Global Blockchain Market Size, Share, Trends, COVID-19 and Growth Forecast Report – Segmented By Component (B-a-a-S and Platform/Solution), Type (Public, Private and Consortium), Deployment (Pilot, Production, and Proof of Concept), Application (Payments, Digital Identity, Supply Chain Management, Smart Contracts, and Others), Industry (BFSI, Government, Energy & Utilities, Manufacturing, Healthcare and Life Sciences, Travel and Transportation, Telecom, Retail & Consumer Goods, Media & Entertainment, and Others) and Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) – Industry Forecast from 2024 to 2029

Updated On: January, 2024
ID: 8295
Pages: 170

Global Blockchain Market Size (2024 to 2029)

The global blockchain market is anticipated to be worth USD 16.22 billion in 2023 and to reach USD 152 billion by 2029, growing at a CAGR of 45.2% during the forecast period.

Current Scenario of the Global Blockchain Market

Blockchain is a digital, distributed ledger that records transactions and maintains identical copies of data on numerous systems owned by different entities. Every system in the blockchain network is in direct touch with every other system in the network. Every transaction in the network is recorded in the ledger continuously and sequentially, forming a chain of transactions. It is made up of blocks that each store a batch of legitimate transactions. Each block has a timestamp and is connected to the one before it. A chain-like structure is formed by the linked blocks. As a result, the term "blockchain" was coined. Data can't be removed from a blockchain database in any way after it's been entered. Blockchain is designed to be safe, transparent, fault-tolerant, auditable, and efficient. By sharing, an accurate and verifiable record of every transaction ever made and the information contained therein is kept safe from tampering and change. It helps decentralize technology and reduce bureaucracy by allowing value to be exchanged inside a network without intermediaries or third parties.

MARKET DRIVERS

Following the debut of Bitcoin, blockchain technology exploded, and it is now being used by a variety of financial institutions to conduct transactions. In the last couple of years, blockchain technology solutions have exploded in popularity for a variety of commercial applications, including payments, exchanges, smart contracts, documentation, and digital identification. Many startups have entered the market and begun developing blockchain-based solutions.

Blockchain technology offers enormous potential in a variety of fields, including banking, cybersecurity, and the Internet of Things. IoT devices are widely used in numerous application areas, such as smart city projects, smart transportation, vehicular networking and autonomous vehicles, smart grids, and smart homes. IoT devices are becoming more prevalent, and numerous businesses are developing new technology use cases based on IoT devices. Several pioneers are using blockchain solutions to construct a decentralized network of IoT devices, eliminating the requirement for a central site to manage device connectivity. Blockchain technology is supposed to allow devices to connect directly, obviating the need for additional monitoring systems.

MARKET RESTRAINTS

In the blockchain market, regulatory ambiguity is still a problem. The lack of rules and the ensuing ambiguities are some of the most significant barriers to blockchain adoption in most verticals. Some governments have outlawed the use of initial coin offerings (ICOs). One of the most difficult aspects of modernizing transaction systems is regulatory acceptance. With the rapid advancement of technology, regulatory agencies must evaluate what gaps exist in current regulations and how they affect total technological applications. Financial institutions from across the world are collaborating to develop blockchain technology standards.

The distributed ledger technology is still in its infancy, which creates concerns among regulators and policymakers at both the national and international levels. Regulators remain dubious about blockchain IoT technology's potential because the technology as a whole cannot be regulated; only technological use cases such as payments, smart contracts, documentation, and digital identity can be regulated. Only the application cases of blockchain technology that can be regulated are money, smart contracts, documentation, and digital identification. The regulatory status of blockchain technology is questionable due to challenges such as standardization and interoperability. Furthermore, the blockchain technology market is heavily impacted by ambiguous rules. There is currently no agreed set of standards for executing cryptocurrency transactions.

Blockchain technology has the potential to disrupt and revolutionize transactions, but to reap the benefits, businesses must overcome key security, privacy, and control challenges. Hackers can profit from a bigger attack surface to obtain access to crucial and sensitive information since blockchain transactions are recorded in a distributed public ledger. If a blockchain solution holds sensitive contract or payment data, copying the file could provide hackers more access. In both a hub-and-spoke and a distributed database, a key can be used to access the database if a key is compromised. The need for more adoption of cryptographic solutions is mostly due to the privacy issue with blockchain solutions.

Impact of COVID-19 on the Global Blockchain Market

The reliance on online enterprises has expanded dramatically because of the COVID-19 outbreak. The Internet is being used by BFSI, healthcare and life sciences, manufacturing, retail, transportation and logistics, and other industries to provide critical services to consumers. The demand for a Blockchain system has surged among vendors. Digital ways of doing business and the use of emails with home servers became the new business continuity plan (BCP) for various enterprises because of social distancing norms. With the increased usage of mobile devices and internet penetration around the world, people are becoming more interested in using Blockchain. Organizations have become more vulnerable to privacy problems because of changing patterns and scattered IT architectures, fuelling demand for blockchain solutions.

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

CAGR

45.2%

Segments Covered

By Component, Type, Deployment, Application, Industry, Region

 

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

  Market Leaders Profiled

IBM (US), AWS (US), Intel (US), SAP (Germany), TCS (India), Infosys (India), Accenture (Ireland), Bitfury (Netherlands), Cegeka (Netherlands), Applied Blockchain (UK), and others

 

SEGMENTAL ANALYSIS 

Global Blockchain Market Analysis By Component

Developers of digital ledger networks and applications can utilize the platform/solution to create customized distributed ledger (DLT) networks for end-users. Because of rising demand in many industries for platforms such as Hyperledger Fabric, Ethereum, R3 Corda, Ripple, and others, the platform/solutions are expected to expand significantly. Due to increased enterprise use of cloud-based services such as smart contracts, crowdfunding, crypto wallet development, and others, B-a-a-S is expected to grow at the quickest rate.

Global Blockchain Market Analysis By Type

The private category is expected to have the largest market share because it can limit transaction engagement and consensus procedures. Businesses can save money using private solutions and services to reverse transactions and change legislation.

A consortium, also known as a federated digital ledger, is useful when multiple organizations operate in the same industry and use a single platform to streamline operations. The consortium concept provides a forum for significant corporations to collaborate to foster innovation.

The public type is predicted to increase with the fastest CAGR throughout the projection period. The rise can be ascribed to multiple institutions and governments' increasing focus on developing efficient and open transactions.

Global Blockchain Market  Analysis By Deployment

The proof of concept is predicted to have the greatest market share due to the increasing implementation of proof of concept for improving online transaction services in a variety of sectors. Production deployment is likely to have the highest CAGR over the forecast period. This is due to the growing need for simplified business processes and integrated supply chain management software.

Global Blockchain Market  Analysis By Application

The digital identity application is predicted to expand at the fastest CAGR during the forecast period. The increase is attributed to an increase in the number of worldwide identity scams and cyber-attacks.

Supply chain management using digital ledger technology is projected to promote openness and reduce fraud on expensive products like pharmaceutical medications and diamonds. The technology will assist businesses in reducing the impact of counterfeit products on consumers. As a result, supply chain management is expected to become a prominent market application.

The payment app, on the other hand, is predicted to have a bigger blockchain market share. The surge can be attributed to the growing use of cloud services in payment and transaction processes. Because of the technology, payment systems become more transparent, cost-effective, and operationally efficient.

Global Blockchain Market Analysis  By Industry

 

The BFSI industry is predicted to have a substantial market share due to banks' and other financial institutions' rising adoption of digital ledger solutions and services to streamline company processes and reduce operating costs.

The retail and consumer products business is expected to grow at the fastest rate during the estimated period. Healthcare and life sciences, energy and utilities, government, manufacturing, travel and transportation, and telecommunications are among the other industries that are predicted to grow rapidly.

REGIONAL ANALYSIS 

North America is predicted to grow at a 30.5% compound annual growth rate (CAGR) in the global blockchain industry during the forecast period. The expansion of the Blockchain market in this area has been fuelled by high investments in research and development activities and increased usage of blockchain technology. Rising IT sector growth and widespread adoption of blockchain solutions in industries such as retail, e-commerce, and others are driving considerable market growth in this area.

Europe is the second-largest market, with growth expected to be modest throughout the foreseeable period. Governments and private companies in France, Germany, Italy, Spain, Luxembourg, the Netherlands, and other nations are heavily investing in digital currencies. Businesses in the industry are concentrating on growing their global footprint by providing bespoke digital ledger services to clients all over the world.

Asia Pacific is expected to grow at the fastest rate during the projected period. Manufacturing firms in China, Japan, Oceania, South Korea, and Southeast Asia are boosting their technological investments. In addition, these countries have a considerable number of digital ledger technology vendors.

During the forecast period, Latin America is expected to grow steadily. The market is thought to be transitioning due to increased government and important player investment in the oil and gas, energy and utilities, and transportation sectors. Similarly, due to an increasing number of startups and local enterprises engaging in the creation of digital currencies, the Middle East African market is still in its early phases. The development of new solutions for industries such as oil and gas, information technology, and transportation is a priority for key stakeholders.

KEY PLAYERS IN THE GLOBAL BLOCKCHAIN MARKET

Companies playing a promising role in the global blockchain market include IBM (US), AWS (US), Intel (US), SAP (Germany), TCS (India), Infosys (India), Accenture (Ireland), Bitfury (Netherlands), Cegeka (Netherlands) and Applied Blockchain (UK).

RECENT HAPPENINGS IN THE GLOBAL BLOCKCHAIN MARKET

  • In India, Accenture and Microsoft are assisting ten entrepreneurs focused on social impact and sustainability in scaling their innovative solutions and business models. Project Amplify is an Asia Pacific-wide collaboration that stimulates the growth of 33 entrepreneurs throughout the region.
  • Applied Blockchain, Inc. has added 70MW to its long-term hosting contracts, increasing the total to 185MW. The new hosting agreements represent a 61% increase in Applied Blockchain's long-term hosting services, demonstrating the company's capacity to satisfy the rising demand for Bitcoin mining solutions.
  • TCS has signed a strategic transformation agreement with Zebra Technologies Corporation to lead the latter's IT agile transformation and supply DevSecOps services to maintain its emphasis on innovation.
  • Cegeka, a prominent provider of IT&C solutions, has partnered with Moldova's DAS Solutions in Chisinau. As part of the new partnership, Cegeka will hire 25 employees and sign 12 overseas customer contracts.

DETAILED SEGMENTATION OF THE GLOBAL BLOCKCHAIN MARKET INCLUDED IN THIS REPORT

This research report on the global blockchain market has been segmented and sub-segmented based on component, type, deployment, application, industry, and region.

By Component

  • Blockchain-as-a-Service
  • Platform/Solution

By Type

  • Public
  • Private
  • Consortium

By Deployment

  • Pilot
  • Production
  • Proof of Concept

By Application

  • Payments
  • Digital Identity
  • Supply Chain Management
  • Smart Contracts
  • Others

Global Blockchain Market - By Industry

  • BFSI
  • Government
  • Energy & Utilities
  • Manufacturing
  • Healthcare and Life Sciences
  • Travel and Transportation
  • Telecom
  • Retail & Consumer Goods
  • Media & Entertainment
  • Others

Global Blockchain Market - By Region

  • North America
  • Latin America
  • Asia Pacific
  • Europe
  • Middle East & Africa

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Frequently Asked Questions

What are the key factors driving the growth of the global blockchain market?

The global blockchain market is anticipated to grow at a CAGR of 45.2% from 2024 to 2029.

Which industries contribute the most to the share of the global blockchain market?

Industries such as finance, healthcare, supply chain, and logistics are among the leading contributors to the share of the global blockchain market, leveraging the technology for enhanced efficiency and security.

Are there challenges hindering the widespread adoption of blockchain technology?

Challenges include scalability issues, regulatory uncertainties, and the need for standardization. Overcoming these challenges is crucial for the widespread adoption of blockchain technology.

Who are the key players in the global blockchain market?

IBM (US), AWS (US), Intel (US), SAP (Germany), TCS (India), Infosys (India), Accenture (Ireland), Bitfury (Netherlands), Cegeka (Netherlands) and Applied Blockchain (UK) are some of the major players in the global blockchain market.

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