Table of Contents
Introduction
According to a report by Fortune Business Insights, the global blockchain technology market is expected to reach a staggering value of USD 469.49 billion by 2030, with a compound annual growth rate (CAGR) of 59.9% during the forecast period from 2023 to 2030. The market size of blockchain technology was valued at USD 11.14 billion in 2022. The increasing demand for cloud-based services and the opportunities created by the COVID-19 pandemic have been major drivers of the growth of this market.
The Rise of Cloud-Based Services
In recent years, the demand for cloud-based services has seen a dramatic increase. The COVID-19 pandemic has further accelerated this trend by creating a need for virtual work platforms and software-as-a-service solutions to ensure work continuity for companies. The blockchain technology market has benefited from this demand, as it provides secure and reliable solutions for data storage and management.
Growing Demand for Blockchain-as-a-Service (BaaS)
Blockchain-as-a-Service (BaaS) has emerged as an ideal solution for small and medium-sized enterprises (SMEs) looking to safeguard their digital entities and authenticate human identities. SMEs are increasingly adopting BaaS products, which has contributed to the growth of the market. The demand for BaaS is expected to continue rising during the forecast period, further fueling market growth.
Key Industry Developments
Several notable developments have taken place in the blockchain technology market, showcasing the increasing adoption and innovation in this field. For instance, IBM Corporation partnered with Moderna to create a smart supply chain for COVID-19 vaccines, utilizing blockchain applications such as Digital Health Pass to securely share vaccine-related information. Another significant collaboration occurred between Applied Blockchain Ltd. and the Confidential Computing Consortium, driving innovation and bringing new perspectives to confidential computing. These developments highlight the potential of blockchain technology in various industries and its ability to address specific challenges.
Key Takeaways
Here are some key takeaways from the report:
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North America accounted for the largest market share in 2022, with a market size of USD 5.25 billion. The presence of numerous blockchain technology providers in the region has contributed to its growth.
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The rising usage of cryptocurrencies such as Bitcoin and Internet of Things (IoT) solutions is expected to accelerate market growth.
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The BFSI segment is projected to exhibit steady growth, driven by the high demand for faster and more secure transactions.
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The increasing need for safe and secure recording of transactions is boosting the adoption of distributed ledger technology (DLT) systems, contributing to market growth.
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The growing concerns over financial data safety are driving the demand for blockchain technology in various industries.
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Blockchain-as-a-Service (BaaS) dominates the market due to the rising adoption of cloud applications.
Leading Players in the Market
The leading players in the global blockchain technology market include Accenture PLC, Amazon Web Services, Inc., Wipro Limited, IBM Corporation, Intel Corporation, LeewayHeartz, Microsoft Corporation, Oracle Corporation, R3, and Tata Consultancy Services Limited. These companies are at the forefront of innovation in blockchain technology and are continuously upgrading their product ranges and launching new solutions to meet the evolving needs of businesses and consumers.
Market Segmentation
The report provides a detailed analysis of the market segmentation based on various factors, including component, type, application, deployment, industry, and geography. Here is a breakdown of the segmentation:
Component
- Platform/Solution
- Blockchain as a Service (BaaS)
Type
- Public
- Private
- Hybrid
- Consortium
Application
- Digital Identity
- Payments
- Smart Contracts
- Supply Chain Management
- Internet of Things
- Others
Deployment
- Proof of Concept
- Pilot
- Production
Industry
- BFSI
- Energy & Utilities
- Government
- Healthcare and Life Sciences
- Manufacturing
- Telecom, Media & Entertainment
- Retail & Consumer Goods
- Travel and Transportation
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights
North America holds a dominant position in the global blockchain technology market, thanks to the presence of key players such as IBM Corporation, Microsoft Corporation, Oracle Corporation, AWS, and Digital Asset Holdings LLC in the United States. The region is expected to continue leading the market globally throughout the forecast period. Europe holds the second position in the market, with governments and businesses in many countries heavily investing in digital currencies, which will fuel the market in the coming years.
Competitive Landscape
Key players in the blockchain technology market are continuously upgrading their product ranges and launching new solutions to cater to the growing demands of companies and consumers. These companies are also focused on improving the security of their digital ledgers to help small businesses overcome daily challenges. The market is highly competitive, with players vying for market share and striving to solidify their positions.
Conclusion
The global blockchain technology market is poised for significant growth in the coming years, with a projected value of USD 469.49 billion by 2030. The increasing demand for cloud-based services, growing adoption of BaaS, and the need for secure and efficient transaction recording are driving market growth. Key players in the market are continuously innovating and upgrading their product ranges to meet the evolving needs of businesses and consumers. North America and Europe are leading the market, with the presence of key players and government investments in digital currencies. The future of blockchain technology looks promising, with its potential to revolutionize various industries and address critical challenges.
