Blockchain Technology Market t is expected to retain its dominance over the forecast period

Blockchain Technology Industry Overview

The global blockchain technology market size is expected to reach USD 1,431.54 billion by 2030, growing at a CAGR of 85.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing digitalization across the BFSI sector. Furthermore, the growing use of contactless blockchain digital ticketing at various events is expected to drive the market. The growing use of cryptocurrency worldwide is also anticipated to drive market growth. This is because cryptocurrencies, such as Ethereum and bitcoin, operate on blockchain technology. The demand for cryptocurrency is increasing due to benefits, such as easy transactions, inflation hedge, and enhanced security.

 

Blockchain Technology Market Segmentation

Grand View Research has segmented the global blockchain technology market on the basis of type, component, application, enterprise size, end use, and region:

 

Based on the Type Insights, the market is segmented into Public Cloud, Private Cloud, and Hybrid Cloud.

  • The public cloud segment dominated the market in 2021 and accounted for more than 60.0% share of the global revenue. A public cloud blockchain is a multi-tenant environment where the computing space is shared with several other clients.
  • The private cloud segment is also anticipated to have significant growth over the forecast period. Private cloud services include the provision of dedicated infrastructure and resources exclusively for organizations. A private cloud enables companies to reverse the transactions at cost-effective transaction rates.

 

Based on the Component Insights, the market is segmented into Application & Solution, Infrastructure & Protocols and Middleware.

  • The infrastructure & protocols segment dominated the market in 2021 and accounted for more than 62.0% share of the global revenue. The increasing demand for blockchain standards and protocols, such as Ethereum, Openchain, and Hyperledger, is driving the segment growth.
  • The middleware segment is expected to register the second-fastest growth rate over the forecast period. Middleware helps developers build applications more efficiently. A middleware tool is mainly used in the healthcare sector to automate the authentication of clinical data.

 

Based on the Application Insights, the market is segmented into Digital Identity, Exchanges, Payments, Smart Contracts, Supply Chain Management, and Others.

  • The payments segment dominated the market in 2021 and accounted for more than 44.0% share of the global revenue. Blockchain technology improves payment system efficiency, minimizes operating costs, and offers transparency.
  • The digital identity segment is anticipated to grow at the fastest CAGR over the forecast period. The companies offering digital identity are entering into partnerships with blockchain technology providers, which is driving the segment growth.

 

Based on the Enterprise Size Insights, the market is segmented into Large Enterprises and Small & Medium Enterprises.

  • The large enterprises segment dominated the market in 2021 and accounted for more than 68.0% share of the global revenue. Large enterprises operating in sectors, such as insurance, financial services, healthcare, and supply chain, are increasingly making efforts to digitalize their offerings, which is creating the demand for blockchain technology among them.
  • The Small & Medium Enterprise (SME) segment is anticipated to grow at the fastest CAGR over the forecast period. Small & medium enterprises face difficulties in scaling their tasks, such as financing, processing payments, and selecting ancillary services essential for global expansion.

 

Based on the End-use Insights, the market is segmented into Financial Services, Government, Healthcare, Media & Entertainment, Retail, Transportation & Logistics, Travel, and Others.

  • The financial services segment dominated the market in 2021 and accounted for more than 38.0% share of the global revenue. Financial services use blockchain technology for managing financial transactions taking place in businesses. Blockchain technology provides secured and efficient transactions, and this is driving the demand for the technology in financial services.
  • The healthcare segment is anticipated to grow at the fastest CAGR over the forecast period. The increasing number of regulations for protecting consumer data is increasing the adoption of blockchain technology in the healthcare sector.
  • Governments across the globe are implementing stringent regulations to protect consumer information owing to the growing incidents of data theft and breach.

 

Blockchain Technology Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

 

Key Companies Profile & Market Share Insights

The market players are also focused on enhancing their product offerings to better cater to the changing needs of users and stay competitive. As a result, market players are investing more in research and development to enhance their product offerings.

Some prominent players in the global blockchain technology market include

  • IBM Corp.
  • Microsoft Corp.
  • The Linux Foundation
  • BTL Group Ltd.
  • Chain, Inc.
  • Circle Internet Financial Ltd.
  • Deloitte Touche Tohmatsu Ltd.
  • Digital Asset Holdings, LLC
  • Global Arena Holding, Inc. (GAHI)
  • Monax
  • Ripple

 

Order a free sample PDF of the Blockchain Technology Market Intelligence Study, published by Grand View Research.

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