Blockchain Technology Market

Global Blockchain Technology Market by Component (Middleware, Infrastructure & Protocols, and Application & Solution), Applications (Supply Chain Management, Digital Identity, Smart Contracts, Exchanges, and Payments), Types (Public Cloud, Hybrid Cloud, and Private Cloud), End Users (Travel, Financial Services, Transportation & Logistics, Government, Retail, Healthcare, Media & Entertainment, and Others), Enterprise Size (Large Enterprises and Small & Medium Enterprises), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2022 – 2030

  • Report ID: ICT-SE-4243
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 212
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The blockchain technology market size was valued at USD 5.90 billion in 2021. The market is projected to expand at a CAGR of 85.7% during the forecast period, 2022 – 2030. The growth of the market is attributed to increased venture capital investing in blockchain technology startups.


Global Blockchain Technology Market by Summary

A blockchain is a collection of information-containing blocks linked together in a chain. The information held within a block is determined by the blockchain type. The objective of this model is to timestamp digital content so that they can't be backdated or tempered. The intention of blockchain is to reduce the requirement for a centralized server in order to address the problem of duplicate records. The blockchain is used to safely transfer the funds such as property, money, and contracts even without a third-party middleman such as a government or bank. It is extremely impossible to alter data after it is been stored in a blockchain. Moreover, blockchain cannot run without internet. The growing interest in the blockchain ecosystem is assisting in the adoption of blockchain across enterprises in an indirect manner. Furthermore, it is built on and functions similarly to the Software as a Service (SaaS) model. Individuals and corporations both are becoming more open to adopting blockchain technology. For instance, in May 2021, Circle Internet Financial Ltd., a blockchain technology company, said that it had raised USD 439 million in fundraising from institutional and strategic investors. This money was used for organizational growth and market expansion by the company.

Legalization of cryptocurrency in several countries has encouraged investors and businesses to invest in blockchain technology. It also motivates market participants to improve their services in order to achieve a competitive advantage. Blockchain technology is projected to become more efficient and effective in the near future as a result of the companies' efforts. DeFi is a blockchain-based emerging financial system that limits banks' control over financial services and money.

Market Trends, Drivers, Restraints, and Opportunities

  • The legalization of bitcoin stimulates further investment in blockchain technology by businesses and investors, which is projected to drive the market.
  • Expanding strategic initiatives in the decentralized financial domain is expected to fuel the market during forecast period.
  • Companies such as PayPal and Xbox accepting cryptocurrencies as a payment method, this is projected to increase the demand for blockchain during the projected period.
  • Several restaurants have formed relationships with bitcoin solution providers in order to provide their customers cryptocurrency-based payments, which is driving the market.
  • Several organizations are attempting to integrate Artificial Intelligence (AI) skills with blockchain in order to improve their products, resulting in new market potential, which is anticipated to boost the market.
  • Legalization of cryptocurrencies in nations like Ukraine and El Salvador is estimated to create immense growth opportunities for the market players.
  • Technical difficulties and operational overhead involved in developing, setting, and operating blockchains, as well as maintaining their infrastructure are estimated to hamper the market growth.

Scope of the Report

The report on the global blockchain technology market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Blockchain Technology Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2021

Historic Data

2019–2020

Forecast Period

2022 – 2030

Segmentation

Components (Middleware, Infrastructure & Protocols, and Application & Solution), Applications (Supply Chain Management, Digital Identity, Smart Contracts, Exchanges, and Payments), Types (Public Cloud, Hybrid Cloud, and Private Cloud), End Users (Travel, Financial Services, Transportation & Logistics, Government, Retail, Healthcare, Media & Entertainment, and Others), Enterprise Size (Large Enterprises and Small & Medium Enterprises)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Ripple, IBM Corp., Monax, Microsoft Corp., Global Arena Holding, Inc. (GAHI), Primechain Technologies, The Linux Foundation, Digital Asset Holdings, LLC, BTL Group Ltd., Deloitte Touche Tohmatsu Ltd., Chain, Inc., Circle Internet Financial Ltd.

Market Segment Insights

The infrastructure & protocols segment accounted for around 61% of the total market share in 2021

Based on components, the market is segregated into middleware, infrastructure & protocols, and application & solution. The infrastructure & protocols segment accounted for around 61% of the total market share in 2021. The growing need for blockchain standards and protocols like Hyperledger, Openchain, and Ethereum, is propelling the market. Protocols are in high demand because they allow users to securely and reliably communicate information across bitcoin networks. As a result, the advantages provided by infrastructure and protocols are assisting in the segment's expansion.

The digital identity segment is estimated to expand at a high CAGR during the forecast period

On the basis of applications, the market is fragmented into supply chain management, digital identity, smart contracts, exchanges, and payments. The digital identity segment is estimated to expand at a high CAGR during the forecast period. Companies that provide digital identification are forming alliances with blockchain technology suppliers, which is propelling the market. For instance, Ontology, an enterprise blockchain platform, and Spherity GmbH, a digital identification company, announced their alliance in May 2020. The blockchain technology of the previous company was merged with Spherity GmbH's Cloud-Edge Identity Wallet as a result of this collaboration.


global blockchain technology market by applications

The public cloud segment held more than 60% of the total market share in 2021

In terms of types, the market is divided into public cloud, hybrid cloud, and private cloud. The public cloud segment held more than 60% of the total share and dominated the market in 2021. A public cloud blockchain is a multi-tenant system in which computing resources are shared among multiple clients. Various government agencies around the world are currently combining traditional systems with cloud technologies. The demand for public cloud is significant because it allows businesses to compete on price.

The private cloud segment is projected to grow at a significant rate during the forecast period. Organizations can use private cloud services to get dedicated infrastructure and resources. Companies can reverse transactions at low transaction costs using a private cloud. This is propelling the segment.


global blockchain technology market by types

The financial services segment held around 37% of the total market share in 2021

Based on end-users, the market is segmented into travel, financial services, transportation & logistics, government, retail, healthcare, media & entertainment, and others. The financial services segment held around 37% of the total market share in 2021. Blockchain technology is used in financial services to manage financial transactions in businesses. The need for blockchain technology in financial services is being driven by the technology's ability to deliver secure and efficient transactions. It is projected that the technology will be widely embraced in this vertical, because of these characteristics such as reduced total cost of ownership, Initial Coin Offerings (ICOs), rapid transactions, high industry ecosystem compatibility, and rising cryptocurrencies.

The small & medium enterprises segment is estimated to expand at a high CAGR during the forecast period

On the basis of enterprise size, the market is bifurcated into large enterprises and small & medium enterprises. The small & medium enterprises segment is estimated to expand at a high CAGR during the forecast period. Small and medium businesses have a hard time scaling processes like funding, processing payments, and selecting supplementary services that are necessary for worldwide expansion. They can use blockchain technology to solve problems like subsidizing and transferring accounts. Furthermore, blockchain technology's secure and safe data exchanges and smart contracts assist small and medium businesses in streamlining supply chains. Furthermore, blockchain-based storage systems allow small businesses to securely and affordably store data.

North America dominated the global market in 2021

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the global market in 2021. Organizations in the region are increasingly adopting blockchain technology, which is propelling the regional market. Digital identity detection solutions, payment and wallet solutions, and smart contracts are being implemented by industries such as BFSI, retail, and government, necessitating the use of blockchain technologies. Furthermore, a rise in cryptocurrency adoption among North Americans is one of the primary drivers driving regional market growth.


global blockchain technology market by regions

Segments

The global blockchain technology market has been segmented on the basis of
Component

  • Middleware
  • Infrastructure & Protocols
  • Application & Solution

Applications

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

Types

  • Public Cloud
  • Hybrid Cloud
  • Private Cloud

End Users

  • Travel
  • Financial Services
  • Transportation & Logistics
  • Government
  • Retail
  • Healthcare
  • Media & Entertainment
  • Others

Enterprise Size

  • Large Enterprises
  • Small & Medium Enterprises

Regions

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

Key Players

Competitive Landscape

Key players competing in the blockchain technology market include Ripple, IBM Corp., Monax, Microsoft Corp., Global Arena Holding, Inc. (GAHI), Primechain Technologies, The Linux Foundation, Digital Asset Holdings, LLC, BTL Group Ltd., Deloitte Touche Tohmatsu Ltd., Chain, Inc., Circle Internet Financial Ltd. Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years. For instance,

  • In September 2019, Signzy Technologies Private Ltd., a RegTech business, established a cooperation with Primechain Technologies, a blockchain startup. The goal of the collaboration was to create AI-powered smart banking solutions for banks and financial institutions.
Global Blockchain Technology Market by Key Players
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Blockchain Technology Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Blockchain Technology Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Blockchain Technology Market - Supply Chain
  4.5. Global Blockchain Technology Market Forecast
     4.5.1. Blockchain Technology Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Blockchain Technology Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Blockchain Technology Market Absolute $ Opportunity
5. Global Blockchain Technology Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Blockchain Technology Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Blockchain Technology Demand Share Forecast, 2019-2026
6. North America Blockchain Technology Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Blockchain Technology Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Blockchain Technology Demand Share Forecast, 2019-2026
7. Latin America Blockchain Technology Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Blockchain Technology Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Blockchain Technology Demand Share Forecast, 2019-2026
8. Europe Blockchain Technology Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Blockchain Technology Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Blockchain Technology Demand Share Forecast, 2019-2026
9. Asia Pacific Blockchain Technology Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Blockchain Technology Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Blockchain Technology Demand Share Forecast, 2019-2026
10. Middle East & Africa Blockchain Technology Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Blockchain Technology Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Blockchain Technology Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Blockchain Technology Market: Market Share Analysis
  11.2. Blockchain Technology Distributors and Customers
  11.3. Blockchain Technology Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Ripple
     11.4.2. IBM Corp.
     11.4.3. Monax
     11.4.4. Microsoft Corp.
     11.4.5. Global Arena Holding, Inc. (GAHI)
     11.4.6. Primechain Technologies
     11.4.7. The Linux Foundation
     11.4.8. Digital Asset Ho

The global blockchain technology market has been segmented on the basis of
Component

  • Middleware
  • Infrastructure & Protocols
  • Application & Solution

Applications

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

Types

  • Public Cloud
  • Hybrid Cloud
  • Private Cloud

End Users

  • Travel
  • Financial Services
  • Transportation & Logistics
  • Government
  • Retail
  • Healthcare
  • Media & Entertainment
  • Others

Enterprise Size

  • Large Enterprises
  • Small & Medium Enterprises

Regions

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

Key Players

Key players competing in the blockchain technology market include Ripple, IBM Corp., Monax, Microsoft Corp., Global Arena Holding, Inc. (GAHI), Primechain Technologies, The Linux Foundation, Digital Asset Holdings, LLC, BTL Group Ltd., Deloitte Touche Tohmatsu Ltd., Chain, Inc., Circle Internet Financial Ltd. Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years. For instance,

  • In September 2019, Signzy Technologies Private Ltd., a RegTech business, established a cooperation with Primechain Technologies, a blockchain startup. The goal of the collaboration was to create AI-powered smart banking solutions for banks and financial institutions.
Global Blockchain Technology Market by Key Players

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