Product Code: GVR-1-68038-329-4
Blockchain Technology Market Growth & Trends:
The global blockchain technology market size is expected to reach USD 1,431.54 billion by 2030, growing at a CAGR of 87.7% from 2023 to 2030, according to a new report by Grand View Research, Inc.. The market growth can be attributed to the increasing digitalization across the BFSI sector. Furthermore, the growing use of contactless blockchain digital ticketing at various events is also expected to drive the market's growth.
The growing use of cryptocurrency worldwide is also anticipated to drive the market growth. This is because cryptocurrencies such as Ethereum and Bitcoin operate on blockchain technology. The demand for cryptocurrency is increasing due to benefits such as easy transactions, inflation hedges, and enhanced security. According to the statistics provided by TripleA, a cryptocurrency solution provider, more than 300 million people worldwide used or owned cryptocurrency in 2021.
In June 2023, QuickNode teamed up with Chainlink Labs in a collaborative effort to foster the expansion of blockchain ecosystems. Their joint mission involves furnishing a robust and secure core infrastructure to facilitate the seamless scalability of blockchain projects. QuickNode extended its support to the developer community by sponsoring the Chainlink Spring 2023 Hackathon. This initiative aims to empower Web3 builders by enhancing their skill sets and enabling them to use blockchain infrastructure efficiently.
The COVID-19 pandemic is expected to positively impact the market growth over the forecast period. The growing online sales due to COVID-19 are expected to create a demand for blockchain technology among e-commerce companies. E-commerce companies use blockchain technology for supply chain management.
Blockchain Technology Market Report Highlights:
- In terms of type, the public cloud segment is expected to retain its dominance over the forecast period. The accessibility and ease of deployment provided by public cloud services make them attractive to a wide range of organizations, from startups to large enterprises, facilitating broader adoption of blockchain technology
- In terms of component, the infrastructure & protocol segment dominated the market in 2022 and is expected to witness significant growth over the forecast period. The demand for the infrastructure & protocol is high among network developers as it helps them develop customized networks for their clients
- In terms of application, the digital identity segment is expected to emerge at the highest CAGR during the forecast period. The rise of online services, e-commerce, and remote work has accelerated the demand for robust digital identity solutions. Blockchain's ability to enhance security, privacy, and user control over personal information aligns with these evolving needs
- In terms of enterprise size, the large enterprise segment dominated the market in 2022. The rapid adoption of blockchain technology by large enterprises to enable digital services across different business channels accentuated the segment growth
- In terms of end-use, the financial services segment dominated the market in 2022. The increasing investment in blockchain technology by finance service providers propelled the segment's growth
- The Asia Pacific region's large and rapidly expanding population, including a significant number of tech-savvy millennials, has created a vast user base and market for blockchain applications. This demographic is increasingly open to innovative financial services, such as cryptocurrencies and digital wallets, which are gaining traction in the region
Table of Contents
Chapter 1 Methodology and Scope
- 1.1 Research Methodology
- 1.2 Research Scope and Assumptions
- 1.3 List of Data Sources
Chapter 2 Executive Summary
- 2.1 Market Snapshot
- 2.2 Segment Snapshot
- 2.3 Competitive Landscape Snapshot
Chapter 3 Blockchain Technology Industry Outlook
- 3.1 Market Segmentation and Scope
- 3.2 Blockchain Technology Market - Value Chain Analysis
- 3.3 Blockchain Technology Market - Market Dynamics
- 3.3.1 Market driver analysis
- 3.3.1.1 Increasing acceptance of cryptocurrency among merchants
- 3.3.1.2 Growing market for alternative cryptocurrencies
- 3.3.1.3 Growing interest in blockchain among financial institutions
- 3.3.2 Market restraint analysis
- 3.3.2.1 Regulatory uncertainty
- 3.3.3 Market opportunity analysis
- 3.3.3.1 Instant settlement of financial transactions
- 3.3.3.2 Netting and clearing process to achieve an optimized settlement
- 3.4 Blockchain Technology Market - Market Adoption Timelines
- 3.5 Blockchain Technology Market - Porter's Five Forces Analysis
- 3.6 Blockchain Technology Market - PESTEL Analysis
- 3.7 Blockchain in the Public Sector Market - Use Case Analysis
- 3.7.1 Exonum land title registry - Georgia
- 3.7.2 uPort decentralized identity - Zug, Switzerland
- 3.7.3 Government of Estonia
- 3.7.4 U.S.
- 3.7.5 Smart Dubai
- 3.8 Blockchain Technology Cost Analysis
- 3.8.1 Blockchain development through outsourcing
- 3.8.1.1 Hiring a blockchain development team
- 3.8.1.2 Blockchain app development cost
- 3.8.1.3 Blockchain wallet development
- 3.8.1.4 Smart contract development
- 3.8.2 Blockchain solutions fundamental cost
- 3.8.2.1 Transaction volume
- 3.8.2.2 Transaction size
- 3.8.2.3 Node hosting method
- 3.8.2.4 Consensus protocol
- 3.8.3 Blockchain cost model
- 3.8.3.1 Assumptions
- 3.8.3.2 Cost model
- 3.9 Blockchain in the Public Sector Market - Funding Initiative Analysis
- 3.9.1 Blockchain funding initiatives in the public sector
Chapter 4 Blockchain Technology Type Outlook
- 4.1 Blockchain Technology Market Share by Type, 2022 & 2030
- 4.2 Public Cloud
- 4.2.1 Public cloud blockchain technology market, 2017 - 2030
- 4.3 Private Cloud
- 4.3.1 Private cloud blockchain technology market, 2017 - 2030
- 4.4 Hybrid Cloud
- 4.4.1 Hybrid cloud blockchain technology market, 2017 - 2030
Chapter 5 Blockchain Technology Component Outlook
- 5.1 Blockchain Technology Market Share by Component, 2022 & 2030
- 5.2 Application & Solution
- 5.2.1 Blockchain technology application & solution market, 2017 - 2030
- 5.3 Infrastructure & Protocols
- 5.3.1 Blockchain technology infrastructure & protocol market, 2017 - 2030
- 5.4 Middleware
- 5.4.1 Blockchain technology middleware market, 2017 - 2030
Chapter 6 Blockchain Technology Application Outlook
- 6.1 Blockchain Technology Market Share by Application, 2022 & 2030
- 6.2 Digital Identity
- 6.2.1 Blockchain technology market in digital identity, 2017 - 2030
- 6.3 Exchanges
- 6.3.1 Blockchain technology market in exchanges, 2017 - 2030
- 6.4 Payments
- 6.4.1 Blockchain technology market in payments, 2017 - 2030
- 6.5 Smart Contracts
- 6.5.1 Blockchain technology market in smart contracts, 2017 - 2030
- 6.6 Supply Chain Management
- 6.6.1 Blockchain technology market in supply chain management, 2017 - 2030
- 6.7 Others
- 6.7.1 Blockchain technology market in other applications, 2017 - 2030
Chapter 7 Blockchain Technology Enterprise Size Outlook
- 7.1 Blockchain Technology Market Share by Enterprise Size, 2022 & 2030
- 7.2 Large Enterprises
- 7.2.1 Blockchain technology market in large enterprises, 2017 - 2030
- 7.3 Small & Medium Enterprises
- 7.3.1 Blockchain technology market in small & medium enterprises, 2017 - 2030
Chapter 8 Blockchain Technology End-use Outlook
- 8.1 Blockchain Technology Market Share by End-use, 2022 & 2030
- 8.2 Financial Services
- 8.2.1 Blockchain technology market in financial services, 2017 - 2030
- 8.3 Government
- 8.3.1 Blockchain technology market in government, 2017 - 2030
- 8.4 Healthcare
- 8.4.1 Blockchain technology market in healthcare, 2017 - 2030
- 8.5 Media & Entertainment
- 8.5.1 Blockchain technology market in media & entertainment, 2017 - 2030
- 8.6 Retail
- 8.6.1 Blockchain technology market in retail, 2017 - 2030
- 8.7 Transportation & Logistics
- 8.7.1 Blockchain technology market in transportation & logistics, 2017 - 2030
- 8.8 Travel
- 8.8.1 Blockchain technology market in travel, 2017 - 2030
- 8.9 Others
- 8.9.1 Blockchain technology market in other end-uses, 2017 - 2030
Chapter 9 Blockchain Technology Regional Outlook
- 9.1 Blockchain Technology Market Share, by Region, 2022 & 2030
- 9.2 North America
- 9.2.1 North America blockchain technology market, 2017 - 2030
- 9.2.2 North America blockchain technology market, by type, 2017 - 2030
- 9.2.3 North America blockchain technology market, by component, 2017 - 2030
- 9.2.4 North America blockchain technology market, by application, 2017 - 2030
- 9.2.5 North America blockchain technology market, by enterprise size, 2017 - 2030
- 9.2.6 North America blockchain technology market, by end-use, 2017 - 2030
- 9.2.7 U.S.
- 9.2.7.1 U.S. blockchain technology market, 2017 - 2030
- 9.2.7.2 U.S. blockchain technology market, by type, 2017 - 2030
- 9.2.7.3 U.S. blockchain technology market, by component, 2017 - 2030
- 9.2.7.4 U.S. blockchain technology market, by application, 2017 - 2030
- 9.2.7.5 U.S. blockchain technology market, by enterprise size, 2017 - 2030
- 9.2.7.6 U.S. blockchain technology market, by end-use, 2017 - 2030
- 9.2.8 Canada
- 9.2.8.1 Canada blockchain technology market, 2017 - 2030
- 9.2.8.2 Canada blockchain technology market, by type, 2017 - 2030
- 9.2.8.3 Canada blockchain technology market, by component, 2017 - 2030
- 9.2.8.4 Canada blockchain technology market, by application, 2017 - 2030
- 9.2.8.5 Canada blockchain technology market, by enterprise size, 2017 - 2030
- 9.2.8.6 Canada blockchain technology market, by end-use, 2017 - 2030
- 9.2.9 Mexico
- 9.2.9.1 Mexico blockchain technology market, 2017 - 2030
- 9.2.9.2 Mexico blockchain technology market, by type, 2017 - 2030
- 9.2.9.3 Mexico blockchain technology market, by component, 2017 - 2030
- 9.2.9.4 Mexico blockchain technology market, by application, 2017 - 2030
- 9.2.9.5 Mexico blockchain technology market, by enterprise size, 2017 - 2030
- 9.2.9.6 Mexico blockchain technology market, by end-use, 2017 - 2030
- 9.3 Europe
- 9.3.1 Europe blockchain technology market, 2017 - 2030
- 9.3.2 Europe blockchain technology market, by type, 2017 - 2030
- 9.3.3 Europe blockchain technology market, by component, 2017 - 2030
- 9.3.4 Europe blockchain technology market, by application, 2017 - 2030
- 9.3.5 Europe blockchain technology market, by enterprise size, 2017 - 2030
- 9.3.6 Europe blockchain technology market, by end-use, 2017 - 2030
- 9.3.7 UK
- 9.3.7.1 UK blockchain technology market, 2017 - 2030
- 9.3.7.2 UK blockchain technology market, by type, 2017 - 2030
- 9.3.7.3 UK blockchain technology market, by component, 2017 - 2030
- 9.3.7.4 UK blockchain technology market, by application, 2017 - 2030
- 9.3.7.5 UK blockchain technology market, by enterprise size, 2017 - 2030
- 9.3.7.6 UK blockchain technology market, by end-use, 2017 - 2030
- 9.3.8 Germany
- 9.3.8.1 Germany blockchain technology market, 2017 - 2030
- 9.3.8.2 Germany blockchain technology market, by type, 2017 - 2030
- 9.3.8.3 Germany blockchain technology market, by component, 2017 - 2030
- 9.3.8.4 Germany blockchain technology market, by application, 2017 - 2030
- 9.3.8.5 Germany blockchain technology market, by enterprise size, 2017 - 2030
- 9.3.8.6 Germany blockchain technology market, by end-use, 2017 - 2030
- 9.3.9 France
- 9.3.9.1 France blockchain technology market, 2017 - 2030
- 9.3.9.2 France blockchain technology market, by type, 2017 - 2030
- 9.3.9.3 France blockchain technology market, by component, 2017 - 2030
- 9.3.9.4 France blockchain technology market, by application, 2017 - 2030
- 9.3.9.5 France blockchain technology market, by enterprise size, 2017 - 2030
- 9.3.9.6 France blockchain technology market, by end-use, 2017 - 2030
- 9.4 Asia Pacific
- 9.4.1 Asia Pacific blockchain technology market, 2017 - 2030
- 9.4.2 Asia Pacific blockchain technology market, by type, 2017 - 2030
- 9.4.3 Asia Pacific blockchain technology market, by component, 2017 - 2030
- 9.4.4 Asia Pacific blockchain technology market, by application, 2017 - 2030
- 9.4.5 Asia Pacific blockchain technology market, by enterprise size, 2017 - 2030
- 9.4.6 Asia Pacific blockchain technology market, by end-use, 2017 - 2030
- 9.4.7 China
- 9.4.7.1 China blockchain technology market, 2017 - 2030
- 9.4.7.2 China blockchain technology market, by type, 2017 - 2030
- 9.4.7.3 China blockchain technology market, by component, 2017 - 2030
- 9.4.7.4 China blockchain technology market, by application, 2017 - 2030
- 9.4.7.5 China blockchain technology market, by enterprise size, 2017 - 2030
- 9.4.7.6 China blockchain technology market, by end-use, 2017 - 2030
- 9.4.8 Japan
- 9.4.8.1 Japan blockchain technology market, 2017 - 2030
- 9.4.8.2 Japan blockchain technology market, by type, 2017 - 2030
- 9.4.8.3 Japan blockchain technology market, by component, 2017 - 2030
- 9.4.8.4 Japan blockchain technology market, by application, 2017 - 2030
- 9.4.8.5 Japan blockchain technology market, by enterprise size, 2017 - 2030
- 9.4.8.6 Japan blockchain technology market, by end-use, 2017 - 2030
- 9.4.9 Australia
- 9.4.9.1 Australia blockchain technology market, 2017 - 2030
- 9.4.9.2 Australia blockchain technology market, by type, 2017 - 2030
- 9.4.9.3 Australia blockchain technology market, by component, 2017 - 2030
- 9.4.9.4 Australia blockchain technology market, by application, 2017 - 2030
- 9.4.9.5 Australia blockchain technology market, by enterprise size, 2017 - 2030
- 9.4.9.6 Australia blockchain technology market, by end-use, 2017 - 2030
- 9.4.10 India
- 9.4.10.1 India blockchain technology market, 2017 - 2030
- 9.4.10.2 India blockchain technology market, by type, 2017 - 2030
- 9.4.10.3 India blockchain technology market, by component, 2017 - 2030
- 9.4.10.4 India blockchain technology market, by application, 2017 - 2030
- 9.4.10.5 India blockchain technology market, by enterprise size, 2017 - 2030
- 9.4.10.6 India blockchain technology market, by end-use, 2017 - 2030
- 9.4.11 South Korea
- 9.4.11.1 South Korea blockchain technology market, 2017 - 2030
- 9.4.11.2 South Korea blockchain technology market, by type, 2017 - 2030
- 9.4.11.3 South Korea blockchain technology market, by component, 2017 - 2030
- 9.4.11.4 South Korea blockchain technology market, by application, 2017 - 2030
- 9.4.11.5 South Korea blockchain technology market, by enterprise size, 2017 - 2030
- 9.4.11.6 South Korea blockchain technology market, by end-use, 2017 - 2030
- 9.5 South America
- 9.5.1 South America blockchain technology market, 2017 - 2030
- 9.5.2 South America blockchain technology market, by type, 2017 - 2030
- 9.5.3 South America blockchain technology market, by component, 2017 - 2030
- 9.5.4 South America blockchain technology market, by application, 2017 - 2030
- 9.5.5 South America blockchain technology market, by enterprise size, 2017 - 2030
- 9.5.6 South America blockchain technology market, by end-use, 2017 - 2030
- 9.5.7 Brazil
- 9.5.7.1 Brazil blockchain technology market, 2017 - 2030
- 9.5.7.2 Brazil blockchain technology market, by type, 2017 - 2030
- 9.5.7.3 Brazil blockchain technology market, by component, 2017 - 2030
- 9.5.7.4 Brazil blockchain technology market, by application, 2017 - 2030
- 9.5.7.5 Brazil blockchain technology market, by enterprise size, 2017 - 2030
- 9.5.7.6 Brazil blockchain technology market, by end-use, 2017 - 2030
- 9.6 MEA
- 9.6.1 MEA blockchain technology market, 2017 - 2030
- 9.6.2 MEA blockchain technology market, by type, 2017 - 2030
- 9.6.3 MEA blockchain technology market, by component, 2017 - 2030
- 9.6.4 MEA blockchain technology market, by application, 2017 - 2030
- 9.6.5 MEA blockchain technology market, by enterprise size, 2017 - 2030
- 9.6.6 MEA blockchain technology market, by end-use, 2017 - 2030
- 9.6.7 Kingdom of Saudi Arabia (KSA)
- 9.6.7.1 Kingdom of Saudi Arabia (KSA) blockchain technology market, 2017 - 2030
- 9.6.7.2 Kingdom of Saudi Arabia (KSA) blockchain technology market, by type, 2017 - 2030
- 9.6.7.3 Kingdom of Saudi Arabia (KSA) blockchain technology market, by component, 2017 - 2030
- 9.6.7.4 Kingdom of Saudi Arabia (KSA) blockchain technology market, by application, 2017 - 2030
- 9.6.7.5 Kingdom of Saudi Arabia (KSA) blockchain technology market, by enterprise size, 2017 - 2030
- 9.6.7.6 Kingdom of Saudi Arabia (KSA) blockchain technology market, by end-use, 2017 - 2030
- 9.6.8 UAE
- 9.6.8.1 UAE blockchain technology market, 2017 - 2030
- 9.6.8.2 UAE blockchain technology market, by type, 2017 - 2030
- 9.6.8.3 UAE blockchain technology market, by component, 2017 - 2030
- 9.6.8.4 UAE blockchain technology market, by application, 2017 - 2030
- 9.6.8.5 UAE blockchain technology market, by enterprise size, 2017 - 2030
- 9.6.8.6 UAE blockchain technology market, by end-use, 2017 - 2030
- 9.6.9 South Africa
- 9.6.9.1 South Africa blockchain technology market, 2017 - 2030
- 9.6.9.2 South Africa blockchain technology market, by type, 2017 - 2030
- 9.6.9.3 South Africa blockchain technology market, by component, 2017 - 2030
- 9.6.9.4 South Africa blockchain technology market, by application, 2017 - 2030
- 9.6.9.5 South Africa blockchain technology market, by enterprise size, 2017 - 2030
- 9.6.9.6 South Africa blockchain technology market, by end-use, 2017 - 2030
Chapter 10 Competitive Analysis
- 10.1 Recent Developments & Impact Analysis, By Key Market Participants
- 10.2 Company Categorization
- 10.3 Vendor Landscape
- 10.3.1 Key company ranking/company market share analysis, 2022
- 10.4 Company Analysis Tools
- 10.4.1 Company market position analysis
- 10.4.2 Competitive dashboard analysis
Chapter 11 Competitive Landscape
- 11.1 BTL Group Ltd.
- 11.1.1 Company overview
- 11.1.2 Product benchmarking
- 11.1.3 Strategic initiatives
- 11.2 Chain, Inc.
- 11.2.1 Company overview
- 11.2.2 Product benchmarking
- 11.2.3 Strategic initiatives
- 11.3 Circle Internet Financial Limited
- 11.3.1 Company overview
- 11.3.2 Product benchmarking
- 11.3.3 Strategic initiatives
- 11.4 Deloitte Touche Tohmatsu Limited
- 11.4.1 Company overview
- 11.4.2 Financial information
- 11.4.3 Product benchmarking
- 11.4.4 Strategic initiatives
- 11.5 Digital Asset Holdings, LLC
- 11.5.1 Company overview
- 11.5.2 Financial information
- 11.5.3 Product benchmarking
- 11.5.4 Strategic initiatives
- 11.6 Global Arena Holding, Inc. (GAHI)
- 11.6.1 Company overview
- 11.6.2 Financial information
- 11.6.3 Product benchmarking
- 11.6.4 Strategic initiatives
- 11.7 IBM Corporation
- 11.7.1 Company overview
- 11.7.2 Financial information
- 11.7.3 Product benchmarking
- 11.7.4 Strategic initiatives
- 11.8 The Linux Foundation
- 11.8.1 Company overview
- 11.8.2 Product benchmarking
- 11.8.3 Strategic initiatives
- 11.9 Microsoft Corporation
- 11.9.1 Company overview
- 11.9.2 Financial information
- 11.9.3 Product benchmarking
- 11.9.4 Strategic initiatives
- 11.10 Monax
- 11.10.1 Company overview
- 11.10.2 Product benchmarking
- 11.10.3 Strategic initiatives
- 11.11 Ripple
- 11.11.1 Company overview
- 11.11.2 Product benchmarking
- 11.11.3 Strategic initiatives