Blockchain Market Size, Share, Growth Analysis, By Component(Platforms/software, Hardware, and Services), By Type(Public, Private, Hybrid), By Application(Supply Chain Management, Cryptocurrencies, Financial Services, Smart Contracts), By Organization Size(SMEs and Large Enterprises), By End-User(BFSI, Healthcare & Lifesciences, Media, Entertainment & Games), By Region - Industry Forecast 2024-2031

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. 

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. 

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. 

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.