Supply chain management is estimated to hold 28.4% share in the market for Blockchain technology. Increased merchant acceptance of cryptocurrencies and growing interest in blockchain among financial institutions are two key aspects driving blockchain technology market growth
DUBAI, United Arab Emirates, Nov. 13, 2022 (GLOBE NEWSWIRE) -- The global blockchain technology market is predicted to reach a valuation of US$ 59.5 Bn in 2030, with the demand growing at a staggering CAGR of 43.5% from 2022 to 2030. By the end of 2022, the target market is set to reach an estimated US$ 3.31 Bn. The increasing adoption of blockchain solutions for digital identity, payment, and smart contracts boosts the demand for blockchain technology. Heightened emphasis by the BFSI and retail sectors further aids the growth of the blockchain technology market during the forecast period.
Factors such as elevated venture capital funding and investment in blockchain technology, extensive implementation of blockchain solutions in banking and cybersecurity, large scale adoption of blockchain solutions for payment, smart contracts, and digital identities, and increasing government initiatives contribute to the exceptional growth rate of the blockchain market.
During this decade, Blockchain demand opportunities are likely to proliferate due to the limited physical transactions in the past two years and increasing virtual transactions. The heightened demand from sectors like BFSI and the retail sector will further supplement the demand for blockchain. In addition, the deep penetration of smartphones and affordable internet prices will bolster the global sales of the blockchain technology market over the next few years.
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Again, the need for safe and secure transactions will propel the target market growth. The distinctive feature of 'append only' has made blockchain immutable and tamper-proof. This makes the technology a safe and secure way to record transactions. The retail sector, particularly brands dealing in the trade of luxury goods, will likely adopt this technology to transform into an effective business model. Thus, the target market is expected to prosper over the upcoming years
“High demand for safe and secure transactions will supplement the global growth of the blockchain technology market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Regulatory uncertainty may impede the global blockchain technology market growth.
- The blockchain technology market in Asia Pacific will present significant growth by the end of 2030.
- Massive government investments in blockchain network development projects drive the target market growth in China.
- By industry, the BFSI segment is expected to account for major share portion due to the adoption of digital ledgers
- On the basis of use case, the supply chain management will register heightened demand.
Competitive Landscape
IBM, Amazon Web Services, SAP, Microsoft, Bitfury Group Limited, Cegeka, Guardtime, CONSENSYS, PixelPlex, LimeChain, Accubits Technologies, SoluLab and Oracle, among others are some of the major players in the blockchain technology market profiled in the full version of the report.
Leading market players are capitalizing on the opportunities available in the current market scenario. These organizations are adopting tactics like product innovation, strategic partnerships, and collaborations to strengthen their market position.
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Key Segments of Blockchain Technology Industry Survey
By Solution:
- Applications
- Middleware
- Blockchain Platforms
By Use Case:
- Supply Chain Management
- Digital Identity
- Payments and Money
- Trading, Commerce and Exchange
- Smart Contracts
- Decentralized Finance
- Others (Voting, Property Records, etc.)
By Enterprise Size:
- Large Enterprises
- SMEs
By Industry:
- BFSI
- Healthcare
- Retail and e-commerce
- Hospitality and Travel
- Government
- Media and Entertainment
- Transportation and Logistics
- Others (Food and Beverages, Real Estate, etc.)
More Insights into Blockchain Technology Market Report
In its latest report, FMI offers an unbiased analysis of the global blockchain technology market, providing historical data from 2015 to 2021 and forecast statistics for 2022 to 2030. To understand the global market potential, growth, and scope, the market is segmented on the basis of solution (application, middleware, blockchain platform), enterprise size (large enterprise, small & medium sized enterprise (SMEs)), use case (supply chain management, digital identity, payments and money, trading, commerce and exchange, smart contracts, decentralized finance, others (voting, property records, etc.)), industry (transportation and logistics, BFSI, healthcare, media and entertainment, hospitality and travel, retail and e-commerce, government, others (food and beverages, real estate, etc.)), and region.
According to the latest FMI reports, based on segmentation, the supply chain management use case will contribute significantly to the overall market growth. This segment will hold about 28.4% of the overall market share in 2022 and will continue to perform well over the forecast period owing to the clarity, decentralization, and immutability features of blockchain technology. In terms of industry, the BFSI sector will account for the largest market share due to increasing adoption of digital ledger solutions.
Based on region, the blockchain technology market in the United States will present considerable market growth during 2022-2030. The presence of several key market participants, high investments in research and development activities, and a thriving IT sector are supplementing the demand for digital ledger technology in this country. Heightened demand from the healthcare, BFSI, and transportation sectors further aid the target market growth in this region. Apart from the U.S., China will likely demonstrate the most growth in the blockchain technology market over the forecast period.
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Explore Trending Reports of Technology:
Blockchain Market Size: Global demand for Blockchain is expected to rise at a yearly growth rate of 34.1% Y-o-Y to US$ 155 Billion in 2032. Demand for blockchain for banking and finance sector is expected to surge at over 34.1% CAGR.
Blockchain in Banking Market Growth: Global demand for Blockchain in banking is expected to grow at a CAGR of around 28% during the forecast period 2021-2031. Blockchain enabled transactions are able to eliminate third-party payment gateways allowing fast-paced financial communications.
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Cryptocurrency Market Overview: The global cryptocurrency market is growing by the day and lucrative opportunities are just around the horizon for companies dealing in virtual currencies. While the question of whether bitcoin will continue to dominate the cryptocurrency market is still debatable, bitcoin mining may well create a niche and make the cryptocurrency market an oligopoly.
Crypto Asset Management Market Analysis: The increasing technological advancement in asset security solutions also increases the demand for cryptocurrencies and blockchain solution among the various industries. Blockchain technology will continue to increase in the finance sector, as well as other sectors, that will increase the demand for the crypto asset management market. Cryptocurrencies will become more utilized as non-correlated financing opportunities.
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