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, Small & Medium Enterprises) By End Use (BFSI, Transport and Logistics, Energy and Utility, Retail, Healthcare, Government) : Global Opportunity Analysis and Industry Forecast, 2024-2032
The blockchain technology market was valued at $17,545.01 million in 2023 and is estimated to reach $813,447.68 million by 2032, exhibiting a CAGR of 53.4% from 2024 to 2032.
Blockchain technology is an advanced method of managing databases that facilitates the seamless exchange of information within a corporate network. In a blockchain database, data is stored in interconnected blocks forming a chain. The integrity of the data is maintained, as any attempt to alter or delete a block requires consensus from the network. Consequently, users are encouraged to employ blockchain technology to create an unalterable and permanent ledger for monitoring various transactions such as orders, payments, and accounts.
The global blockchain technology market is witnessing significant growth due to several factors such as rise in popularity of cryptocurrencies, government support and initiatives toward adoption of blockchain for various applications, including supply chain management, voting system, and identity verification, and increase in adoption of digital solutions. Moreover, advancement in blockchain technology heavily relies on interoperability, which denotes the ability of different blockchain networks to interact and work together. As the number of blockchain platforms and protocols continues to grow, it is essential to prioritize interoperability to enable seamless asset transfers, cross-chain transactions, and interoperable decentralized applications.
However, lack of skilled workers poses a significant challenge for the growth of the market. Nevertheless, rise in demand for decentralized financial solutions and integration of blockchain technology into a variety of industries are anticipated to provide ample opportunities for the market growth during the forecast period. For instance, in June 2023, Fujitsu launched Connection Chain blockchain technology with The Asian Development Bank, blockchain vendor, ConsenSys Software Inc., R3, and SORAMITSU, LTD., demonstrating its effectiveness in streamlining and enhancing the safety of cross-border transactions of financial securities.
Segmentation OverviewThe global blockchain technology market is segmented into type, component, application, enterprise size, end use, and region. Depending on the type, the market is divided into public cloud, private cloud, and hybrid cloud. By component, it is segregated into platform/solution and blockchain as a service. According to application, it is classified into digital identity, exchanges, payments, smart contracts, supply chain management, and others. As per enterprise size, it is categorized into large enterprises and small & medium enterprises. By end use, the market is fragmented into BFSI, transport & logistics, energy & utility, retail, healthcare, and government. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Key FindingsBy type, the public cloud segment held the highest market share in 2023.
Depending on component, the platform/solution acquired the largest share in the market in 2023.
As per the application, the payments segment accounted for the highest share in the market in 2023.
According to enterprise size, the large enterprises segment gained the maximum share in the market in 2023.
By end use, the BFSI segment was the major shareholder in 2023.
Region wise, North America dominated the blockchain technology market in 2023.
Competitive ScenarioThe major players operating in the blockchain technology market include Microsoft Corporation, IBM Corporation, Oracle Corporation, Intel Corporation, R3, Accenture, NTT DATA, Infosys, SAP SE, and AWS. These players have adopted several strategies, including partnerships, mergers & acquisitions, collaborations, and product innovation & development to sustain in the changing market environment.
Key Market SegmentsBy TypePublic Cloud
Private Cloud
Hybrid Cloud
By ComponentPlatform/Solution
Blockchain as a Service.
By ApplicationDigital Identity
Exchanges
Payments
Smart Contracts
Supply Chain Management
Others
By Enterprise SizeLarge Enterprises
Small Medium Enterprises
By End UseBFSI
Transport and Logistics
Energy and Utility
Retail
Healthcare
Government
By RegionNorth America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Latin America
Argentina
Brazil
Colombia
Rest of Latin America
Middle East and Africa
Saudi Arabia
South Africa
UAE
Rest of MEA
Key Market Players
Microsoft Corporation
IBM Corporation
Oracle Corporation
Intel Corporation
Accenture
R3 Ltd
NTT DATA
Infosys
SAP SE
Amazon Web Service (AWS)