USD 6,565.28 Million
Blockchain Market Size, Share, Growth Analysis, By Component (Platforms/software, Services), Type (Private, Hybrid), Application (Cryptocurrencies, Smart Contracts), End-User (BFSI, Healthcare & Lifesciences), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2230 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
148
|Figures:
68
Blockchain Market Insights
Global Blockchain Market size was valued at USD 10.66 Billion in 2022 and is expected to grow from USD 17.32 Billion in 2023 to reach USD 842.24 Billion by 2031, at a CAGR of 62.5% during the forecast period (2024-2031).
Blockchain technology has emerged as a transformative force, offering decentralized and secure solutions for recording, verifying, and streamlining transactions and processes across industries such as finance, healthcare, manufacturing, and trading.
Based on SkyQuest’s analysis, in July 2023, Responsible Financial Innovation Act was reintroduced (an updated version) for consumer protection against bankruptcies among blockchain companies and stakeholders. Therefore, providing stronger financial safeguards to consumers. The Chairman of House Financial Service Committe and the chairman of house committee of agriculture introduced Financial Innovation and Technology for the 21st century Act or McHenry-Thompson Bill, after eight days. This bill is for addressing gaps and clarifying existing regulations for establishing a regulatory framework for digital assets. They intend to integrate the regulation of digital assets into the U.S state without creating a new one.
Our study reveals that, in March 2023 White House published the 2023 economic group vote of president which represents a 35-page digital asset chapter and digital currencies extensive detail.
In the past years, due to the disturbances in the blockchain projects, the market has witnessed a slight decline. Despite that the market bounced back and represented a continuous growth path. The recovery which has been attained is due to the rising adoption of cryptocurrencies around the world, the increase in the incorporation of blockchain technology in financial and retail sectors, and rising emphasis on cyber security and transparency.
US Blockchain Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Platform/Software
Fastest Growth
Platform/Software
Growth Rate
37.7% CAGR
Global Blockchain Market ($ Million)
Country Share for North America Region (%)
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Blockchain Market Segmental Analysis
The blockchain market is segmented based on various factors, including blockchain layers, components, providers, types, organizations, applications, and end-users. The blockchain layers are divided into layer 0, layer 1, layer 2, layer 3. In terms of components, the market is divided into platforms/software, hardware, and services. The providers are divided into application provider, infrastructure provider, and middleware provider. The type segment encompasses private, public, and hybrid blockchain solutions. Organizations adopting blockchain technology range from small and medium-sized enterprises (SMEs) to large enterprises. The application segment includes supply chain management, cryptocurrencies, financial services, smart contracts, and others. End-users of blockchain technology span various industries, such as banking, financial services, and insurance (BFSI), healthcare and life sciences, media, entertainment and games, retail, manufacturing, and others.
Analysis by Component
Within the platform/software segment, the smart contract platform sub segment is the largest segment in the global blockchain market. The smart contract platforms include Ethereum, Cardano, and Hyperledger which provide important infrastructure for implementing self-driven contracts, which are embedded in the form of code. These are used in different blockchain applications such as decentralized finance and supply chain management call providing secure, automated and transparent transactions without any intermediaries. The continuous adoption of smart contracts contributes towards its dominant nature in the blockchain market.
On the other hand, the service segment is the fastest growing segment in the global blockchain market by component. The blockchain as a service subsegment is expanding exceptionally. The top tech companies such as Microsoft IBM and Amazon Web Services offer BaaS services and allow businesses to use cloud-based solutions for building, hosting, and managing applications of the blockchain, smart contracts, and other functions. It provides easy incorporation of blockchain technologies in the market with the help of new blockchain solutions, contributing towards its growth. The business can easily adopt and innovate in a competitive ecosystem with the help of scalability features of BaaS, leading towards market expansion.
Analysis by Type
The private cloud segment is the largest segment in the global blockchain market by type. It provides strong security and exceptional control features driving the market growth. This segment has obtained a considerable share, with organizations favoring its ability to provide a customized and secure environment according to their specific demands. Its dominance is expected to continue, driven by the increasing emphasis on data privacy and regulatory compliance. Based on our analysis, in 2023, private cloud has been used by around 84% of the companies. It will deploy secure and scale infrastructure for blockchain applications by deploying blockchain within the organizations.
On the other hand, the fastest growing segment is a hybrid cloud segment due to its flexibility and scalability. Companies are increasingly incorporating hybrid cloud solutions for using the benefits of both private and public clouds, optimizing costs and maintaining security measures which is driving the market growth. Our study reveals that, in 2023, hybrid choice has been deployed by around 56% of the companies and have generated around $500 million revenue. Over 70% of the IT employees accept that hybrid cloud security contributes to profitable digital transformation. These blockchain solutions which are adopted by the companies along with hybrid cloud infrastructure, the organizations help in increasing data transparency and smoothening operations across different devices.
Global Blockchain Market By Component
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Blockchain Market Regional Insights
North America is the largest region in the global blockchain market. The continuous rising investments by the major players in the blockchain sector and the growing startups ecosystem in this region are driving the market growth. The top technological companies which include established firms and startups are continuously investing in research and development and implementation which is driving the incorporation of blockchain solutions in different sectors, contributing towards its dominance. Based on our analysis, around 46% of the market is occupied by the North America due to adoption of government initiatives in different institutions which has led towards the growth of Canada and US.
On the other hand, Asia Pacific is the fastest growing region. The rise in the government and business investments in the blockchain sector is driving the market growth in this region. The rising expansion of the digital payment systems is also contributing to the market growth. The government supportive regulatory structures and initiatives which help in developing and innovating blockchain technologies are driving the market growth in this region. Based on our analysis, over 100 companies in China relate to the applications of the blockchain. These numbers represent the reason for the fastest growth of the market in this region.
Global Blockchain Market By Region
- Largest
- Fastest
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Blockchain Market Dynamics
Blockchain Market Drivers
Increased Demand for Transparent and Secure Transactions
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Due to the rising demand for secure transactions in different industries the blockchain market is continuously growing. A considerable driver is the decentralized and immutable nature of the blockchain which helps in lessening fraud and increasing security features. It provides secure Ledger transactions which are accessible to all the participants in a network. This helps in increasing trust among the consumers and provides unbiased security measures which makes them an attractive option for applications such as financial services and supply chain management. Based on our analysis, in 2023 the crypto crime value which was around $24.2 billion received by illegal addresses along with over 0.34% of total on chain transactions. Therefore, contributing to the incorporation and development of advanced security features and tools which help in detecting illegal activities therefore contributing in developing a safe blockchain environment.
Reduction in Fraud Cases and Security Boost Property
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But another major driver is the reduction in fraud which is empowered by blockchain. Due to its cryptographic mechanisms and strong algorithms, the attackers find it difficult to interfere with the data. Therefore, contributes to reducing risks and increases greater trust among the users in the network. The industries are seeking viz to reduce fraud and improve accountability which is achieved by incorporation of blockchain. Our analysis revealed that, in 2023, the value of crypto scamming and hacking decreased around 29.2% and 54.3%, respectively. This has contributed to increasing the faith in blockchain technology, which has driven the attention of investors leading towards the growth of legal applications in blockchain and highlighting advanced security features.
Restraints
Regulatory and compliance uncertainties retraining the Blockchain Market
-
Due to the regulations, the transactions in the blockchain systems face a major hurdle. The major hurdle for industries requiring blockchain incorporation is the absence of clear regulations which is leading towards uncertainty in implementation of these systems. Moreover, in some of the jurisdictions there is ban of initial coin offerings which is contributing to the complexity of the regulatory ecosystem.
Blockchain Technology's Significant Energy Consumption
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Due to high consumption of energy, it poses a significant hurdle for the blockchain technology market. The electricity used on a large scale, particularly in the big case of Bitcoin, is estimated to be around 127 terawatt hours per year which has increased the concerns regarding sustainability and environmental impact. This large amount of energy requirement stops the widespread adoption of blockchain technology. The considerable amount of energy consumption during blockchain processes is becoming a notable barrier for companies in considering its implementation. The rising adoption of sustainability and environmentally friendly solutions further contributes to the need for energy sufficient solutions. The businesses are prioritizing green technologies therefore the energy intensive nature of blockchain is becoming a considerable hurdle to its incorporation.
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Blockchain Market Competitive Landscape
The market is competitive with the presence of big and small players in the global blockchain market. The blockchains provide secure and transparent transactions which is contributing towards the market expansion. The companies are incorporating blockchain technologies for maintaining their competitive edge in the market the advancing the blockchain market, therefore contributing towards its expansion.
Top Players in the Global Blockchain Market
- AWS (US)
- IBM (US)
- Oracle (US)
- Huawei (China)
- Accenture (Ireland)
- TCS (India)
- Google (US)
- Alibaba (China)
- Microsoft (US)
- Ovhcloud (France)
- SAP (Germany)
- HPE (US)
- Tencent (China)
- Wipro (India)
- Infosys (India)
- Lumen Technologies (US)
- Digitalocean (US)
- Vmware (US)
- Akamai Technologies (US)
- Applied Blockchain (UK)
- Consensys (US)
- Contabo (Germany)
- Leewayhertz (US)
- Vultr (US)
- Cloudsigma (Switzerland)
- Mevspace (US)
- Scaleway (France)
Blockchain Market Recent Developments
- In July 2024, SNPIT announced a strategic collaboration with Astar Network (Japan’s blockchain platform). They have partnered for enhancing SNIPT’s innovative products and for increasing users around the globe by the integration of Astar’s strong network blockchain infrastructure. With this they will introduce SNPIT’s DePIN technology to a wider market through lifestyle app and launching a special batch on Sonova, and Astar’s NFT marketplace. This will help in connecting and empowering the global economy and will initiate advancements in digital economy promoting more participation.
- In June 2024, Solana Labs announced the launch of Bond which is a blockchain based platform for the interaction of consumers for assisting brands for maintaining long-term loyalty. It will maintain connections among customers and manufacturers such that the customers can check whether the product is legal or not and the manufacturers can track down the products even after selling.
- In January 2024, Intel Corporation launched Articul8 AI, Inc., an independent entity dedicated to generative artificial intelligence (GenAI) software platforms for enterprise clients. This strategic move underscores Intel's commitment to expanding its presence in the dynamic AI sector. Articul8 AI aims to provide a secure GenAI software platform, emphasizing data privacy and security, with deployment options including cloud, on-premises, or hybrid models.
Blockchain Key Market Trends
- Increased Focus on Interoperability and Standardization: In the vast ecosystem of blockchain technology, the adoption of seamless interoperability among platforms is evolving like languages converging seamlessly. This is contributing to the incorporation of blockchain in different applications. Furthermore, the rising movement towards standardization in different platforms is presenting a common blueprint. This is driving towards ensuring uniformity and compatibility which is shaping the integration of blockchain landscape.
- Rise of Blockchain-as-a-Service (BaaS) Offerings: In the blockchain sector, businesses are adopting cloud based blockchain as a service platform and their approach towards this technology. BaaS platforms include Amazon Web Services and Microsoft Azure blockchain service are helping in the continuous adoption of the blockchain technology by diminishing the need for companies to build and manage their own blockchain infrastructure or systems.
Blockchain Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Based on our analysis, the market is continuously growing in the past few years and is expected to maintain this continuity. The major drivers of the global Blockchain market are increasing use of Blockchains in military and commercial applications. Blockchains are used in the military for surveillance, reconnaissance, and attack purposes. The blockchain technology is also incorporated in commercial applications which include agriculture, inspection, surveying and mapping and infrastructure. The integration of blockchain in the applications is increasing and helps in reducing costs. Blockchains used for package delivery have the potential to reduce costs and increase efficiency in the transportation and logistics sector, therefore driving the market growth. The Rotary wing blockchain segment is the largest in terms of market shares has it has features like flexibility and stability which makes it applicable in various industries. North America holds the major share and Asia pacific is growing at a quick pace. One big trend is the advancements in blockchain technology such as integration of AI, which is driving the demand, therefore propelling the market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 10.66 Billion |
| Market size value in 2031 | USD 842.24 Billion |
| Growth Rate | 62.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Blockchain Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Blockchain Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Blockchain Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Blockchain Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Blockchain Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Blockchain Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Blockchain Market Report Snapshots
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