The global Blockchain Technology market size is expected to be worth around US$ 494.60 billion by 2030, according to a new report by Vision Research Reports.
The global Blockchain Technology market size was valued at US$ 3.67 billion in 2020 and is anticipated to grow at a CAGR of 82.8% during forecast period 2021 to 2030.
The growth can be attributed to the increasing number of merchants accepting cryptocurrency. At the same time, the growing interest of financial institutes in blockchain technology is also driving market growth.
High investments in blockchain by leading banks and other financial institutions have led to various advancements in technology, thereby improving efficiency. The technology is anticipated to shape the banking sector by bringing a new age of efficiency. Other factors contributing to the high adoption of the technology include eradication of the need for authenticating transaction processes, reduction of error rates, elimination of reconciliation, and facilitation of faster settlement.
Retail stores are increasingly adopting blockchain technology for seamlessly handling business relations and supply chains. For instance, in October 2019, Walmart started piloting blockchain technology to track shrimp exports from Indian farmers to an overseas retailer. This shrimp supply chain, backed by blockchain technology helped in improving the quality of products for compliance purposes.
The COVID-19 pandemic is anticipated to impact market growth favorably in the near future. Various industries used blockchain technology for improving the supply chain during the COVID-19 pandemic as blockchain technology has the capability of overcoming the challenges faced by the traditional supply chain, such as inefficiency and high cost.
The public cloud segment dominated the market in 2020 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. Various government bodies across the world are integrating conventional systems with cloud technologies in the current days. The demand for public cloud is high as it provides cost competitiveness to enterprises.
The private cloud segment is anticipated to register the highest CAGR 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. This is driving the growth of the segment. Furthermore, the rise in the adoption of private cloud by large enterprises and small and medium enterprises is one of the major factors driving the segment growth.
The infrastructure and protocols segment dominated the market in 2020 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. Protocols enable blockchain developers to develop distributed and customized networks for their customers. Thus, the benefits offered by the infrastructure and protocols are contributing to the segment growth.
The middleware segment is expected to register the highest CAGR over the forecast period. A middleware tool is mainly used in the healthcare sector to automate the authentication of clinical data. Growing investments in the healthcare sector are expected to drive the segment growth. Middleware tools track the laboratory performance metrics, which is also one of the factors driving the growth of the segment.
The payments segment dominated the market in 2020 and accounted for more than 44.0% share of the global revenue. Blockchain technology improves payment system efficiency, minimizes operating costs, and offers transparency. These benefits provided by blockchain technology are increasing its use in payment solutions, thus, driving the segment growth. At the same time, blockchain reduces the need for middlemen in payment processing, which is also a major factor driving the segment growth.
The smart contracts segment is anticipated to register the highest CAGR over the forecast period. The terms and conditions of smart contracts deployed over a blockchain network cannot be altered. Blockchain technology makes it difficult for third parties to tamper or hack the data in contracts. Thus, companies across different industry verticals are adopting blockchain-based smart contracts to reduce the costs of execution, verification, fraud prevention, and arbitration.
The large enterprises segment dominated the market in 2020 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 using blockchain technology to improve their efficiency in operations. Various large enterprises such as BBVA, Intesa Sanpaolo, Barclays, and HSBC are using blockchain technology to streamline their KYC and fund processes. Large enterprises have access to adequate capital and different assets to adopt new technologies introduced in the market.
The small & medium enterprise segment is anticipated to register the highest CAGR over the forecast period. Small and medium enterprises face difficulties in scaling their tasks such as financing, processing payments, and selecting ancillary services essential for global expansion. Blockchain technology helps them reduce issues in the areas of subsidizing and exchanging accounts. At the same time, secure and safe information exchanges and smart contracts offered by blockchain technologies help small and medium enterprises streamline supply chains, thus, driving the segment growth.
The financial services segment dominated the market in 2020 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 technology is expected to be widely adopted in this vertical owing to factors such as rising cryptocurrencies, high compatibility with the industry ecosystem, rapid transactions, Initial Coin Offerings (ICOs), and reduced total cost of ownership.
North America dominated the market in 2020 and accounted for over 38.0% share of the global revenue. The increasing adoption of blockchain technology by organizations in the region is driving regional market growth. Industries such as government, retail, and BFSI are implementing payment and wallet solutions, smart contracts, and digital identity detection solutions, which is creating the need for blockchain technologies. Furthermore, the presence of a large number of players in the region is also accentuating the regional market growth.
Asia Pacific is expected to witness significant growth over the forecast period. The governments of countries such as China, Japan, and India are promoting the use of blockchain technology in recent days. The governments of these countries are promoting the use of blockchain owing to its benefits such as high transparency, increased efficiency, among others provided to multiple industries. For instance, in 2019, the South Korean government announced an investment of USD 880 million in blockchain development projects.
BTL Group Ltd.
Circle Internet Financial Limited
Deloitte Touche Tohmatsu Limited
Digital Asset Holdings, LLC
Global Arena Holding, Inc. (GAHI)
Application & Solution
Infrastructure & Protocols
Supply Chain Management
Enterprise Size Outlook
Small & Medium Enterprises
Media & Entertainment
Transportation & Logistics
Middle East & Africa
The Blockchain Technology market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Blockchain Technology market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Blockchain Technology market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Blockchain Technology market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Blockchain Technology market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Blockchain Technology capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Blockchain Technology by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Blockchain Technology market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Blockchain Technology market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Blockchain Technology market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Blockchain Technology industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Blockchain Technology market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Blockchain Technology market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Blockchain Technology market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Blockchain Technology market. These factors have benefited the growth of the global market for Blockchain Technology. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Blockchain Technology. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Blockchain Technology are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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