PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1308673
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1308673
Blockchain Market Forecasts to 2030 - Global Analysis By Provider, Type, Component, Organization Size, Application, End User and By Geography
According to Stratistics MRC, the Global Blockchain Market is accounted for $10.6 billion in 2023 and is expected to reach $404.1 billion by 2030 growing at a CAGR of 68.2% during the forecast period. Blockchain is an efficient way of storing information that makes it difficult, if not impossible, to modify, hack, or abuse the system. Increased finance and investment in blockchain technology are among the market factors. The block is made up of digital bits of information that record information such as the date, time, payment participants, and so on. Each block is issued a unique code known as a hash. If a code hash has been assigned to the block, it is ready to be placed on the blockchain. Blockchain technology has a wide range of applications, including agriculture, healthcare, retail, and others.
Market Dynamics:
Driver:
Rise in government initiatives to enhance platforms of blockchain and services
Blockchain technology has attracted the attention of stakeholders from a variety of industries. Because of the rising interest in this technology, several government entities are engaging in research activities to develop blockchain solutions. The government sector observes numerous transactions and information exchanges on a daily basis. This data could be about disbursements, purchases, sales, fees, fines, certificates, or approvals. Various government institutions around the world are currently implementing blockchain technology to improve transparency and efficiency in their operations, as well as the overall experience of public service delivery. However, blockchain technology allows for the recording of transactions on distributed ledgers, which has various potential uses for government entities in terms of raising transparency, avoiding fraud, and improving operational efficiency.
Restraint:
Security, privacy, and control of blockchain transactions
Transactions are being transformed and revolutionized by blockchain technology. However, in order to benefit from these benefits, companies must overcome certain security, privacy, and control concerns. A distributed public ledger records the transactions. Hackers might benefit from a larger attack surface in order to obtain access to crucial and sensitive data. If a blockchain-based solution is used to hold secret contract information/payment data, copying the file may give hackers more access to it. By compromising the key, hackers can gain access to the database in both a hub-and-spoke arrangement and a distributed database. The main reason for the reduced deployment of cryptography solutions is privacy issues in blockchain technologies.
Opportunity:
Rise in venture capital investments and funding
The adoption of blockchain technology solutions for numerous commercial applications such as payments, exchanges, smart contracts, documentation, and digital identification has risen dramatically in the past 2-3 years. Venture capitalists raised their investments in blockchain technology during the first half of 2022. Total capital inflows into the blockchain space were USD 30.5 billion in 2021. By July 2022, this figure had been surpassed.
Threat:
Uncertain regulatory and compliance landscape
One of the most difficult issues in modernizing transaction systems is regulatory acceptance. The lack of laws and the related uncertainty are the most significant barriers to blockchain adoption across most industries. Some countries prohibit the use of ICOs. Regulatory agencies must comprehend what gaps exist in current regulations and how they affect overall technological applications. Financial institutions all across the world are working to develop uniform standards for blockchain technology. The distributed ledger technology is still in its early stages, which poses certain concerns for regulators and policymakers at both the national and international levels. Because the overall system cannot be regulated, regulators are uncertain of the blockchain IoT technology's potential.
COVID-19 Impact:
The COVID-19 epidemic forced the closure of most manufacturing plants, disrupting the whole economy and investments in digital technology. The pandemic had an enormous effect on blockchain technology. Key industry companies have made considerable investments and restructured their digital strategies, which is expected to boost demand for digital ledger technology post-pandemic. The epidemic has hastened the adoption of digital technologies in a variety of industries, from government to retail. The World Health Organization (WHO) collaborated with IBM, Microsoft, and Oracle Corporation to create MiPasa, a distributed data platform based on a digital ledger, in April 2020. HACERA developed MiPasa to find infection hotspots and COVID-19 carriers all around the world. It aims to detect coronaviruses early and track COVID-19 epidemic data.
The large enterprises segment is expected to be the largest during the forecast period:
Large Enterprises segment is expected to dominate the largest share over the forecast period. Large enterprises are characterized as organizations with 1,000 or more employees. Since its launch, blockchain technology has sparked the curiosity of businesses all over the world, with many experiments done primarily by large corporations together with technology suppliers. Another factor contributing to major organizations' significant market share in the blockchain market is substantial R&D investments in developing the best-fit technology to improve an organization's business efficiency. However, large firms have the benefit of having enough finance and other resources to embrace emerging technology, allowing them to dominate the blockchain market.
The private segment is expected to have the highest CAGR during the forecast period:
Private segment is witnessed to have lucrative growth over the projection period. Organizations can use private solutions and services to modify regulations at a lower transaction cost and reverse transactions. Furthermore, the advantage of great scalability is projected to drive demand for private digital ledger solutions. Additionally, businesses can use the private section to reverse transactions and modify restrictions while spending limited transaction costs. Moreover, the rising focus of various businesses and governments on establishing efficient and open transactions has contributed to the segment's growth.
Region with largest share:
Due to early blockchain adoption as well as the participation of various suppliers offering security and Blockchain solutions, the North America region is projected to grow throughout the dominance period. However, enterprises in this region are progressively employing security and vulnerability analysis solutions to facilitate data security, prevent cyber-attacks and commercial espionage, and provide data privacy and security for business continuity. Apart from manufacturing supply chains, data registries, digital identity, and record management, blockchain technology can be implemented into a wide range of other systems.
Region with highest CAGR:
North America region is expected to hold profitable growth over the extrapolated period as it is a major contributor to the global blockchain market. One of the primary factors fueling the growth of the blockchain market in North America is the presence of significant businesses in this region, such as IBM, AWS, Leeway Hertz, and others. Blockchain technology solutions are being developed by companies in this region to improve the customer experience. Furthermore, governments have also taken steps to raise awareness about blockchain technology, such as hosting Blockchain Expos around the world, as demand for blockchain technology grows and business operations become more efficient.
Key players in the market
Some of the key players in Blockchain market include Accenture , Amazon Web Services, AWS, Bitfury, Blockchain Foundry, Blockcypher, Huawei, IBM, Infosys, Intel, NTT Data, Oracle, SAP, TCS and Wipro.
Key Developments:
In January 2023, AWS partners with Ava Labs. This partnership is expected to scale blockchain adoption across enterprises, institutions, and governments. Avalanche blockchain infrastructure and decentralized applications (DApps) are expected to be supported by AWS.
In November 2022, NTT DOCOMO and Accenture partnered to accelerate the adoption and application of Web3 for addressing social issues.
In November 2022, Infosys partnered with VMware to launch the Blockchain-based Vital Records Management Solution. In this partnership, Infosys leveraged VMware Blockchain for Ethereum for the verification of vital records.
In August 2022, InfStones and Oracle collaborated to accelerate Web3 development by integrating InfStones' leading blockchain development platform with Oracle Cloud Infrastructure (OCI).
In May 2022, Huawei signed a Memorandum of Understanding (MoU) with ChainUp. This partnership is expected to work to jointly promote the development of the blockchain technology within the Fintech ecosystem in Singapore.
Providers Covered:
- Infrastructure Providers
- Middleware Providers
- Application Providers
Types Covered:
- Hybrid
- Private
- Public
- Other Types
Components Covered:
- Services
- Platform
- Other Components
Organization Sizes Covered:
- Small and Medium Sized Enterprises
- Large Enterprises
Applications Covered:
- Banking, Financial Services & Insurance (BFSI)
- Energy & Utilities
- Food & Agriculture
- Healthcare & Life Sciences
- IT & Telecom
- Manufacturing
- Media & Entertainment
- Retail & E-Commerce
- Transportation & Logistics
- Travel and Hospitality
- Real Estate & Construction
- Government
- Other Applications
End Users Covered:
- Documentation
- Digital Identity
- Exchanges
- Supply Chain Management
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Blockchain Market, By Provider
- 5.1 Introduction
- 5.2 Infrastructure Providers
- 5.3 Middleware Providers
- 5.4 Application Providers
6 Global Blockchain Market, By Type
- 6.1 Introduction
- 6.2 Hybrid
- 6.3 Private
- 6.4 Public
- 6.5 Other Types
7 Global Blockchain Market, By Component
- 7.1 Introduction
- 7.2 Services
- 7.2.1 Support and Maintenance Services
- 7.2.2 Development and Integration Services
- 7.2.3 Technology Advisory and Consulting Services
- 7.3 Platform
- 7.4 Other Components
8 Global Blockchain Market, By Organization Size
- 8.1 Introduction
- 8.2 Small and Medium Sized Enterprises
- 8.3 Large Enterprises
9 Global Blockchain Market, By Application
- 9.1 Introduction
- 9.2 Banking, Financial Services & Insurance (BFSI)
- 9.2.1 Compliance Management/KYC
- 9.2.2 Identity Management
- 9.2.3 Exchanges & Remittance
- 9.2.4 Payments, Clearing & Settlement
- 9.2.5 Identity management & fraud detection
- 9.2.6 Death & claims management
- 9.2.7 GRC management
- 9.2.8 Other Banking, Financial Services & Insurance (BFSI)
- 9.3 Energy & Utilities
- 9.3.1 Payment Schemes
- 9.3.2 GRC Management
- 9.3.3 Supply Chain Management
- 9.3.4 Energy Trading
- 9.3.5 Grid Management
- 9.3.6 Other Energy & Utility Applications
- 9.4 Food & Agriculture
- 9.4.1 Payment & Settlement
- 9.4.2 Smart Contracts
- 9.5 Healthcare & Life Sciences
- 9.5.1 Claims Adjudication & Billing Management
- 9.5.2 Clinical Data Exchange & Interoperability
- 9.5.3 Other Healthcare & Life Sciences
- 9.6 IT & Telecom
- 9.6.1 Connectivity Provisioning
- 9.6.2 OSS/BSS Processes
- 9.6.3 Other IT & Telecoms
- 9.7 Manufacturing
- 9.7.1 Quality Control & Compliance
- 9.7.2 Logistics & Supply Chain Management
- 9.7.3 Business Process Optimization
- 9.7.4 Asset Tracking & Management
- 9.7.5 Predictive Maintenance
- 9.7.6 Other Manufacturings
- 9.8 Media & Entertainment
- 9.8.1 Payments
- 9.8.2 Online Gaming
- 9.8.3 Content Security
- 9.8.4 Smart Contracts
- 9.8.5 Digital Advertising
- 9.8.6 Licensing & Rights Management
- 9.9 Retail & E-Commerce
- 9.9.1 Loyalty & Rewards Management
- 9.9.2 Other Retail & E-Commerce
- 9.10 Transportation & Logistics
- 9.10.1 Mobility Solutions
- 9.10.2 Financing
- 9.10.3 Other Transportation & Logistics
- 9.11 Travel and Hospitality
- 9.12 Real Estate & Construction
- 9.12.1 Tokenization & asset management
- 9.12.2 Other Real Estate & Construction
- 9.13 Government
- 9.13.1 Voting
- 9.13.2 Asset registry
- 9.14 Other Applications
10 Global Blockchain Market, By End User
- 10.1 Introduction
- 10.2 Documentation
- 10.3 Digital Identity
- 10.4 Exchanges
- 10.5 Supply Chain Management
- 10.6 Other End Users
11 Global Blockchain Market, By Geography
- 11.1 Introduction
- 11.2 North America
- 11.2.1 US
- 11.2.2 Canada
- 11.2.3 Mexico
- 11.3 Europe
- 11.3.1 Germany
- 11.3.2 UK
- 11.3.3 Italy
- 11.3.4 France
- 11.3.5 Spain
- 11.3.6 Rest of Europe
- 11.4 Asia Pacific
- 11.4.1 Japan
- 11.4.2 China
- 11.4.3 India
- 11.4.4 Australia
- 11.4.5 New Zealand
- 11.4.6 South Korea
- 11.4.7 Rest of Asia Pacific
- 11.5 South America
- 11.5.1 Argentina
- 11.5.2 Brazil
- 11.5.3 Chile
- 11.5.4 Rest of South America
- 11.6 Middle East & Africa
- 11.6.1 Saudi Arabia
- 11.6.2 UAE
- 11.6.3 Qatar
- 11.6.4 South Africa
- 11.6.5 Rest of Middle East & Africa
12 Key Developments
- 12.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 12.2 Acquisitions & Mergers
- 12.3 New Product Launch
- 12.4 Expansions
- 12.5 Other Key Strategies
13 Company Profiling
- 13.1 Accenture
- 13.2 Amazon Web Services
- 13.3 AWS
- 13.4 Bitfury
- 13.5 Blockchain Foundry
- 13.6 Blockcypher
- 13.7 Huawei
- 13.8 IBM
- 13.9 Infosys
- 13.10 Intel
- 13.11 NTT Data
- 13.12 Oracle
- 13.13 SAP
- 13.14 TCS
- 13.15 Wipro
List of Tables
- Table 1 Global Blockchain Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Blockchain Market Outlook, By Provider (2021-2030) ($MN)
- Table 3 Global Blockchain Market Outlook, By Infrastructure Providers (2021-2030) ($MN)
- Table 4 Global Blockchain Market Outlook, By Middleware Providers (2021-2030) ($MN)
- Table 5 Global Blockchain Market Outlook, By Application Providers (2021-2030) ($MN)
- Table 6 Global Blockchain Market Outlook, By Type (2021-2030) ($MN)
- Table 7 Global Blockchain Market Outlook, By Hybrid (2021-2030) ($MN)
- Table 8 Global Blockchain Market Outlook, By Private (2021-2030) ($MN)
- Table 9 Global Blockchain Market Outlook, By Public (2021-2030) ($MN)
- Table 10 Global Blockchain Market Outlook, By Other Types (2021-2030) ($MN)
- Table 11 Global Blockchain Market Outlook, By Component (2021-2030) ($MN)
- Table 12 Global Blockchain Market Outlook, By Services (2021-2030) ($MN)
- Table 13 Global Blockchain Market Outlook, By Support and Maintenance Services (2021-2030) ($MN)
- Table 14 Global Blockchain Market Outlook, By Development and Integration Services (2021-2030) ($MN)
- Table 15 Global Blockchain Market Outlook, By Technology Advisory and Consulting Services (2021-2030) ($MN)
- Table 16 Global Blockchain Market Outlook, By Platform (2021-2030) ($MN)
- Table 17 Global Blockchain Market Outlook, By Other Components (2021-2030) ($MN)
- Table 18 Global Blockchain Market Outlook, By Organization Size (2021-2030) ($MN)
- Table 19 Global Blockchain Market Outlook, By Small and Medium Sized Enterprises (2021-2030) ($MN)
- Table 20 Global Blockchain Market Outlook, By Large Enterprises (2021-2030) ($MN)
- Table 21 Global Blockchain Market Outlook, By Application (2021-2030) ($MN)
- Table 22 Global Blockchain Market Outlook, By Banking, Financial Services & Insurance (BFSI) (2021-2030) ($MN)
- Table 23 Global Blockchain Market Outlook, By Compliance Management/KYC (2021-2030) ($MN)
- Table 24 Global Blockchain Market Outlook, By Identity Management (2021-2030) ($MN)
- Table 25 Global Blockchain Market Outlook, By Exchanges & Remittance (2021-2030) ($MN)
- Table 26 Global Blockchain Market Outlook, By Payments, Clearing & Settlement (2021-2030) ($MN)
- Table 27 Global Blockchain Market Outlook, By Identity management & fraud detection (2021-2030) ($MN)
- Table 28 Global Blockchain Market Outlook, By Death & claims management (2021-2030) ($MN)
- Table 29 Global Blockchain Market Outlook, By GRC management (2021-2030) ($MN)
- Table 30 Global Blockchain Market Outlook, By Other Banking, Financial Services & Insurance (BFSI) (2021-2030) ($MN)
- Table 31 Global Blockchain Market Outlook, By Energy & Utilities (2021-2030) ($MN)
- Table 32 Global Blockchain Market Outlook, By Payment Schemes (2021-2030) ($MN)
- Table 33 Global Blockchain Market Outlook, By GRC Management (2021-2030) ($MN)
- Table 34 Global Blockchain Market Outlook, By Supply Chain Management (2021-2030) ($MN)
- Table 35 Global Blockchain Market Outlook, By Energy Trading (2021-2030) ($MN)
- Table 36 Global Blockchain Market Outlook, By Grid Management (2021-2030) ($MN)
- Table 37 Global Blockchain Market Outlook, By Other Energy & Utility Applications (2021-2030) ($MN)
- Table 38 Global Blockchain Market Outlook, By Food & Agriculture (2021-2030) ($MN)
- Table 39 Global Blockchain Market Outlook, By Payment & Settlement (2021-2030) ($MN)
- Table 40 Global Blockchain Market Outlook, By Smart Contracts (2021-2030) ($MN)
- Table 41 Global Blockchain Market Outlook, By Healthcare & Life Sciences (2021-2030) ($MN)
- Table 42 Global Blockchain Market Outlook, By Claims Adjudication & Billing Management (2021-2030) ($MN)
- Table 43 Global Blockchain Market Outlook, By Clinical Data Exchange & Interoperability (2021-2030) ($MN)
- Table 44 Global Blockchain Market Outlook, By Other Healthcare & Life Sciences (2021-2030) ($MN)
- Table 45 Global Blockchain Market Outlook, By IT & Telecom (2021-2030) ($MN)
- Table 46 Global Blockchain Market Outlook, By Connectivity Provisioning (2021-2030) ($MN)
- Table 47 Global Blockchain Market Outlook, By OSS/BSS Processes (2021-2030) ($MN)
- Table 48 Global Blockchain Market Outlook, By Other IT & Telecoms (2021-2030) ($MN)
- Table 49 Global Blockchain Market Outlook, By Manufacturing (2021-2030) ($MN)
- Table 50 Global Blockchain Market Outlook, By Quality Control & Compliance (2021-2030) ($MN)
- Table 51 Global Blockchain Market Outlook, By Logistics & Supply Chain Management (2021-2030) ($MN)
- Table 52 Global Blockchain Market Outlook, By Business Process Optimization (2021-2030) ($MN)
- Table 53 Global Blockchain Market Outlook, By Asset Tracking & Management (2021-2030) ($MN)
- Table 54 Global Blockchain Market Outlook, By Predictive Maintenance (2021-2030) ($MN)
- Table 55 Global Blockchain Market Outlook, By Other Manufacturings (2021-2030) ($MN)
- Table 56 Global Blockchain Market Outlook, By Media & Entertainment (2021-2030) ($MN)
- Table 57 Global Blockchain Market Outlook, By Payments (2021-2030) ($MN)
- Table 58 Global Blockchain Market Outlook, By Online Gaming (2021-2030) ($MN)
- Table 59 Global Blockchain Market Outlook, By Content Security (2021-2030) ($MN)
- Table 60 Global Blockchain Market Outlook, By Smart Contracts (2021-2030) ($MN)
- Table 61 Global Blockchain Market Outlook, By Digital Advertising (2021-2030) ($MN)
- Table 62 Global Blockchain Market Outlook, By Licensing & Rights Management (2021-2030) ($MN)
- Table 63 Global Blockchain Market Outlook, By Retail & E-Commerce (2021-2030) ($MN)
- Table 64 Global Blockchain Market Outlook, By Loyalty & Rewards Management (2021-2030) ($MN)
- Table 65 Global Blockchain Market Outlook, By Other Retail & E-Commerce (2021-2030) ($MN)
- Table 66 Global Blockchain Market Outlook, By Transportation & Logistics (2021-2030) ($MN)
- Table 67 Global Blockchain Market Outlook, By Mobility Solutions (2021-2030) ($MN)
- Table 68 Global Blockchain Market Outlook, By Financing (2021-2030) ($MN)
- Table 69 Global Blockchain Market Outlook, By Other Transportation & Logistics (2021-2030) ($MN)
- Table 70 Global Blockchain Market Outlook, By Travel and Hospitality (2021-2030) ($MN)
- Table 71 Global Blockchain Market Outlook, By Real Estate & Construction (2021-2030) ($MN)
- Table 72 Global Blockchain Market Outlook, By Tokenization & asset management (2021-2030) ($MN)
- Table 73 Global Blockchain Market Outlook, By Other Real Estate & Construction (2021-2030) ($MN)
- Table 74 Global Blockchain Market Outlook, By Government (2021-2030) ($MN)
- Table 75 Global Blockchain Market Outlook, By Voting (2021-2030) ($MN)
- Table 76 Global Blockchain Market Outlook, By Asset registry (2021-2030) ($MN)
- Table 77 Global Blockchain Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 78 Global Blockchain Market Outlook, By End User (2021-2030) ($MN)
- Table 79 Global Blockchain Market Outlook, By Documentation (2021-2030) ($MN)
- Table 80 Global Blockchain Market Outlook, By Digital Identity (2021-2030) ($MN)
- Table 81 Global Blockchain Market Outlook, By Exchanges (2021-2030) ($MN)
- Table 82 Global Blockchain Market Outlook, By Supply Chain Management (2021-2030) ($MN)
- Table 83 Global Blockchain Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
