Blockchain Market Forecasts to 2030 – Global Analysis By Provider (Infrastructure Providers, Middleware Providers and Application Providers), Type (Hybrid, Private, Public and Other Types), Component, Organization Size, Application, End User and By Geogra

Blockchain Market Forecasts to 2030 – Global Analysis By Provider (Infrastructure Providers, Middleware Providers and Application Providers), Type (Hybrid, Private, Public and Other Types), Component, Organization Size, Application, End User and By Geography

According to Stratistics MRC, the Global Blockchain Market is accounted for $10.6 billion in 2023 and is expected to reach $404.1 billion by 2030 growing at a CAGR of 68.2% during the forecast period. Blockchain is an efficient way of storing information that makes it difficult, if not impossible, to modify, hack, or abuse the system. Increased finance and investment in blockchain technology are among the market factors. The block is made up of digital bits of information that record information such as the date, time, payment participants, and so on. Each block is issued a unique code known as a hash. If a code hash has been assigned to the block, it is ready to be placed on the blockchain. Blockchain technology has a wide range of applications, including agriculture, healthcare, retail, and others.

Market Dynamics

Driver

Rise in government initiatives to enhance platforms of blockchain and services

Blockchain technology has attracted the attention of stakeholders from a variety of industries. Because of the rising interest in this technology, several government entities are engaging in research activities to develop blockchain solutions. The government sector observes numerous transactions and information exchanges on a daily basis. This data could be about disbursements, purchases, sales, fees, fines, certificates, or approvals. Various government institutions around the world are currently implementing blockchain technology to improve transparency and efficiency in their operations, as well as the overall experience of public service delivery. However, blockchain technology allows for the recording of transactions on distributed ledgers, which has various potential uses for government entities in terms of raising transparency, avoiding fraud, and improving operational efficiency.

Restraint

Security, privacy, and control of blockchain transactions

Transactions are being transformed and revolutionized by blockchain technology. However, in order to benefit from these benefits, companies must overcome certain security, privacy, and control concerns. A distributed public ledger records the transactions. Hackers might benefit from a larger attack surface in order to obtain access to crucial and sensitive data. If a blockchain-based solution is used to hold secret contract information/payment data, copying the file may give hackers more access to it. By compromising the key, hackers can gain access to the database in both a hub-and-spoke arrangement and a distributed database. The main reason for the reduced deployment of cryptography solutions is privacy issues in blockchain technologies.

Opportunity

Rise in venture capital investments and funding

The adoption of blockchain technology solutions for numerous commercial applications such as payments, exchanges, smart contracts, documentation, and digital identification has risen dramatically in the past 2–3 years. Venture capitalists raised their investments in blockchain technology during the first half of 2022. Total capital inflows into the blockchain space were USD 30.5 billion in 2021. By July 2022, this figure had been surpassed.

Threat

Uncertain regulatory and compliance landscape

One of the most difficult issues in modernizing transaction systems is regulatory acceptance. The lack of laws and the related uncertainty are the most significant barriers to blockchain adoption across most industries. Some countries prohibit the use of ICOs. Regulatory agencies must comprehend what gaps exist in current regulations and how they affect overall technological applications. Financial institutions all across the world are working to develop uniform standards for blockchain technology. The distributed ledger technology is still in its early stages, which poses certain concerns for regulators and policymakers at both the national and international levels. Because the overall system cannot be regulated, regulators are uncertain of the blockchain IoT technology's potential.

Covid-19 Impact

The COVID-19 epidemic forced the closure of most manufacturing plants, disrupting the whole economy and investments in digital technology. The pandemic had an enormous effect on blockchain technology. Key industry companies have made considerable investments and restructured their digital strategies, which is expected to boost demand for digital ledger technology post-pandemic. The epidemic has hastened the adoption of digital technologies in a variety of industries, from government to retail. The World Health Organization (WHO) collaborated with IBM, Microsoft, and Oracle Corporation to create MiPasa, a distributed data platform based on a digital ledger, in April 2020. HACERA developed MiPasa to find infection hotspots and COVID-19 carriers all around the world. It aims to detect coronaviruses early and track COVID-19 epidemic data.

The large enterprises segment is expected to be the largest during the forecast period

Large Enterprises segment is expected to dominate the largest share over the forecast period. Large enterprises are characterized as organizations with 1,000 or more employees. Since its launch, blockchain technology has sparked the curiosity of businesses all over the world, with many experiments done primarily by large corporations together with technology suppliers. Another factor contributing to major organizations' significant market share in the blockchain market is substantial R&D investments in developing the best-fit technology to improve an organization's business efficiency. However, large firms have the benefit of having enough finance and other resources to embrace emerging technology, allowing them to dominate the blockchain market.

The private segment is expected to have the highest CAGR during the forecast period

Private segment is witnessed to have lucrative growth over the projection period. Organizations can use private solutions and services to modify regulations at a lower transaction cost and reverse transactions. Furthermore, the advantage of great scalability is projected to drive demand for private digital ledger solutions. Additionally, businesses can use the private section to reverse transactions and modify restrictions while spending limited transaction costs. Moreover, the rising focus of various businesses and governments on establishing efficient and open transactions has contributed to the segment's growth.

Region with largest share

Due to early blockchain adoption as well as the participation of various suppliers offering security and Blockchain solutions, the North America region is projected to grow throughout the dominance period. However, enterprises in this region are progressively employing security and vulnerability analysis solutions to facilitate data security, prevent cyber-attacks and commercial espionage, and provide data privacy and security for business continuity. Apart from manufacturing supply chains, data registries, digital identity, and record management, blockchain technology can be implemented into a wide range of other systems.

Region with highest CAGR

North America region is expected to hold profitable growth over the extrapolated period as it is a major contributor to the global blockchain market. One of the primary factors fueling the growth of the blockchain market in North America is the presence of significant businesses in this region, such as IBM, AWS, Leeway Hertz, and others. Blockchain technology solutions are being developed by companies in this region to improve the customer experience. Furthermore, governments have also taken steps to raise awareness about blockchain technology, such as hosting Blockchain Expos around the world, as demand for blockchain technology grows and business operations become more efficient.

Key players in the market

Some of the key players in Blockchain market include Accenture , Amazon Web Services, AWS, Bitfury, Blockchain Foundry, Blockcypher, Huawei, IBM, Infosys, Intel, NTT Data, Oracle, SAP, TCS and Wipro.

Key Developments

In January 2023, AWS partners with Ava Labs. This partnership is expected to scale blockchain adoption across enterprises, institutions, and governments. Avalanche blockchain infrastructure and decentralized applications (DApps) are expected to be supported by AWS.

In November 2022, NTT DOCOMO and Accenture partnered to accelerate the adoption and application of Web3 for addressing social issues.

In November 2022, Infosys partnered with VMware to launch the Blockchain-based Vital Records Management Solution. In this partnership, Infosys leveraged VMware Blockchain for Ethereum for the verification of vital records.

In August 2022, InfStones and Oracle collaborated to accelerate Web3 development by integrating InfStones’ leading blockchain development platform with Oracle Cloud Infrastructure (OCI).

In May 2022, Huawei signed a Memorandum of Understanding (MoU) with ChainUp. This partnership is expected to work to jointly promote the development of the blockchain technology within the Fintech ecosystem in Singapore.

Providers Covered
• Infrastructure Providers
• Middleware Providers
• Application Providers

Types Covered
• Hybrid
• Private
• Public
• Other Types

Components Covered
• Services
• Platform
• Other Components

Organization Sizes Covered
• Small and Medium Sized Enterprises
• Large Enterprises

Applications Covered
• Banking, Financial Services & Insurance (BFSI)
• Energy & Utilities
• Food & Agriculture
• Healthcare & Life Sciences
• IT & Telecom
• Manufacturing
• Media & Entertainment
• Retail & E-Commerce
• Transportation & Logistics
• Travel and Hospitality
• Real Estate & Construction
• Government
• Other Applications

End Users Covered
• Documentation
• Digital Identity
• Exchanges
• Supply Chain Management
• Other End Users

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

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances