The global blockchain technology market is growing due to several factors, including the growing popularity of cryptocurrencies, government support and initiatives, and increasing adoption of digital solutions.
NEW CASTLE, Del., Aug. 12, 2024 /PRNewswire/ — Allied Market Research has released a report titled, “Blockchain Technology Market: By Type (Public Cloud, Private Cloud, Hybrid Cloud), By Component (Platform/Solution, Blockchain as a Service), By Application (Digital Identity, Exchanges, Payments, Smart Contracts, Supply Chain Management, Others), By Enterprise Size (Large Enterprises, SMEs), and By End Use (BFSI, Transportation & Logistics, Energy & Utilities, Retail, Healthcare, Government): Global Opportunity Analysis and Industry Forecast, 2024-2032.” According to the report, the blockchain technology market is valued at $12.5 billion in 2023 and is projected to reach $797.1 billion in 2032, growing at a CAGR of 57.7% from 2024 to 2032.
Key Determinants of Growth
The growing demand for decentralized finance solutions and the integration of blockchain technology across various industries are expected to provide ample opportunities for market growth during the forecast period. However, shortage of skilled labor and regulatory uncertainty are restraining the blockchain technology market.
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Report Scope and Details:
Report Scope
detail
Forecast Period
2024-2032
Base year
2023
Market size in 2023
$12.5 billion
Market size in 2032
$797.1 billion
Average annual growth rate
57.7%
Number of pages in the report
288
Target Segments
Type, component, application, company size, end use, and region.
driver
The growing popularity of cryptocurrencies Government support and initiatives Increasing adoption of digital solutions
opportunity
Increasing demand for decentralized financial solutions Integration of blockchain technology into various industries
Constraints
Shortage of skilled labor Lack of regulatory clarity
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Public cloud segment to maintain highest market share in 2023
By type, the public cloud segment accounted for the highest market share in 2023. This is because public cloud providers offer a scalable and cost-effective infrastructure for deploying blockchain solutions. This scalability and cost-efficiency are crucial as blockchain networks grow and require additional resources to support the increasing transaction volumes.
The platform/components segment maintained the highest market share in 2023.
By component, the platforms/components segment accounted for the highest market share in 2023 as it enables the creation and operation of decentralized applications (DApps) and smart contracts. Several companies offer blockchain solutions specifically designed for enterprise use cases, addressing requirements such as permissioned networks, regulatory compliance, and interaction with current enterprise systems.
The payments segment held the highest market share in 2023.
By application, the payment segment was held to account for the highest market share in 2023. Blockchain technology increases the efficiency of payment systems, reduces operational costs, and provides transparency. These advantages of blockchain technology are driving its growing application in payment systems, thus boosting the development of the segment.
The large enterprise segment will account for the highest market share in 2023
Based on company size, the large enterprises segment accounted for the highest market share in 2023. Large enterprises operating in industries such as insurance, financial services, healthcare, supply chain, etc. are increasingly trying to digitize their services, thus creating the need for blockchain technology.
The BFSI segment maintained the highest market share in 2023.
By end use, the BFSI segment accounted for the highest market share in 2023. Blockchain technology in BFSI is used to manage financial transactions within the enterprise. The need for blockchain technology in financial services is driven by its ability to enable secure and efficient transactions.
North America to hold highest market share in 2023
Based on region, North America is expected to account for the highest market share, in terms of revenue, in 2023, and will continue to dominate during the forecast period. The market is expected to expand significantly over the next few years due to the increasing adoption of digital technologies in several sectors.
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Key Industry Players:-
Microsoft IBM Oracle Intel R3 Accenture NTT Data Infosys SAP SE AWS
This report offers a detailed analysis of these key players in the global blockchain technology market. These players are adopting various strategies such as new product launches, collaborations, expansions, joint ventures, and agreements to increase their market share and maintain a dominant share in various regions. This report is valuable in showcasing the competitive scenario by highlighting the business performance, operating segments, product portfolios, and strategic moves of the market players.
Recent Industry Trends:
In May 2023, Goldman Sachs Group Inc., Microsoft Inc., and Deloitte Inc. joined forces with CBOE Global Markets to develop a new blockchain system aimed at linking different institutional applications, which could lead to greater adoption of distributed ledger technology in financial markets. In July 2022, SAP APJ launched a GreenToken pilot using blockchain technology to promote sustainable outcomes and increase circularity in the chemical industry by improving the recovery of waste plastics.
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