Blockchain Market by Type (Public, Private, Hybrid, Consortium), Platform (Ethereum, Hyperledger, Polygon, Solana), Organization, Sector (BFSI, Government, Healthcare, Professional Services, Manufacturing), and Geography - Global Forecast to 2030

The Blockchain Market is projected to reach $403.36 billion by 2030, at a CAGR of 67.7% during the forecast period of 2023 to 2030.

The growth of this market is attributed to the rising demand for secure and transparent payments in the BFSI sector, the increasing need to prevent data tampering in the healthcare sector, and the growing popularity of cryptocurrency. Furthermore, the increasing adoption of blockchain among SMEs and retailers is expected to create significant opportunities for this market.

However, the high implementation costs hamper the growth of this market. In addition, regulatory uncertainty and lack of interoperability between blockchain ecosystems are major challenges to the growth of blockchain market. In addition, regulatory uncertainty and lack of interoperability between blockchain ecosystems are major challenges to the growth of this market.

The global blockchain market is segmented based on type, platform, organization size, application, sector, and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.

Rising Demand for Secure and Transparent Payments in the BFSI Sector

Financial institutes and banks face various issues associated with traditional cross-border payment systems, such as extra processing fees, the risk of fraud in payment pathways, security breaches, and increasing failure points. Also, sending a global payment through established banking channels is a complex and multistep process due to the involvement of several intermediaries. Blockchain-based payment systems provide a faster, more secure, and cheaper payment system by streamlining the transaction process and storing every transaction in a secure distributed ledger. Furthermore, the growing demand for international trade and e-commerce transactions, the rising need for cross-border asset management, a huge demand for effective global investment flows, and the growing demand for migrant money transactions via international remittances encourage faster, more efficient, and secured growth of payment systems.

Leading fintech blockchain solution providers have implemented low-cost and secure payment systems for the banking industry, consequently driving transparent transactions. For instance, in 2020, Siam Commercial Bank (Thailand) implemented low-cost cross-border payment systems using SCB's easy application from Ripple (U.S.). Many consumers seek a superior payment experience to provide effective payment solutions for individual and commercial operations. Thus, the growing need for secure and transparent transactions is driving the growth of the blockchain market.

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Key Findings in the Blockchain Market Study:

Based on Type, the Public Segment is Expected to Dominate the Blockchain Market

Based on type, the global blockchain market is segmented into public, private, hybrid, and consortium. In 2023, the public segment is expected to account for the largest share of the market. The large market share of this segment is attributed to its open-source network nature that encourages new participants to join and validate transactions, provides complete decentralization and transparency, and enhances the power of users regarding works and ideas due to no central authority maintaining the network. However, the private segment is projected to register the highest CAGR during the forecast period.

Based on Platform, the Ethereum Segment is Expected to Dominate the Blockchain Market

Based on platform, the global blockchain market is segmented into Ethereum, Hyperledger, R3 Corda, Polygon, Solana, BSC, Terra, and other platforms. In 2023, the Ethereum segment is expected to account for the largest share of the market. The large market share of this segment is attributed to its smart contract capabilities, which enable the development of decentralized applications on the blockchain, reduce programming time, quick launch of projects, and increase application in various industries, including finance, gaming, and others. However, the Hyperledger segment is projected to register the highest CAGR during the forecast period.

Based on Organization Size, the Large Enterprises Segment is Expected to Dominate the Blockchain Market

Based on organization size, the global blockchain market is segmented into large enterprises and small & medium-sized enterprises. In 2023, the large enterprises segment is expected to account for the larger share of the blockchain market. The large market share of this segment is attributed to the increasing demand for smart invoicing and automated payments systems and blockchain’s capability to securely store transaction records or sensitive information. However, the small & medium-sized enterprises segment is projected to register the highest CAGR during the forecast period.

Based on Application, the Payments Segment is Expected to Dominate the Blockchain Market

Based on application, the global blockchain market is segmented into digital currency, asset protection & transfer, identity protection, payments, data reconciliation & sharing, track & trace, certification, and other applications. In 2023, the payments segment is expected to account for the largest share of the blockchain market. This segment is also projected to register the highest CAGR during the forecast period. The large market share of this segment is attributed to the growing demand for secure and reliable transactions, the increasing demand for secure and effective payment processing platforms, and the need to reduce the role of intermediaries.

Based on Sector, the BFSI Segment is Expected to Dominate the Blockchain Market

Based on sector, the global blockchain market is segmented into BFSI, government organizations, healthcare & life sciences, retail & e-commerce, energy & utility professional services, media & entertainment, manufacturing, and other sectors. In 2023, the BFSI segment is expected to account for the largest share of the blockchain market. The large share of this segment is attributed to the growing need for faster & cheaper cross-border payment systems, the rising need for regulated trading platforms, and a surge in demand for KYC verification on blockchain platforms. However, the healthcare & life sciences segment is projected to register the highest CAGR during the forecast period.

In 2023, North America is Expected to Dominate the Blockchain Market

Based on geography, the global blockchain market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the blockchain market. North America’s major market share is attributed to the well-established financial service sector, the preference for digital payment systems among millennials, the adoption of blockchain technology in banking and financial services, and the increasing acceptance of cryptocurrencies in the region. However, Asia-Pacific is projected to register the highest CAGR during the forecast period.

Key Players:

The key players profiled in the global blockchain market study include International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Infosys Limited (India), Accenture plc (Ireland), Wipro Limited (India), Blockchain.com (U.K.), Circle Internet Financial Limited (U.S.), Ripple (U.S.), Tata Consultancy Services Limited (India), Intel Corporation (U.S.), Chainalysis Inc. (U.S.), Coinbase (U.S.), and BitGo (U.S.).

Scope of the Report:

Blockchain Market Assessment, by Type

• Public
• Private
• Hybrid
• Consortium

Blockchain Market Assessment, by Platform

• Ethereum
• Hyperledger
• R3 Corda
• Polygon
• Solana
• BSC
• Terra
• Other Platforms

Blockchain Market Assessment, by Organization Size

• Large Enterprises
• Small & Medium-sized Enterprises

Blockchain Market Assessment, by Application

• Digital Currency
• Asset Protection & Transfer
• Identity Protection
• Payments
• Data Reconciliation & Sharing
• Track and Trace
• Certification
• Other Applications

Blockchain Market Assessment, by Sector

• BFSI
• Government Organizations
• Healthcare & Life Sciences
• Retail & E-commerce
• Energy & Utility
• Professional Services
• Media & Entertainment
• Manufacturing
• Other Sectors

Blockchain Market Assessment, by Geography

• North America
  • U.S.
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia & New Zealand
  • Singapore
  • Rest of Asia-Pacific
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Sweden
  • Rest of Europe
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Israel
  • Rest of Middle East & Africa

Key Questions Answered in the Report: