PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1516508
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1516508
The global blockchain market size is projected to grow from USD 20.1 billion in 2024 to USD 248.9 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 65.5% during the forecast period. The combination of AI and IoT, and blockchain technology drives significant growth by securing data and ensuring tamper-proof records.
Scope of the Report | |
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Years Considered for the Study | 2018-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | USD (Billion) |
Segments | Component, Provider, Type, Deployment Mode, Organization Size, Vertical, And Region |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
"By Component, services Segment expected to grow at higher CAGR during the forecast period"
The demand for blockchain professional services is rising alongside blockchain adoption. These services include consulting, development & integration, and support & maintenance. Providers like IBM, AWS, and Accenture offer expertise in navigating the complexities of blockchain technology, from strategic planning to custom application development and ongoing maintenance. This comprehensive support empowers businesses to leverage blockchain's potential for innovation and operational efficiency. blockchain professional services can offer ongoing support, including security audits and node management, ensuring a smooth operation and security of an organization's blockchain implementation. By collaborating with these professionals, businesses can navigate the intricacies of blockchain technology, maximizing its potential for their specific needs.
"By Organization Size, SMEs segment is expected to grow at higher CAGR during forecast period"
SMEs face high barriers to entry and low protection from market forces. The operational costs are also high because of the several intermediaries for trading across regions. This restrains the expansion of implementation in small and medium-sized enterprises (SMEs) with limited funding. In situations like these, blockchain technology can be useful as it enables the enterprises to reduce costs by eliminating these intermediaries. SMEs can also leverage blockchain technology to automate manual or semi-automated activities such as payroll, inventory management, and invoicing in their routine day-to-day operations.
Breakdown of primaries
Major vendors in the global blockchain market include AWS (US), Oracle (US), IBM (US), Huawei (China), Accenture (Ireland), TCS (India), Google (US), Alibaba (China), Microsoft (US), OVHcloud (France), SAP (Germany), and HPE (US) and other players in the blockchain market.
The study includes an in-depth competitive analysis of the key players in the blockchain market, their company profiles, recent developments, and key market strategies.
Research Coverage
The report segments the blockchain market and forecasts its size by Component (platform and services), by Provider (Application Providers, Infrastructure Providers and Middleware Providers), by Type (Public, Private, Hybrid, Consortium), by Deployment Mode (Cloud, On-Premise, Hybrid), by Organization Size (SMEs, Large enterprise), by Application (Transportation & Logistics, Agriculture & Food, Manufacturing, Energy & Utilities, Healthcare & Life Sciences, Media, Advertising & Entertainment, Banking & Financial Services, Insurance, IT & Telecom, Retail & eCommerce, Government, Real Estate & Construction, Other Applications). The study also includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall blockchain market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.