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The blockchain technology market size touched USD 11.14 billion in 2022 and is predicted to reach USD 17.57 billion in 2023. The market is anticipated to touch USD 469.49 billion by 2030, recording a CAGR of 59.9% over 2023-2030.
Fortune Business Insights™ displays this information in its latest report titled “Blockchain Technology Market Size, Share & COVID-19 Impact 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, 2023-2030”.
The usage of digital technologies is expanding across the globe every year. This is expected to boost the need for blockchain technology and solutions across a wide range of industries. As more people are preferring to use digital payment systems to pay for their daily transactions, the adoption of this technology is predicted to gain traction in the coming years. Many companies have already started increasing their investments in this technology, which will generate more growth prospects for the market. For example, in May 2021, Ernst & Young Global Limited announced that it invested around USD 100 million to extend its products to the public domain. This move will further help the blockchain technology market share to grow.
Growing Digitization of Various Industries During COVID-19 Enhanced Demand for Digital Ledger Technology
Although the COVID-19 pandemic forced many industries to close down their daily operations, more companies switched to digitization to ensure their business continuity. They also started investing heavily in several advanced technologies, such as digital ledgers, which is expected to accelerate the blockchain technology market growth post-pandemic.
Rising Incidence of Data and Identity Thefts will Boost Adoption of Cryptographic Digital Ledger Solutions
Many companies in the BFSI sector are utilizing digital ledger technologies to make sure that their end-users’ financial data and identity are safe. Some of the technology applications, such as clearing & settlements, cross-border transactions, trade finance platforms, digital identity verification, and credit reporting, are becoming popular in the BFSI sector. These aspects will speed up the market’s expansion.
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New Product Launches and Improvements in Existing Products will Boost Market Growth
Key players in the market are creating advanced solutions to cater to the unique requirements of customers and organizations. These companies are also introducing advanced solutions to help them expand their business expertise. The expansion and upgrading of existing product portfolios of various organizations will improve their market position.
Notable Industry Development:
List of the Companies Profiled in the Report:
Further Report Findings
Table of Segmentation
Value (USD billion)
CAGR of 59.9% from 2023 to 2030
By Component, Type, Deployment, Application, Industry, and Region