Blockchain Technology Market Size, Share, Growth Analysis, By Type (Public cloud, Private cloud), By Component (Infrastructure & Protocols, and Middleware), By Offering (Platform, Services), By Enterprise Size (Large Enterprises, Small & Medium Enterprises), By Region - Industry Forecast 2024-2031

Global Blockchain Technology Market size was valued at USD 10.66 Billion in 2022 and is poised to grow from USD 17.32 Billion in 2023 to USD 842.24 Billion by 2031, at a CAGR of 62.5% during the forecast period (2024-2031). 

Blockchain technology utilizes consensus-based algorithms, enabling the access, exchange, and protection of data without the need for intermediaries or third parties. With the emergence of the COVID-19 pandemic, there has been a significant increase in reliance on internet-based services across various industries such as finance, healthcare, science, commerce, transportation, and communication. This has subsequently led to a higher demand for blockchain technology as it provides critical solutions to customers. 

Moreover, the widespread adoption of blockchain is driven by its versatile applications in different fields. Recognizing its value, many companies and governments worldwide have started leveraging this technology to combat the challenges posed by COVID-19. Examples of COVID-19 use cases for blockchain include managing scientific experiments, controlling user data, ensuring the integrity of healthcare supply chains, consolidating databases, monitoring donors, tracing contacts, and tracking virus spread.

US Blockchain Technology Market is poised to grow at a sustainable CAGR for the next forecast year.