What is the global market size of Blockchain Market?

Global Blockchain Market size was valued at USD 6.5 Billion in 2022 and is poised to grow from USD 8.76 Billion in 2023 to USD 1.3 Trillion by 2031, at a CAGR of 80.8% during the forecast period (2024-2031).

Who are the key vendors in the Global Blockchain Market?

The market is fragmented in nature. Market participants are concentrating on strategies such as mergers and acquisitions to strengthen their market position. For example, Circle Internet Financial Limited completed the acquisition of SeedInvest, an equity crowdfunding platform, in March 2019. The acquisition was intended to create a token marketplace that would enable individuals and businesses to raise capital and interact with investors via open crypto infrastructure. 'IBM', 'Microsoft', 'Accenture', 'Deloitte', 'ConsenSys', 'Chain', 'R3', 'Digital Asset Holdings', 'Bitfury Group', 'Intel', 'Baidu', 'Amazon Web Services', 'Ripple', 'Blockstream', 'Circle Internet Financial Limited', 'Coinbase', 'Bitmain Technologies', 'JPMorgan Chase', 'Huawei', 'Ernst & Young'

What is the key driver of Global Blockchain Market?

The legalization of cryptocurrencies is considered a major factor driving industry growth forwards, as companies and investors are more likely to invest in blockchain technology. Legalized cryptocurrencies also push market participants to put in more effort to improve their services in order to acquire a competitive advantage. In the near future, these companies' efforts are projected to make blockchain technology more effective and efficient. DeFi is a new financial system based on blockchain that aims to reduce banks' influence over financial services and money. Over the forecast period, market growth is also expected to be driven by increased strategic initiatives in the decentralized financial domain.

What is the key market trend for Global Blockchain Market?

Rapid digitalization of the banking and finance industries has resulted in significant growth in the blockchain technology market. Digital India and other government efforts aimed at boosting digitization in the BFSI sector could serve as growth pillars for the blockchain technology market. The significant adoption of blockchain technology across healthcare and media & entertainment also enacts as major growth pillars for the global blockchain market.

Which region accounted for the largest share in Global Blockchain Market?

The North American region leads the global blockchain market in terms of size, when considering the global market. This is mainly the effect of the high involvement of blockchain technology providers, the established IT infrastructure and the regulatory environment that is conducive for blockchain innovation and acceptance. Furthermore, North America is a melting pot of diverse industries, including finance, health care, retail, and supply chain, and these industries are actively investigating the ways that blockchain technology can improve efficiency, safety, and visibility in their respective operations. The area is also homegrown with a diverse make-up of blockchain start-ups, research institutions and venture capital funding thus speeding up the growth of the blockchain market in North America.

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

Report ID: SQMIG45E2230 | Region: Global | Published Date: August, 2024
Pages: 157 | Tables: 148 | Figures: 68

Blockchain Market News

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 Market Report Snapshots

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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).

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. '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)'

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.

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.

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FAQs

What is the global market size of Blockchain Market?

Who are the key vendors in the Blockchain Market?

What is the key driver of Blockchain Market?

What is the key market trend for Blockchain Market?

Which region accounted for the largest share in Blockchain Market?

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