This site uses cookies, including third-party cookies, that help us to provide and improve our services. Privacy Policy

Blockchain Technology Market

Blockchain Technology Market

Blockchain Technology Market Analysis by Type (Public Cloud, Private Cloud, Hybrid Cloud), by Component (Application & Solution, Infrastructure & Protocols, Middleware), by Enterprise Size, by Application, by End Use & Region - Global Forecast 2022-2032

Blockchain Technology Market
FACT7100MR
  • Feb-2022
  • List of Tables : 72
  • List of Figures : 120
  • 170 Pages
  • Technology

Blockchain Technology Market Outlook (2022-2032)

The blockchain technology market has garnered a market value of US$ 7.36 Bn in 2022, anticipated to register a positive CAGR of 84% in the forecast period 2022-2032 and reach a value of US$ 3,273.83 Bn.

Report Attributes

Values

Expected Market Value in 2022

US$ 7.36 Bn

Projected Market Value in 2032

US$ 3,273.83 Bn

Growth Rate (2022-2032)

84% CAGR

Key Companies Profiled

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

Demand Analysis of Blockchain Technology from 2015-2021 Vs Future Outlook 2022-2032

From 2015 to 2021, the global blockchain technology market registered significant gains, experiencing an impressive CAGR worth 65%. Growth is majorly reliant on an increasing number of business entities looking to leverage advanced data crunching and assimilation capabilities.

Prospects further heightened during the COVID-19 pandemic, as businesses began to extensively rely on the internet and other virtual platforms to sustain their operations. Blockchain technology was being extensively utilized to undertake a wide range of processing activities, including financial transactions, gathering of research intelligence and assimilating critical data.

The global blockchain technology market is developing at a rapid rate of growth in the coming few years. The increasing number of innovations and the rising awareness among consumers regarding the benefits of using blockchain technology will accelerate the growth of the market in the near future. Considering these factors, the market is projected to witness high growth over the coming years, registering a CAGR of 84% to top US$ 3,273.83 Bn by 2032.

Avail customized purchase options for your needs

What is driving the Market Demand for Blockchain Technology?

The legalization of cryptocurrency encourages businesses and investors to invest more in blockchain technology. Furthermore, it also encourages the market players to make more efforts to improve their services to gain a competitive edge. These efforts made by the companies are expected to make blockchain technology more effective and efficient in the near future.

DeFi is an emerging financial technology based on blockchain, which reduces the control banks have on financial services and money. The growing strategic initiatives in the decentralized finance space are expected to drive market growth over the forecast period. For instance, in July 2021, Square, a payment company, announced that it is launching a business dedicated to DeFi using bitcoin.

This initiative is expected to help the company strengthen its market position. The acceptance of cryptocurrency as a payment by companies, such as PayPal and Xbox, is expected to drive market growth. Various restaurants are entering into partnerships with cryptocurrency solution providers to provide cryptocurrency-based payments to their customers.

For instance, in August 2021, Bakkt Holdings, LLC, a digital asset marketplace, announced its partnership with Quiznos, a Quick-service Restaurant (QSR), to launch its physical location pilot. This pilot enabled the customers of Quiznos to pay with bitcoin at select locations.

Various companies are making efforts to integrate Artificial Intelligence (AI) capabilities with blockchain to enhance their offerings, creating new opportunities for market growth.

Country-wise Analysis

How attractive are Growth Prospects in North America?

North America dominates the global market in 2022 and accounted for over 36% share of the global revenue. The increasing adoption of blockchain technology by organizations in the region is driving regional market growth.

Industries, such as government, retail, and BFSI, are implementing payment and wallet solutions, smart contracts, and digital identity detection solutions, which is creating the need for blockchain technologies. Furthermore, the increase in the use of cryptocurrency among people is also one of the major factors accentuating the regional market growth.

What Drives the Demand for Blockchain Technology in Asia Pacific Countries?

The governments of countries, such as China, Japan, and India, have been promoting the use of blockchain technology. This is mainly due to the benefits, such as high transparency and increased efficiency, offered by this technology to multiple industries.

For instance, in 2019, the government of South Korea announced an investment of USD 880 million in blockchain development projects. According to Fact.MR, the region is anticipated to register an impressive CAGR of around 66% from 2022 to 2032.

An Adaptive Approach to Modern-day Research Needs

Category-wise Insights

Which End-User Blockchain Technology Leads the Market?

The financial services segment will dominate the market in 2022 and accounted for more than 39% share of the global revenue. Financial services use blockchain technology for managing financial transactions taking place in businesses. Blockchain technology provides secured and efficient transactions, and this is driving the demand for the technology in financial services.

The technology is expected to be widely adopted in this vertical owing to factors, such as rising cryptocurrencies, high compatibility with the industry ecosystem, rapid transactions, Initial Coin Offerings (ICOs), and reduced total cost of ownership. The healthcare segment is anticipated to grow at the fastest CAGR over the forecast period.

The increasing number of regulations for protecting consumer data is increasing the adoption of blockchain technology in the healthcare sector. Governments across the globe are implementing stringent regulations to protect consumer information owing to the growing incidents of data theft and breach.

Which Enterprise Size Accounts for Most Traction in the Market for blockchain technology?

The large enterprises segment dominated the market in 2021 and accounted for more than 65% share of the global revenue. Large enterprises operating in sectors, such as insurance, financial services, healthcare, and supply chain, is increasingly making efforts to digitalize their offerings, which is creating the demand for blockchain technology among them.

Large enterprises, such as BBVA, Intesa Sanpaolo, Barclays, and HSBC, are using blockchain technology to streamline their KYC and fund processes. They have access to adequate capital and different assets to adopt new technologies introduced in the market.

The Small & Medium Enterprise (SME) segment is anticipated to grow at the fastest CAGR over the forecast period. Small & medium enterprises face difficulties in scaling their tasks, such as financing, processing payments, and selecting ancillary services essential for global expansion. Blockchain technology helps them reduce issues in the areas of subsidizing and exchanging accounts.

Furthermore, secure and safe information exchanges and smart contracts offered by blockchain technology help small & medium enterprises streamline supply chains. Furthermore, blockchain-based storage applications enable small businesses to store data safely and cost-effectively, which is driving the demand for blockchain among small businesses.

Which Application Accounts for Maximum Revenue Generation?

On the basis of applications, the market has been categorized into digital identity, exchanges, payments, smart contracts, supply chain management, and others. The payments segment is expected to dominate the market in 2022 and accounted for more than 42% share of the global revenue.

Blockchain technology improves payment system efficiency, minimizes operating costs, and offers transparency. These benefits provided by blockchain technology are increasing its use in payment solutions, thus driving the segment growth. Furthermore, blockchain reduces the need for a middleman in payment processing, which is also a major factor driving the segment growth.

The digital identity segment is anticipated to grow at the fastest CAGR over the forecast period. The companies offering digital identity are entering into partnerships with blockchain technology providers, which is driving the segment growth.

How are the Various Components Projected to Perform?

On the basis of components, the market has been divided into application & solution, infrastructure & protocols, and middleware. The infrastructure & protocols segment dominated the market in 2021 and accounted for more than 60% share of the global revenue.

The increasing demand for blockchain standards and protocols, such as Ethereum, Openchain, and Hyperledger, is driving the segment growth. The users demand protocols as they enable them to share information reliably and securely across cryptocurrency networks. Thus, the benefits offered by infrastructure and protocols are contributing to the segment growth.

The middleware segment is expected to register the second-fastest growth rate over the forecast period. Middleware helps developers build applications more efficiently. A middleware tool is mainly used in the healthcare sector to automate the authentication of clinical data. Growing investments in the healthcare sector are expected to drive the segment growth. Middleware tools track the laboratory performance metrics, which is also one of the factors driving the growth of the segment.

Which Type of Cloud is driving the Growth of the Market?

The public cloud segment dominated the market in 2021 and accounted for more than 60% share of the global revenue. A public cloud blockchain is a multi-tenant environment where the computing space is shared with several other clients.

Various government bodies across the world are integrating conventional systems with cloud technologies in the current days. The demand for public cloud is high as it provides cost competitiveness to enterprises.

Competitive Landscape

The competitive landscape of the blockchain technology market is shaped by product innovation and strategic mergers & acquisitions. Front Runners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies. For instance, 

  • In May 2021, Circle Internet Financial Ltd., a blockchain technology provider, announced that it raised USD 440 million in funding from strategic and institutional investors. The company used this funding for organizational development and market expansion. The legalization of cryptocurrency in countries, such as Ukraine and El Salvador, is expected to create new opportunities for market growth.

Interested to Procure The Data

Report Scope

Report Attributes

Details

Forecast Period

2022-2032

Historical Data Available for

2015-2021

Market Analysis

US$ Mn for Value 

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • MEA

Key Countries Covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Russia
  • China
  • Japan
  • South Korea
  • Brazil
  • Mexico
  • GCC
  • Turkey
  • South Africa

Key Market Segments Covered

  • Type
  • Component
  • Application
  • Enterprise size
  • End-Use
  • Region

Key Market Segments in Blockchain Technology Industry Research

  • By Type

    • Public Cloud
    • Private Cloud
    • Hybrid Cloud
  • By Component

    • Application & Solution
    • Infrastructure & Protocols
    • Middleware
  • By Application

    • Digital Identity
    • Exchanges
    • Payments
    • Smart Contracts
    • Supply Chain Management
    • Others
  • By Enterprise Size

    • Large Enterprises
    • Small & Medium Enterprises
  • By End Use

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

- FAQs -

Fact.MR forecasts the blockchain technology industry to reach US$ 7.36 Bn by 2022
From 2015-2022, blockchain technology demand expanded at a CAGR of 65%, as per Fact.MR
From 2022-2032, blockchain technology demand is expected to expand at a CAGR of 84%
As of 2032, the blockchain technology landscape is likely to be valued at over US$ 3 Tn
North America is expected to account for over 36% revenue share in 2022 and beyond with regard to blockchain technology
Across Asia Pacific, demand for blockchain technology is expected to constitute a whopping 66% CAGR
The payments segment will be the main blockchain technology user, capturing over 42% revenue

Need an Exclusive Report for your Unique Requirement?

- Related Reports -

AI and Automation in Banking Market

AI and Automation in Banking Market is projected to reach USD 182 Bn by 2032. By technology, natural...

Quantum Cryptography Market

Quantum Cryptography Market to grow at a CAGR of over 30% during the years, 2021-2031. Use of quantu...

Cryptocurrency Market

The Cryptocurrency market is predicted to grow at a robust CAGR of 31.3% to reach the valuation of U...

Non-Fungible Token (NFT) Market

Non-Fungible Token (NFT) Market is predicted to grow nearly 12X, reaching a valuation of US$ 316.7 b...

- Our Clients -

Report Client