Report Scope & Overview:
Blockchain Market size was valued at USD 11.32 Bn in 2022 and is expected to reach USD 1533 Bn by 2030, and grow at a CAGR of 84.7% over the forecast period 2023-2030.
The Blockchain is a collection of data and records that is regarded as a technical database that is linked through encryption. The block is made up of digital bits of information that record information such as the date, time, payment participants, and so on. Each block is issued a unique code known as a hash. If a code hash has been assigned to the block, it is ready to be put on the blockchain. Blockchain technology has a wide range of applications, including agriculture, healthcare, retail, and others.
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A blockchain is simply a digital log of transactions that is copied and distributed throughout the whole network of computer systems that comprise the blockchain. Each block in the chain contains numerous transactions, and whenever a new transaction occurs on the blockchain, evidence of that transaction is added to the ledger of every participant. A decentralized database administered by several members is referred to as Distributed Ledger Technology.
Increased investment in venture capital and blockchain technologies.
Increased demand for blockchain technology in retail and supply chain management for transaction transparency and security.
Process simplification, as well as openness, security, and immutability.
Reduced operational expenses.
Uncertain regulatory and compliance landscape.
High implementation costs for blockchain technologies.
Government attempts to increase demand for blockchain platforms and services are on the rise.
Blockchain technologies are widely used in finance and cybersecurity.
Blockchain solutions for payments, smart contracts, and digital identities have seen widespread acceptance.
Demand for real-time data analysis, improved visibility, and proactive maintenance is increasing.
Blockchain technology's potential in new sectors.
Blockchain transactions' security, privacy, and control.
There is a scarcity of technical skillsets available to deploy blockchain technology.
IMPACT OF COVID-19:
The pandemic has had a significant influence on several businesses throughout the world. As a result, every industry must contend with both economic and health difficulties and must endure this imposed recession. Along with the global financial loss in the millions and billions of dollars, the rapid recovery has become a major source of anxiety. For a brief while, the Blockchain Technology Market Revenue was impacted by the COVID-19 pandemic scenario. During this crisis scenario, Blockchain will play a significant role in driving numerous activities linked to digital transformation as well as other projects. According to the Blockchain Technology Market Analysis, this technology may be used for public health information monitoring, medical supply chain security, crisis management, donation tracking, and so on. Furthermore, the Blockchain sector can quickly capture the long-term impact that COVID-19 has had on a variety of industrial levels.
The global market has been divided into three types: public cloud, private cloud, and hybrid cloud. In 2021, the public cloud segment will dominate the market. A public cloud blockchain is a multi-tenant system in which computational capacity is shared with several clients. Various government agencies throughout the world are now combining traditional systems with cloud technology. The public cloud is in high demand because it allows businesses to compete on price. The private cloud segment is also expected to increase significantly throughout the projection period. Private cloud services involve the provision of unique infrastructure and resources for businesses. A private cloud enables businesses to reverse transactions at low transaction costs.
The market is separated into three components: application & solution, infrastructure & protocols, and middleware. In 2021, the infrastructure & protocols sector dominated the market. The rising popularity of blockchain standards and protocols such as Ethereum, Openchain, and Hyperledger is propelling the market forward. Protocols are in high demand because they allow users to transmit information across bitcoin networks in a reliable and safe manner. Over the projected period, the middleware category is predicted to increase at the second-fastest rate. Middleware enables developers to construct apps more quickly. A middleware solution is mostly used in the healthcare industry to automate clinical data authentication. Increased investment in the healthcare industry is likely to fuel segment growth.
The market has been divided into applications such as digital identification, exchanges, payments, smart contracts, supply chain management, and others. In 2021, the payments segment dominated the market. Blockchain technology increases the efficiency of payment systems, reduces operational costs, and provides transparency. These advantages of blockchain technology are growing its application in payment systems, fueling category development. Over the projected period, the digital identity category is expected to develop at the quickest CAGR. Companies providing digital identification are forming alliances with blockchain technology suppliers, which is propelling the market forward.
In 2021, the big business sector dominated the market. Large organizations in industries such as insurance, financial services, healthcare, and supply chain are rapidly attempting to digitalize their products, fueling demand for blockchain technology. They have access to sufficient resources and various assets to implement new market innovations. Over the projected period, the Small and Medium Enterprise (SME) category is expected to develop at the quickest CAGR. Small and medium-sized businesses confront challenges in expanding operations such as finance, payment processing, and selecting supplementary services required for worldwide development. Blockchain technology assists them in reducing complications related to subsidizing and transferring accounts.
In 2021, the financial services category dominated the market. Blockchain technology is used in financial services to manage financial transactions in enterprises. Blockchain technology enables safe and efficient transactions, which is pushing the technology's adoption in financial services. Over the projection period, the healthcare category is expected to develop at the quickest CAGR. The growing number of legislations aimed at protecting consumer data is driving up the use of blockchain technology in the healthcare sector. Because of the increasing incidences of data theft and breach, governments throughout the world are enacting rigorous measures to secure consumer information.
KEY MARKET SEGMENTS:
On The Basis of Type
On The Basis of Component
Application & Solution
Infrastructure & Protocols
On The Basis of Application
Supply Chain Management
On The Basis of Enterprise Size
Small & Medium Enterprises
On The Basis of End-use
Media & Entertainment
Transportation & Logistics
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The North American area will lead this market in 2021. The cause for this rapid increase is the faster acceptance of this revolutionary Blockchain technology in most developed countries, including Canada and the United States. Furthermore, the increasing implementation of this technology across several sectors including retail, BFSI, and government for digital identity detection, wallet and payment solutions, smart contracts, and so on is expected to boost the Blockchain Technology Market Share. Furthermore, the rising economic sectors in various emerging nations such as India and China are expected to boost the regional expansion of the Asia Pacific Blockchain business. The increasing use of blockchain technology by banks in the Asia Pacific area to manage KYC or Know Your Customer documentation is also expected to fuel Blockchain market growth in this region.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The major key players are IBM, Amazon Web Services, Inc., Microsoft, SAP, Oracle, Bitfury Group Limited, Cegeka, Guardtime, PixelPlex, LimeChain & Other Players
|Market Size in 2022||US$ 11.32 Bn|
|Market Size by 2030||US$ 1533 Bn|
|CAGR||CAGR of 84.7% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Type (Public Cloud, Private Cloud, and Hybrid Cloud)
• By Component (Application & Solution, Infrastructure & Protocols, and Middleware)
• By Application (Digital Identity, Exchanges, Payments, Smart Contracts, Supply Chain Management, Others)
• By Enterprise Size (Large Enterprises, and Small & Medium Enterprises)
• By End-use (Financial Services, Government, Healthcare, Media & Entertainment, Retail, Transportation & Logistics, Travel, and Others)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||IBM, Amazon Web Services, Inc., Microsoft, SAP, Oracle, Bitfury Group Limited, Cegeka, Guardtime, PixelPlex, LimeChain|
|Key Drivers||• Increased investment in venture capital and blockchain technologies
• Process simplification, as well as openness, security, and immutability
|Market Opportunity||• Government attempts to increase demand for blockchain platforms and services are on the rise
• Blockchain technologies are widely used in finance and cybersecurity
Ans: - The forecast period of the blockchain market is 2022-2028.
Ans: - Uncertain regulatory and compliance landscape and high implementation costs for blockchain technologies.
Ans: - The segments covered in the Blockchain Market report for study are on the Basis of Type, Component, Application, Enterprise Size, and End-use.
Ans: - The North American area will lead this market in 2021.
Ans: - The major key players are IBM, Amazon Web Services, Inc., Microsoft, SAP, Oracle, Bitfury Group Limited, Cegeka, Guardtime, PixelPlex, LimeChain.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
188.8.131.52 United Kingdom
184.108.40.206 South Korea
220.127.116.11 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Blockchain Market Segmentation, by Type
8.1 Public Cloud
8.2 Private Cloud
8.3 Hybrid Cloud
9. Blockchain Market Segmentation, by Component
9.1 Application & Solution
9.2 Infrastructure & Protocols
10. Blockchain Market Segmentation, by Application
10.1 Digital Identity
10.4 Smart Contracts
10.5 Supply Chain Management
11. Blockchain Market Segmentation, by Enterprise Size
11.1 Large Enterprises
11.2 Small & Medium Enterprises
12. Blockchain Market Segmentation, by End-use
12.1 Financial Services
12.4 Media & Entertainment
12.6 Transportation & Logistics
13. Regional Analysis
13.2 North America
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4.2 South Korea
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.3 South Africa
13.6 Latin America
13.6.3 Rest of Latin America
14. Company Profiles
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.2 Amazon Web Services, Inc.
14.6 Bitfury Group Limited
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
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