, market participants are focusing on extending their geographical presence by providing customized services to clients across the region.


To know how our report can help streamline your business, Speak to Analyst


Europe currently holds the second position in the market and is expected to grow steadily during the forecast period. Governments and private businesses in France, Germany, Italy, Spain, Luxembourg, the Netherlands, and other nations heavily invest in digital currencies. Businesses in the market are concentrating on growing their geographical footprint by providing customized digital ledger services to clients worldwide.


Asia Pacific is expected to record the highest CAGR during the forecast period. Manufacturing companies in China, Japan, Oceania, South Korea, and South East Asia are increasing their technology investments. Furthermore, these countries have a large number of digital ledger technology vendors.


Latin America is expected to witness steady growth during the analysis period. The regional market is going through a phase of transformation owing to increased investments by governments and key players in the oil & gas, energy & utilities, and transportation sectors.


The Middle East & Africa market is in its early stages owing to a rising number of startups and domestic businesses that are investing in the development of digital currencies. Key players are focusing on developing advanced solutions for oil & gas, information technology, and transportation sectors.


List of Key Companies in Blockchain Technology Market


New Product Launches and Enhancements to Existing Products Using Digital Ledger Technology to Augment Market Growth


Key market players are working on creating a wide variety of distributed ledger solutions to address the needs of customers and organizations. The introduction of innovative solutions helps companies increase their business expertise. In addition, the upgrading and expansion of existing product portfolios will improve vendors’ market position.


Market players are concentrating on improving digital ledgers to address security issues that companies and small businesses can face. This also allows businesses to gain access to real-time information. For instance,



  • August 2022 - Amazon Web Services launched ‘Amazon Managed Blockchain Service’ that will support two famous open source blockchain frameworks, Ethereum and Hyperledger Fabric.

  • April 2022- Intel Corporation launched its latest Intel Blockscale ASIC (Application-Specific Integrated Circuit) technology that will provide its consumers with an energy-efficient blockchain hashing for proof-of-work consensus networks.


List of Key Companies Profiled:



KEY INDUSTRY DEVELOPMENTS:



  • April 2023 – The German government, under the Future Finance Act, is planning to introduce regulations for startups associated with financial innovation. The main aim of the legislation is to improve digitalization of capital markets through the issuance of e-securities on a blockchain.

  • April 2023 – Ava Labs, the developer of the Avalanche blockchain platform, introduced new institutional deployments to develop and enhance the blockchain technology environment.

  • April 2023 – The BBK Network deployed a state-based architecture on an Ethereum Virtual Machine (EVM), eliminating the need for open payment channels between two parties. It is designed to overcome various challenges that are hampering the widespread adoption of Decentralized applications (DApps) in the current blockchain technology ecosystems.

  • February 2023 - Wipro Limited, a technology services and consulting company, launched Decentralized Identity and Credential Exchange (DICE) ID, which puts users in control of their data, resulting in faster, more secure, and easier private information sharing online.

  • January 2023 - Amazon Web Services announced a partnership with Ava Labs, which is building layer-1 blockchain Avalanche to scale blockchain adoption across institutions, enterprises, and governments. This partnership will make it easy to launch to individuals and manage nodes on Avalanche.


REPORT COVERAGE


An Infographic Representation of Blockchain Market

To get information on various segments, share your queries with us



The research report highlights leading regions to offer users a better understanding of the market. Furthermore, the report provides insights into the latest industry trends and analyzes technologies deployed at a global level. It further highlights the growth-stimulating factors and restraints, and the market’s competitive landscape to help the reader gain in-depth knowledge about the market.


REPORT SCOPE & SEGMENTATION










































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Unit



Value (USD billion)



Growth Rate



CAGR of 52.8% from 2024 to 2032



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 (By Component, By Type, By Deployment, By Application, By Industry, By Country)

    • U.S. (By Industry)

    • Canada (By Industry)



  • Europe (By Component, By Type, By Deployment, By Application, By Industry, By Country)

    • U.K. (By Industry)

    • Germany (By Industry)

    • France (By Industry)

    • Scandinavia (By Industry)

    • Rest of Europe



  • Asia Pacific (By Component, By Type, By Deployment, By Application, By Industry, By Country)

    • China (By Industry)

    • Japan (By Industry)

    • India (By Industry)

    • Southeast Asia (By Industry)

    • South Korea (By Industry)

    • Rest of Asia Pacific



  • Middle East & Africa (By Component, By Type, By Deployment, By Application, By Industry, By Country)

    • GCC (By Industry)

    • South Africa (By Industry)

    • Rest of Middle East & Africa



  • Latin America (By Component, By Type, By Deployment, By Application, By Industry, By Country)

    • Brazil (By Industry)

    • Mexico (By Industry)

    • Rest of Latin America








Frequently Asked Questions

The market is projected to reach USD 825.93 billion by 2032.

In 2023, the market was valued at USD 17.57 billion.

The market is projected to grow at a CAGR of 52.8% during the forecast period.

By type, the private segment is expected to lead the market.

Rising identity and data theft incidents for digital ledger solutions are driving the market growth.

Accenture PLC, Amazon Web Services, Inc., Applied Blockchain Ltd., IBM Corporation, Intel Corporation, LeewayHeartz, Microsoft Corporation, Oracle Corporation, R3, and Tata Consultancy Services Limited are the top market players.

North America is expected to hold the largest market share.

Asia Pacific is expected to record a remarkable CAGR during the forecast period.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 160

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X