Global Blockchain Technology Market Size, Share, Growth Analysis, By Type(Public cloud, Private cloud), By Component(Application & Solution, Infrastructure & Protocols), By Application(Digital identity, Exchanges) - Industry Forecast 2024-2031

Global Blockchain Technology Market size was valued at USD 10.66 Billion in 2022 and is poised to grow from USD 17.32 Billion in 2023 to USD 842.24 Billion by 2031, at a CAGR of 62.5% during the forecast period (2024-2031).

Blockchain technology, employing consensus-based algorithms, facilitates data access, exchange, and security sans intermediaries. The onset of the COVID-19 pandemic has amplified reliance on internet services across various sectors like finance, healthcare, science, commerce, transportation, and communication, consequently escalating the demand for blockchain solutions. Furthermore, its adaptable nature across diverse domains propels its global adoption, with numerous companies and governments harnessing its potential to address COVID-19 challenges. Examples of its pandemic applications include scientific experiment management, user data control, healthcare supply chain integrity assurance, database consolidation, donor monitoring, contact tracing, and virus spread tracking.

Top-down and bottom-up approaches were used to estimate and validate the size of the global blockchain technology market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Blockchain Technology Market Segmental Analysis

The global blockchain technology market is segmented on the basis of type, component, application, and region. By type, the market is segmented into public cloud, private cloud, and hybrid cloud. By component, the market is segmented into application & solution, infrastructure & protocols, and middleware. By application, the market is segmented into digital identity, exchanges, payments, smart contracts, supply chain management, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Blockchain Technology Market

The continuous expansion of the blockchain market can be attributed to several key factors. Firstly, a noticeable surge in venture capital and investment directed towards blockchain technology has propelled its advancement. Secondly, the widespread adoption of blockchain solutions in sectors like banking and cybersecurity has been instrumental in driving market growth, as organizations recognize its value in enhancing security and efficiency. Moreover, the strong adoption of blockchain solutions for diverse applications such as smart contracts, payments, and digital identities has further fueled the market's expansion. Lastly, increased government initiatives have provided substantial support and encouragement to the development and implementation of blockchain technology, contributing significantly to its thriving growth rate.

Restraints in the Global Blockchain Technology Market

With the expansion of connectivity, IoT devices encounter increasing security risks such as botnet and DDoS attacks, as well as vulnerabilities in interfaces, leaving them susceptible to exploitation by cybercriminals. Yet, integrating blockchain technology into IoT can notably fortify security protocols, reducing the likelihood of data breaches and augmenting the safety and intelligence of IoT systems. Through blockchain integration, the security of IoT devices is strengthened, furnishing enhanced protection against potential threats.

Market Trends of the Global Blockchain Technology Market

The increasing emphasis lies in crafting blockchain solutions with interoperability and integration capabilities, allowing them to seamlessly meld with established systems and networks. This evolving trend seeks to streamline data exchange and cooperation across diverse blockchain platforms, ultimately bolstering efficiency and usability across the board.