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Blockchain Technology Market to Reach USD 825.93 Billion by 2032; Growing Data & Identity Thefts to Augment Market Growth

May 25, 2023 | Information & Technology

The blockchain technology market size touched USD 17.57 billion in 2023 and is predicted to reach USD 27.84 billion in 2024. The market is anticipated to touch USD 825.93 billion by 2032, recording a CAGR of 52.8% over 2024-2032.


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, 2022-2032”.


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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/blockchain-market-100072


Competitive Landscape


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:



  • February 2021 – Applied Blockchain Ltd. announced that it partnered with Confidential Computing Consortium to help the latter boost innovation and introduce perspectives to innovative confidential computing solutions.


List of the Companies Profiled in the Report:



  • Accenture PLC (Ireland)

  • Amazon Web Services, Inc. (U.S.)

  • Wipro Limited (India)

  • IBM Corporation (U.S.)

  • Intel Corporation (U.S.)

  • LeewayHeartz (U.S.)

  • Microsoft Corporation (U.S.)

  • Oracle Corporation (U.S.)

  • R3 (U.S.)

  • Tata Consultancy Services Limited (India)


Further Report Findings



  • The BaaS segment is expected to register the fastest growth rate during the forecast period as the usage of cloud-based services, such as crowdfunding, smart contracts, crypto wallet development, and other solutions, is growing across companies. Since customers are becoming more aware of the benefits of digital ledger technologies, they are becoming more reliant on this platform. This has encouraged many emerging players to enter the market to deliver third-party digital ledger services.

  • The proof of concept segment is expected to account for the largest market share during the forecast timeline as the adoption of this deployment model is increasing in many industry verticals.

  • North America held a dominant market share in 2020. This robust growth of the regional market can be credited to the rising presence of reputed companies dealing in blockchain technology in the U.S. such as IBM Corporation, Microsoft Corporation, Oracle Corporation, AWS, and Digital Asset Holdings LLC. As a result, many companies operating in this market are focusing on improving their geographical presence by offering personalized services and solutions to clients across the region.


Table of 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, Type, Deployment, Application, Industry, and Region



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




Blockchain Technology Market
  • PDF
  • 2023
  • 2019-2022
  • 160

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