The blockchain technology market size was estimated at USD 10.09 billion in 2022 and is expected to surpass around USD 5,506.14 billion by 2032 and poised to grow at a compound annual growth rate (CAGR) of 87.8% during the forecast period 2023 to 2032.
Key Takeaways:
Blockchain Technology Market Report Scope
Report Attribute | Details |
Market Size in 2023 | USD 18.95 Billion |
Market Size by 2032 | USD 5,506.14 Billion |
Growth Rate From 2023 to 2032 | CAGR of 87.8% |
Base Year | 2022 |
Forecast Period | 2023 to 2032 |
Segments Covered | Type, component, Application, Enterprise size, End use, Region |
Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Key Companies Profiled | IBM Corporation; Microsoft Corporation; The Linux Foundation; BTL Group Ltd.; Chain, Inc.; Circle Internet Financial Limited; Deloitte Touche Tohmatsu Limited; Digital Asset Holdings, LLC; Global Arena Holding, Inc. (GAHI); Monax; Ripple |
The market growth can be attributed to the increasing venture capital funding in blockchain technology companies. For instance, in May 2021, Circle Internet Financial Ltd., a blockchain technology provider, announced that it raised USD 441 million in funding from strategic and institutional investors. The company used this funding for organizational development and market expansion. The legalization of cryptocurrency in countries, such as Ukraine and El Salvador, is expected to create new opportunities for market growth.
The legalization of cryptocurrency encourages businesses and investors to invest more in blockchain technology. Furthermore, it also encourages the market players to make more efforts to improve their services to gain a competitive edge. These efforts made by the companies are expected to make blockchain technology more effective and efficient in the near future. DeFi is an emerging financial technology based on blockchain, which reduces the control banks have on financial services and money. The growing strategic initiatives in the decentralized finance space are expected to drive market growth over the forecast period. For instance, in July 2021, Square, a payment company, announced that it is launching a business dedicated to DeFi using bitcoin.
This initiative is expected to help the company strengthen its market position. The acceptance of cryptocurrency as a payment by companies, such as PayPal and Xbox, is expected to drive market growth. Various restaurants are entering into partnerships with cryptocurrency solution providers to provide cryptocurrency-based payments to their customers. For instance, in August 2021, Bakkt Holdings, LLC, a digital asset marketplace, announced its partnership with Quiznos, a Quick-service Restaurant (QSR), to launch its physical location pilot. This pilot enabled the customers of Quiznos to pay with bitcoin at select locations.
Various companies are making efforts to integrate Artificial Intelligence (AI) capabilities with blockchain to enhance their offerings, creating new opportunities for market growth. For instance, in September 2019, Signzy Technologies Private Ltd., a RegTech startup, announced its partnership with Primechain Technologies, a blockchain technology provider. The partnership was aimed toward developing AI-enabled smart banking solutions for financial institutions and banks. This smart banking solution integrated AI and blockchain technologies to digitalize and automate back-office operations.
Type Insights
On the basis of type, the global market has been segmented into public cloud, private cloud, and hybrid cloud. The public cloud segment dominated the market in 2022 and accounted for more than 62.0% 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 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. This is driving the growth of the segment. Furthermore, the rise in the adoption of private cloud by large and small &medium enterprises is one of the major factors driving the segment growth.
Component Insights
On the basis of components, the market has been divided into application & solution, infrastructure & protocols, and middleware. The infrastructure & protocols segment dominated the market in 2022 and accounted for more than 62.9% 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 users demand protocols as they enable them to share information reliably and securely across cryptocurrency networks. Thus, the benefits offered by infrastructure and protocols are contributing to 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. 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.
Application Insights
On the basis of applications, the market has been categorized into digital identity, exchanges, payments, smart contracts, supply chain management, and others. The payments segment dominated the market in 2022 and accounted for more than 45.0% 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. Furthermore, blockchain reduces the need for a middleman in payment processing, which is also a major factor driving the segment growth.
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. For instance, in May 2020, Ontology, an enterprise blockchain platform, announced its partnership with Spherity GmbH, a digital identity specialist. Through this partnership, the former company’s blockchain technology was integrated with Spherity GmbH’s Cloud-Edge Identity Wallet. This integration will thereby help the company to strengthen its market position.
Enterprise Size Insights
The large enterprises segment dominated the market in 2022 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. Large enterprises, such as BBVA, Intesa Sanpaolo, Barclays, and HSBC, are using blockchain technology to streamline their KYC and fund processes. They have access to adequate capital and different assets to adopt new technologies introduced in the market.
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. Blockchain technology helps them reduce issues in the areas of subsidizing and exchanging accounts. Furthermore, secure and safe information exchanges and smart contracts offered by blockchain technology help small & medium enterprises streamline supply chains. Furthermore, blockchain-based storage applications enable small businesses to store data safely and cost-effectively, which is driving the demand for blockchain among small businesses.
End-use Insights
The financial services segment dominated the market in 2022 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. 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. For instance, the European Union data protection law, General Data Protection Regulation (GDPR), became effective in May 2018. GDPR aims to safeguard EU citizens from privacy and data breaches. Such regulations are impelling companies across the globe to make investments for enhancing data security. Furthermore, the COVID-19 pandemic has increased the demand for digitalization across the healthcare sector, which created the need for blockchain technology across the sector.
Regional Insights
The North America regional market dominated the global market in 2022 and accounted for over 38.11% share of the global revenue. The increasing adoption of blockchain technology by organizations in the region is driving the 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 increase in the use of cryptocurrency among the people in North America is also one of the major factors accentuating the regional market growth.
On the other hand, the market in Asia Pacific is expected to grow at the fastest CAGR over the forecast period. The governments of countries, such as China, Japan, and India, have been promoting the use of blockchain technology. This is mainly due to the benefits, such as high transparency and increased efficiency, offered by this technology to multiple industries. For instance, in 2019, the government of South Korea announced an investment of USD 880 million in blockchain development projects.
Recent Developments
Some of the prominent players in the Blockchain Technology Market include:
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the Blockchain Technology market.
By Type
By Component
By Application
By End-use
By Region
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope and Assumptions
1.3 List of Data Sources
Chapter 2 Executive Summary
2.1 Market Snapshot
2.2 Segment Snapshot
2.3 Competitive Landscape Snapshot
Chapter 3 Blockchain Technology Industry Outlook
3.1 Market Segmentation and Scope
3.2 Blockchain Technology Market — Value Chain Analysis
3.3 Blockchain Technology Market — Market Dynamics
3.3.1 Market driver analysis
3.3.1.1 Increasing acceptance of cryptocurrency among merchants
3.3.1.2 Growing market for alternative cryptocurrencies
3.3.1.3 Growing interest in blockchain among financial institutions
3.3.2 Market restraint analysis
3.3.2.1 Regulatory uncertainty
3.3.3 Market opportunity analysis
3.3.3.1 Instant settlement of financial transactions
3.3.3.2 Netting and clearing process to achieve an optimized settlement
3.4 Blockchain Technology Market — Market Adoption Timelines
3.5 Blockchain Technology Market — Porter’s Five Forces Analysis
3.6 Blockchain Technology Market — PESTEL Analysis
3.7 Blockchain in the Public Sector Market — Use Case Analysis
3.7.1 Exonum land title registry — Georgia
3.7.2 uPort decentralized identity — Zug, Switzerland
3.7.3 Government of Estonia
3.7.4 U.S.
3.7.5 Smart Dubai
3.8 Blockchain Technology Cost Analysis
3.8.1 Blockchain development through outsourcing
3.8.1.1 Hiring a blockchain development team
3.8.1.2 Blockchain app development cost
3.8.1.3 Blockchain wallet development
3.8.1.4 Smart contract development
3.8.2 Blockchain solutions fundamental cost
3.8.2.1 Transaction volume
3.8.2.2 Transaction size
3.8.2.3 Node hosting method
3.8.2.4 Consensus protocol
3.8.3 Blockchain cost model
3.8.3.1 Assumptions
3.8.3.2 Cost model
3.9 Blockchain in the Public Sector Market — Funding Initiative Analysis
3.9.1 Blockchain funding initiatives in the public sector
Chapter 4 Blockchain Technology Type Outlook
4.1 Blockchain Technology Market Share by Type, 2023-2032
4.2 Public Cloud
4.2.1 Public cloud blockchain technology market, 2020-2032
4.3 Private Cloud
4.3.1 Private cloud blockchain technology market, 2020-2032
4.4 Hybrid Cloud
4.4.1 Hybrid cloud blockchain technology market, 2020-2032
Chapter 5 Blockchain Technology Component Outlook
5.1 Blockchain Technology Market Share by Component, 2023-2032
5.2 Application & Solution
5.2.1 Blockchain technology application & solution market, 2020-2032
5.3 Infrastructure & Protocols
5.3.1 Blockchain technology infrastructure & protocol market, 2020-2032
5.4 Middleware
5.4.1 Blockchain technology middleware market, 2020-2032
Chapter 6 Blockchain Technology Application Outlook
6.1 Blockchain Technology Market Share by Application, 2023-2032
6.2 Digital Identity
6.2.1 Blockchain technology market in digital identity, 2020-2032
6.3 Exchanges
6.3.1 Blockchain technology market in exchanges, 2020-2032
6.4 Payments
6.4.1 Blockchain technology market in payments, 2020-2032
6.5 Smart Contracts
6.5.1 Blockchain technology market in smart contracts, 2020-2032
6.6 Supply Chain Management
6.6.1 Blockchain technology market in supply chain management, 2020-2032
6.7 Others
6.7.1 Blockchain technology market in other applications, 2020-2032
Chapter 7 Blockchain Technology Enterprise Size Outlook
7.1 Blockchain Technology Market Share by Enterprise Size, 2023-2032
7.2 Large Enterprises
7.2.1 Blockchain technology market in large enterprises, 2020-2032
7.3 Small & Medium Enterprises
7.3.1 Blockchain technology market in small & medium enterprises, 2020-2032
Chapter 8 Blockchain Technology End Use Outlook
8.1 Blockchain Technology Market Share by End Use, 2023-2032
8.2 Financial Services
8.2.1 Blockchain technology market in financial services, 2020-2032
8.3 Government
8.3.1 Blockchain technology market in government, 2020-2032
8.4 Healthcare
8.4.1 Blockchain technology market in healthcare, 2020-2032
8.5 Media & Entertainment
8.5.1 Blockchain technology market in media & entertainment, 2020-2032
8.6 Retail
8.6.1 Blockchain technology market in retail, 2020-2032
8.7 Transportation & Logistics
8.7.1 Blockchain technology market in transportation & logistics, 2020-2032
8.8 Travel
8.8.1 Blockchain technology market in travel, 2020-2032
8.9 Others
8.9.1 Blockchain technology market in other end uses, 2020-2032
Chapter 9 Blockchain Technology Regional Outlook
9.1 Blockchain Technology Market Share, by Region, 2023-2032
9.2 North America
9.2.1 North America blockchain technology market, 2020-2032
9.2.2 North America blockchain technology market, by type, 2020-2032
9.2.3 North America blockchain technology market, by component, 2020-2032
9.2.4 North America blockchain technology market, by application, 2020-2032
9.2.5 North America blockchain technology market, by enterprise size, 2020-2032
9.2.6 North America blockchain technology market, by end use, 2020-2032
9.2.7 U.S.
9.2.7.1 U.S. blockchain technology market, 2020-2032
9.2.7.2 U.S. blockchain technology market, by type, 2020-2032
9.2.7.3 U.S. blockchain technology market, by component, 2020-2032
9.2.7.4 U.S. blockchain technology market, by application, 2020-2032
9.2.7.5 U.S. blockchain technology market, by enterprise size, 2020-2032
9.2.7.6 U.S. blockchain technology market, by end use, 2020-2032
9.2.8 Canada
9.2.8.1 Canada blockchain technology market, 2020-2032
9.2.8.2 Canada blockchain technology market, by type, 2020-2032
9.2.8.3 Canada blockchain technology market, by component, 2020-2032
9.2.8.4 Canada blockchain technology market, by application, 2020-2032
9.2.8.5 Canada blockchain technology market, by enterprise size, 2020-2032
9.2.8.6 Canada blockchain technology market, by end use, 2020-2032
9.2.9 Mexico
9.2.9.1 Mexico blockchain technology market, 2020-2032
9.2.9.2 Mexico blockchain technology market, by type, 2020-2032
9.2.9.3 Mexico blockchain technology market, by component, 2020-2032
9.2.9.4 Mexico blockchain technology market, by application, 2020-2032
9.2.9.5 Mexico blockchain technology market, by enterprise size, 2020-2032
9.2.9.6 Mexico blockchain technology market, by end use, 2020-2032
9.3 Europe
9.3.1 Europe blockchain technology market, 2020-2032
9.3.2 Europe blockchain technology market, by type, 2020-2032
9.3.3 Europe blockchain technology market, by component, 2020-2032
9.3.4 Europe blockchain technology market, by application, 2020-2032
9.3.5 Europe blockchain technology market, by enterprise size, 2020-2032
9.3.6 Europe blockchain technology market, by end use, 2020-2032
9.3.7 U.K.
9.3.7.1 U.K. blockchain technology market, 2020-2032
9.3.7.2 U.K. blockchain technology market, by type, 2020-2032
9.3.7.3 U.K. blockchain technology market, by component, 2020-2032
9.3.7.4 U.K. blockchain technology market, by application, 2020-2032
9.3.7.5 U.K. blockchain technology market, by enterprise size, 2020-2032
9.3.7.6 U.K. blockchain technology market, by end use, 2020-2032
9.3.8 Germany
9.3.8.1 Germany blockchain technology market, 2020-2032
9.3.8.2 Germany blockchain technology market, by type, 2020-2032
9.3.8.3 Germany blockchain technology market, by component, 2020-2032
9.3.8.4 Germany blockchain technology market, by application, 2020-2032
9.3.8.5 Germany blockchain technology market, by enterprise size, 2020-2032
9.3.8.6 Germany blockchain technology market, by end use, 2020-2032
9.3.9 France
9.3.9.1 France blockchain technology market, 2020-2032
9.3.9.2 France blockchain technology market, by type, 2020-2032
9.3.9.3 France blockchain technology market, by component, 2020-2032
9.3.9.4 France blockchain technology market, by application, 2020-2032
9.3.9.5 France blockchain technology market, by enterprise size, 2020-2032
9.3.9.6 France blockchain technology market, by end use, 2020-2032
9.4 Asia Pacific
9.4.1 Asia Pacific blockchain technology market, 2020-2032
9.4.2 Asia Pacific blockchain technology market, by type, 2020-2032
9.4.3 Asia Pacific blockchain technology market, by component, 2020-2032
9.4.4 Asia Pacific blockchain technology market, by application, 2020-2032
9.4.5 Asia Pacific blockchain technology market, by enterprise size, 2020-2032
9.4.6 Asia Pacific blockchain technology market, by end use, 2020-2032
9.4.7 China
9.4.7.1 China blockchain technology market, 2020-2032
9.4.7.2 China blockchain technology market, by type, 2020-2032
9.4.7.3 China blockchain technology market, by component, 2020-2032
9.4.7.4 China blockchain technology market, by application, 2020-2032
9.4.7.5 China blockchain technology market, by enterprise size, 2020-2032
9.4.7.6 China blockchain technology market, by end use, 2020-2032
9.4.8 Japan
9.4.8.1 Japan blockchain technology market, 2020-2032
9.4.8.2 Japan blockchain technology market, by type, 2020-2032
9.4.8.3 Japan blockchain technology market, by component, 2020-2032
9.4.8.4 Japan blockchain technology market, by application, 2020-2032
9.4.8.5 Japan blockchain technology market, by enterprise size, 2020-2032
9.4.8.6 Japan blockchain technology market, by end use, 2020-2032
9.4.9 Australia
9.4.9.1 Australia blockchain technology market, 2020-2032
9.4.9.2 Australia blockchain technology market, by type, 2020-2032
9.4.9.3 Australia blockchain technology market, by component, 2020-2032
9.4.9.4 Australia blockchain technology market, by application, 2020-2032
9.4.9.5 Australia blockchain technology market, by enterprise size, 2020-2032
9.4.9.6 Australia blockchain technology market, by end use, 2020-2032
9.4.10 India
9.4.10.1 India blockchain technology market, 2020-2032
9.4.10.2 India blockchain technology market, by type, 2020-2032
9.4.10.3 India blockchain technology market, by component, 2020-2032
9.4.10.4 India blockchain technology market, by application, 2020-2032
9.4.10.5 India blockchain technology market, by enterprise size, 2020-2032
9.4.10.6 India blockchain technology market, by end use, 2020-2032
9.5 South America
9.5.1 South America blockchain technology market, 2020-2032
9.5.2 South America blockchain technology market, by type, 2020-2032
9.5.3 South America blockchain technology market, by component, 2020-2032
9.5.4 South America blockchain technology market, by application, 2020-2032
9.5.5 South America blockchain technology market, by enterprise size, 2020-2032
9.5.6 South America blockchain technology market, by end use, 2020-2032
9.5.7 Brazil
9.5.7.1 Brazil blockchain technology market, 2020-2032
9.5.7.2 Brazil blockchain technology market, by type, 2020-2032
9.5.7.3 Brazil blockchain technology market, by component, 2020-2032
9.5.7.4 Brazil blockchain technology market, by application, 2020-2032
9.5.7.5 Brazil blockchain technology market, by enterprise size, 2020-2032
9.5.7.6 Brazil blockchain technology market, by end use, 2020-2032
9.6 MEA
9.6.1 MEA blockchain technology market, 2020-2032
9.6.2 MEA blockchain technology market, by type, 2020-2032
9.6.3 MEA blockchain technology market, by component, 2020-2032
9.6.4 MEA blockchain technology market, by application, 2020-2032
9.6.5 MEA blockchain technology market, by enterprise size, 2020-2032
9.6.6 MEA blockchain technology market, by end use, 2020-2032
9.6.7 Saudi Arabia
9.6.7.1 Saudi Arabia blockchain technology market, 2020-2032
9.6.7.2 Saudi Arabia blockchain technology market, by type, 2020-2032
9.6.7.3 Saudi Arabia blockchain technology market, by component, 2020-2032
9.6.7.4 Saudi Arabia blockchain technology market, by application, 2020-2032
9.6.7.5 Saudi Arabia blockchain technology market, by enterprise size, 2020-2032
9.6.7.6 Saudi Arabia blockchain technology market, by end use, 2020-2032
9.6.8 UAE
9.6.8.1 UAE blockchain technology market, 2020-2032
9.6.8.2 UAE blockchain technology market, by type, 2020-2032
9.6.8.3 UAE blockchain technology market, by component, 2020-2032
9.6.8.4 UAE blockchain technology market, by application, 2020-2032
9.6.8.5 UAE blockchain technology market, by enterprise size, 2020-2032
9.6.8.6 UAE blockchain technology market, by end use, 2020-2032
Chapter 10 Competitive Analysis
10.1 Recent Developments & Impact Analysis, By Key Market Participants
10.2 Company Categorization
10.3 Vendor Landscape
10.3.1 Key company ranking/company market share analysis, 2022
10.4 Company Analysis Tools
10.4.1 Company market position analysis
10.4.2 Competitive dashboard analysis
Chapter 11 Competitive Landscape
11.1 BTL Group Ltd.
11.1.1 Company overview
11.1.2 Product benchmarking
11.1.3 Strategic initiatives
11.2 Chain, Inc.
11.2.1 Company overview
11.2.2 Product benchmarking
11.2.3 Strategic initiatives
11.3 Circle Internet Financial Limited
11.3.1 Company overview
11.3.2 Product benchmarking
11.3.3 Strategic initiatives
11.4 Deloitte Touche Tohmatsu Limited
11.4.1 Company overview
11.4.2 Financial information
11.4.3 Product benchmarking
11.4.4 Strategic initiatives
11.5 Digital Asset Holdings, LLC
11.5.1 Company overview
11.5.2 Financial information
11.5.3 Product benchmarking
11.5.4 Strategic initiatives
11.6 Global Arena Holding, Inc. (GAHI)
11.6.1 Company overview
11.6.2 Financial information
11.6.3 Product benchmarking
11.6.4 Strategic initiatives
11.7 IBM Corporation
11.7.1 Company overview
11.7.2 Financial information
11.7.3 Product benchmarking
11.7.4 Strategic initiatives
11.8 The Linux Foundation
11.8.1 Company overview
11.8.2 Product benchmarking
11.8.3 Strategic initiatives
11.9 Microsoft Corporation
11.9.1 Company overview
11.9.2 Financial information
11.9.3 Product benchmarking
11.9.4 Strategic initiatives
11.10 Monax
11.10.1 Company overview
11.10.2 Product benchmarking
11.10.3 Strategic initiatives
11.11 Ripple
11.11.1 Company overview
11.11.2 Product benchmarking
11.11.3 Strategic initiatives