San Francisco, 26 April 2024: The Report Blockchain Technology Market Size, Share & Trends Analysis Report By Type, By Component, By Application, By Enterprise Size, By End-use, By Offering, By Region, And Segment Forecasts, 2024 - 2030

The global blockchain technology market size is expected to reach USD 1,431.54 billion by 2030, growing at a CAGR of 87.7% from 2023 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 also expected to drive the market’s growth.

The growing use of cryptocurrency worldwide is also anticipated to drive the 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 hedges, and enhanced security. According to the statistics provided by TripleA, a cryptocurrency solution provider, more than 300 million people worldwide used or owned cryptocurrency in 2021.

In June 2023, QuickNode teamed up with Chainlink Labs in a collaborative effort to foster the expansion of blockchain ecosystems. Their joint mission involves furnishing a robust and secure core infrastructure to facilitate the seamless scalability of blockchain projects. QuickNode extended its support to the developer community by sponsoring the Chainlink Spring 2023 Hackathon. This initiative aims to empower Web3 builders by enhancing their skill sets and enabling them to use blockchain infrastructure efficiently.

The COVID-19 pandemic is expected to positively impact the market growth over the forecast period. The growing online sales due to COVID-19 are expected to create a demand for blockchain technology among e-commerce companies. E-commerce companies use blockchain technology for supply chain management.

The escalating demand for secure and transparent transactions across many industries is driving the market growth. Blockchain's decentralized and immutable ledger system ensures the integrity and transparency of transactions, making it especially appealing to sectors such as finance, healthcare, and supply chain management. Businesses across these domains are increasingly integrating blockchain solutions to enhance security and transparency in their operations.

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The adoption of blockchain technology for optimizing supply chain processes is witnessing a surge. The ability to trace and verify the origin and journey of products in real-time curbs fraud and significantly improves traceability and overall supply chain efficiency. Consequently, an increasing number of enterprises are leveraging blockchain's potential to transform their supply chain management, driving the technology's growth. Moreover, the surging interest in cryptocurrencies and digital assets is another driver responsible for the growth.

Blockchain Technology Market Report Highlights

• The public cloud segment dominated the market in 2022 and accounted for more than 61.0% share of the global revenue. Public cloud providers offer a scalable and cost-effective infrastructure for deploying blockchain solutions.
• The infrastructure & protocols segment dominated the market in 2022 and accounted for more than 61.0% share of the global revenue.
• The payments segment dominated the market in 2022 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 large enterprises segment dominated the market in 2022 and accounted for more than 67.0% 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 a demand for blockchain technology among them.
• The financial services segment dominated the market in 2022 and accounted for more than 37.0% share of the global revenue. Blockchain technology in BFSI is leveraged for managing financial transactions taking place in businesses.
• North America dominated the blockchain technology market in 2022 and accounted for over 37.0% share of the global revenue.

Since blockchain serves as the underlying technology for most cryptocurrencies, the rising popularity of digital currencies like Bitcoin and Ethereum has inevitably directed considerable attention to the technology itself. Many organizations are now exploring how blockchain can be used to create and manage digital assets, including Central Bank Digital Currencies (CBDCs), further propelling the market's expansion. Furthermore, the escalating need for secure and efficient cross-border payments and remittances propels blockchain's adoption. Traditional international payment systems often involve multiple intermediaries, resulting in delays and exorbitant costs. In stark contrast, blockchain-based solutions offer faster, cost-effective, and transparent cross-border transactions, driving their adoption in the finance and remittance sectors.

Governments and regulatory bodies worldwide also recognize blockchain technology's transformative potential. They are actively introducing supportive policies and regulations that encourage its widespread adoption. This regulatory clarity not only attracts substantial investments but also fosters the development of innovative blockchain solutions across industries. In addition, the increasing engagement of major corporations and tech giants significantly influences the blockchain landscape.

Blockchain Technology Market Report Scope

One of the prominent restraints challenging the blockchain technology market is the issue of scalability. As the adoption of blockchain technology grows across various industries, particularly in financial services and supply chain management, the networks are experiencing increased congestion, slower transaction speeds, and higher fees. This scalability challenge can hinder widespread adoption, especially when blockchain is expected to handle large volumes of transactions. To overcome this restraint, developers, and innovators in the blockchain space are actively working on scaling solutions. Layer 2 solutions, such as Ethereum 2.0, aim to improve scalability by processing transactions off the main blockchain, thus alleviating congestion and reducing fees.

List of Key Players of Blockchain Technology Market

• IBM Corporation
• Microsoft Corporation
• The Linux Foundation
• Blockchain Tech LTD
• Chain
• Circle Internet Financial, LLC=
• Deloitte Touche Tohmatsu Limited
• Digital Asset Holdings, LLC
• Global Arena Holding, Inc. (GAHC)
• Monax Labs
• Ripple