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The global blockchain technology market size was valued at USD 11.14 billion in 2022 and is projected to grow from USD 17.57 billion in 2023 to USD 469.49 billion by 2030, exhibiting a CAGR of 59.9% during the forecast (2023-2030). North America accounted for a market value of USD 5.25 billion in 2022. In our market study, analysts have examined 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,
High Adoption of Digital Technologies in Various Industries during COVID-19 Boosted Demand for Blockchain Solutions
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.
Every sector switched to digitalization to continue business operations during the pandemic period. However, the rising adoption of cloud and Internet of Things (IoT) raised security and privacy issues across all verticals. The technology offers identity protection, transparency in supply chain operations, and protection of health records. Thus, the increasing adoption of digital technologies is predicted to expand the blockchain technology market share. For instance,
Thus, considering the significant contribution in the healthcare industry, blockchain technology gained traction.
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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.
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,
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.
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.
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.
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.
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.
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.
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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.
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.
The North America Blockchain Technology Market size was valued at USD 5.25 Billion in 2022 and is growing at a CAGR of 54.2% from 2023 to 2030. North America dominated the global market with a share of 47.13% in 2022. Global Market share to surge in North America due to the growing presence of major players, such as IBM Corporation, Microsoft Corporation, Oracle Corporation, AWS 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.
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.
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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.
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,
April 2021- Oracle Corporation announced the introduction of Enterprise Distributed Ledger Technology (DLT) for healthcare, financial services, supply chain, and other sectors to fight against COVID-19 pandemic. The company deployed various solutions, such as trusted collected and anchoring authoritative data, tamper-proof test result submission, and verifiable health credentials, to fight against COVID-19.
April 2021- R3, Trames, and IMDA signed a Memorandum of Intent (MOI) to speed up the digitalization of various supply chain and global trade activities. The MOI was expected to boost the usage of a digital solution made by Trames with the help of IMDA’s digital utility and R3’s platform.
An Infographic Representation of Blockchain Market
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The Blockchain Technology Market 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.
Value (USD billion)
CAGR of 59.9% from 2023 to 2030
By Component, Type, Deployment, Application, Industry, and Region
The market is projected to reach USD 469.49 billion by 2030.
In 2022, the market was valued at USD 11.14 billion.
The market is projected to grow at a CAGR of 59.9% 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.
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