Global Blockchain Technology Market Insights Forecasts to 2033

• Global Blockchain Technology Market Size was Valued at USD 17 Billion in 2023
• The Market Size is Growing at a CAGR of from 54.76% 2023 to 2033
• The Worldwide Blockchain Technology Market Size is Expected to Reach USD 1340 Billion By 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period

 

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The Global Blockchain Technology Market Size is Anticipated to Exceed USD 1340 Billion by 2033, Growing at a CAGR of 54.76% from 2023 to 2033.

 

Market Overview

Blockchain technology is a digital ledger that is decentralized, distributed, and frequently accessible. It is an advanced database mechanism that stores data in blocks that are linked together in a chain. This chain can retain its data consistently over time since once established it can neither be altered nor removed without the consensus of the network. Since the chain cannot be removed or altered without the approval of the network, the data in the chain remains same across the time. Blockchain is a continuous recordkeeping method of keeping track of current transactions and other accompanying information in various places. As a result, it may trace orders, payments, accounts, and other transactions by creating an unchangeable ledger using blockchain technology. Blockchain is a decentralized and immutable ledger system that ensures the transparency of transactions, making it particularly desirable for industries like finance, supply chain management, and healthcare. The benefits of blockchain technology are security, rising belief, security, and transparency among members of the firm. The traditional way of record-keeping depends on paper, this process is time-consuming, prone to human error, and long process. By simplifying these processes with blockchain, transactions are much faster and more efficient.

 

Report Coverage

This research report categorizes the global blockchain technology market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global blockchain technology market. Recent market developments and competitive strategies such as expansion, product launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each global blockchain technology market sub-segment.

 

Driving Factors

The rapidly rising digital economy is predicted to increase demand for blockchain technology over a range of sectors. The growing demand for blockchain technology is driven by rising demand for e-identity. Furthermore, increasing the usage of online or digital payment which boost the global blockchain technology market and increase the use of blockchain. Additionally, growing concern about data protection from malicious activity is one of the important factors that propel the growth of the global blockchain technology market. In the global blockchain technology market, there is a rising investment and venture capital in blockchain technology. Blockchain is widely used in banking and cybersecurity which increases the demand for the global blockchain technology market. Cryptocurrency(bitcoin) boosts the use of blockchain technology by various financial institutions for transactions. In addition, demand for blockchain technology is also being driven by government initiatives, partnerships, and commercial organizations, and the incorporation of blockchain networks to protect the system.

 

Restraining Factor

The initial cost of investment in the global blockchain technology market is high, due to this there is a minimum number of market participants in the global blockchain technology. Many risks involved in blockchain technology such as threats, cyber-attacks, hacks, malicious attacks, phishing scams, etc. are involved in restraining factors in the blockchain technology market. One of the restraining factors for blockchain technology adoption is the lack of skilled personnel who can handle blockchain technology effectively. The unpredictable and uncertain nature of regulations on blockchain technology is a restraining factor for the global blockchain technology market.

 

Market Segmentation

The global blockchain technology market share is classified into type, application, enterprises, and end users.

 

• The public cloud segment is anticipated to hold the largest share of the global blockchain technology market during the forecast period.   

Based on type, the global blockchain technology market is divided into public cloud, hybrid cloud, and private cloud. Among these, the public cloud segment is anticipated to hold the largest share of the global blockchain technology market during the forecast period. There is a reason behind the increasing demand of the public for public blockchain in industries such as healthcare, automotive, and consumer electronics. Additionally, public blockchain is environment-friendly, and due to this use of public blockchain has increased. Due to these reasons, it is projected that the public cloud industry will expand in the coming years.

 

• The payments segment is expected to hold the largest share of the global blockchain technology market during the forecast period.

Based on the application, the global blockchain technology market is divided into digital identity, payments, supply chain management, Internet of Things. Among these, the payments segment is expected to hold the largest share of the global blockchain technology market during the forecast period. The payment section is rising due to the increasing use of cloud services in payment and transaction processes. In the payment segment, blockchain technology is used for making secure payments and transparent payment processes. This increase can be attributed to the growing usage of cloud services for transaction and payment processing. Technology improves operational efficiency, cost-effectiveness, and payment system transparency.

 

• The large enterprises segment is anticipated to hold the largest share of the global blockchain technology market during the forecast period.

Based on the enterprise, the global blockchain technology market is divided into large enterprises and small & medium enterprises. Among these, the large enterprises segment is anticipated to hold the largest share of the global blockchain technology market during the forecast period. Large enterprises operating in industries like healthcare, insurance, financial services, and supply chains are putting more effort into digitizing their services, hence generating the demand for technology. Some large companies such as BBVA, Intesa, Barclays, and HSBC have implemented blockchain technology to enhance their fund & KYC procedures. All these large companies planning to use blockchain technology instead of traditional paper-based records.

 

• The BFSI segment is anticipated to hold the largest share of the global blockchain technology market during the forecast period.

Based on the end users, the global blockchain market is divided into BFSI, government, healthcare, media & entertainment, retail, transportation & logistics. Among these, the BFSI segment is anticipated to hold the largest share of the global blockchain technology market during the forecast period. BFSI is Banking, financial services, and insurance. BFSI is a term that is used to specify companies that provide a range of financial services. The reason behind the increasing demand for blockchain technology in the BFSI sector is, that blockchain technology prevents transactions from fraud and cyber-attacks in financial services, blockchain enables the process of financial transactions quickly and accurately, and traditional procedures take too much time, but the blockchain technology which replaces paper use in the financial industry saves lot of time and is environmentally beneficial.

 

Regional Segment Analysis of the Global Blockchain Technology Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America is anticipated to hold the largest share of the global blockchain technology market over the predicted timeframe.

 

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North America is anticipated to hold the largest share of the global blockchain technology market over the predicted timeframe. The North America region is an important center for blockchain development because it has a healthy ecosystem of an established business, new start-ups, and research institutes. Many major companies such as IBM, AWS, and Leeway Hertz, are present in the North America region is one of the driving factors for the growth of blockchain in this region. The government also takes the initiative to spread awareness about blockchain technology and its importance. Furthermore, the area's financial services industry has seen a boom in the adoption of blockchain technology, with many banks and other financial institutions utilizing it to create safe payment systems. The North America market has experienced notable growth driven by rising demand for transparent and secure data management systems.

 

Asia Pacific is expected to grow at the fastest pace in the global blockchain technology market during the forecast period. The region has experienced tremendous growth as a result of the extensive use of blockchain technology in several industries, including financial services, supply chain management, and digital identity. Large investments from both the public and private sectors are contributing to the development of blockchain infrastructure in the Asia Pacific region. Furthermore, the rise in popularity of cryptocurrency and the growing demand for transparent and secure payment processes is the reason for the increasing demand for blockchain-based solutions in the financial services industry within the region. Recently, the governments of several nations, including India, China, and Japan have been promoting the usage of blockchain technology.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global blockchain technology market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Accenture plc
• Amazon.com, Inc.
• Bitfury Group Limited
• Circle Internet Financial Limited
• Digital Asset Holdings, LLC
• Global Arena Holding, Inc.
• Hewlett Packard Enterprise Company
• IBM Corporation
• Infosys Limited
• Microsoft Corporation
• Monax Industries Limited
• Oracle Corporation
• Ripple
• The Linux Foundation
• Others

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

 

• In December 2023, a distributed ledger technology R3 collaborated with RYVYL, a blockchain-based payments network. In this collaboration, the company introduced ‘RYVYL Block’ a blockchain-as-a-service platform. The platform attempts to make it easier for companies with high-volume processing environments to implement blockchain technology.

 

• In January 2023, to accelerate blockchain adoption across institutions, businesses, and governments, Amazon Web Services and Ava Labs have partnered to develop layer-1 blockchain Avalanche. It will be simpler to launch to individuals and maintain nodes on Avalanche because of this partnership.

 

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global blockchain technology market based on the below-mentioned segments: 

 

Global Blockchain Technology Market, By Type

• Public Cloud
• Hybrid Cloud
• Private Cloud

 

Global Blockchain Technology Market, By Application

• Digital identity
• Payments
• Supply Chain Management
• Internet of Things

 

Global Blockchain Technology Market, By Enterprises

• Large Enterprises
• Small & Medium Enterprises

 

Global Blockchain Technology Market, By End Users

• BFSI
• Government
• Healthcare
• Media & Entertainment
• Retail
• Transportation & Logistics

 

Global Blockchain Technology Market, Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa