Blockchain Market (2023-2030)
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.
- Published
- Jun 2023
- Pages
- 268
- Format
- PDF + Excel
- Report ID
- MRICT - 104843
- Base year
- 2022
- 2030 · FORECAST
- $403.4B
- 2030
- $403.4B
- CAGR 2023–2030
- 67.7%
2022 baseline · 2023–2030 forecast at 67.7% CAGR · hover a bar for the value
Key highlights
Based on Type, the Public Segment is Expected to Dominate the Blockchain Market
Based on Platform, the Ethereum Segment is Expected to Dominate the Blockchain Market
In 2023, North America is Expected to Dominate the Blockchain Market
Report summary
| Particulars | Details |
|---|---|
| Base Year | 2022 |
| Estimated Year | 2023 |
| Forecast Period | 2023–2030 |
| Market Size (2030) | USD 403.36 billion |
| CAGR (2023–2030) | 67.7% |
| Format | PDF, Excel & Cloud Portal · 268 pages |
| Segments Covered | By Type: Public, Private, Hybrid, Consortium · By Platform: Ethereum, Hyperledger, R3 Corda, Polygon, Solana, BSC, Terra, Other Platforms · By Organization Size: Large Enterprises, Small & Medium-sized Enterprises · By Application: Digital Currency, Asset Protection & Transfer, Identity Protection, Payments, Data Reconciliation & Sharing, Track and Trace, Certification, Other Applications · By Sector: BFSI, Government Organizations, Healthcare & Life Sciences, Retail & E-commerce, Energy & Utility, Professional Services, Media & Entertainment, Manufacturing, Other Sectors · By Organization |
| Countries Covered | North America (Canada), Asia-Pacific (China, Japan, India, South Korea, Australia & New Zealand, Singapore, Rest of Asia-Pacific), Europe (Germany, U.K., France, Italy, Spain) |
| Key Companies | International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Infosys Limited, Accenture plc, Wipro Limited, Blockchain.com (U.K.), Circle Internet Financial Limited (U.S.), Ripple (U.S.), Tata Consultancy Services Limited, Intel Corporation (U.S.), Chainalysis Inc. (U.S.), Coinbase (U.S.), BitGo (U.S.) |
Report overview
Segments covered: type, platform, organization size, application, sector, organization. Regions: North America, Asia-Pacific, Europe.
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.
Report infographic
Market dynamics
1 factors across 1 forceRising 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.
Table of contents
13 chapters · 125 sections · 268 pages · click to expandSegmental analysis
| Segment | Largest share (2023) | Fastest growth (2023–2030) |
|---|---|---|
| By Type | Public | Private |
| By Platform | Ethereum | Hyperledger |
| By Organization Size | Large market share of this | Small & medium-sized enterprises |
| By Application | Payments | — |
| By Sector | BFSI | Healthcare & life sciences |
By Type
- 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.
By Platform
- 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.
By Organization Size
- The global blockchain market is segmented into large enterprises and small & medium-sized enterprises.
- 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.
By Application
- 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.
By Sector
- 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.
Geographic analysis
North America
Largest shareIn 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. In 2023, North America is Expected to Dominate the Blockchain Market
Asia-Pacific
Fastest growthHowever, Asia-Pacific is projected to register the highest CAGR during the forecast period.
Competitive landscape
- 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.)
- BitGo (U.S.)
Frequently asked questions
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.
Cite this report
Meticulous Research. (2023). Blockchain Market - Global Opportunity Analysis And Industry Forecast (2023-2030) (Report No. MRICT - 104843). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/blockchain-market-5526