Blockchain
PUBLISHED: 2024 ID: SMRC26448
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Blockchain

Blockchain Market Forecasts to 2030 - Global Analysis By Component (Platforms and Services), Type (Public Blockchain, Private Blockchain, Hybrid Blockchain and Consortium Blockchain), Organization Size, Application, End User and By Geography

4.2 (34 reviews)
4.2 (34 reviews)
Published: 2024 ID: SMRC26448

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Blockchain Market is accounted for $19.9 billion in 2024 and is expected to reach $391.0 billion by 2030 growing at a CAGR of 64.2% during the forecast period. Blockchain is a decentralized digital ledger technology that records transactions across multiple computers in a secure, transparent, and immutable manner. Each block contains a list of transactions and is linked to the previous block, forming a chain. This technology ensures data integrity and security, making it ideal for applications like cryptocurrencies, supply chain management, and smart contracts. This market is driven by increasing demand for transparency, security, and efficiency in data exchange and transaction processes, attracting investments from startups to major enterprises.

According to the U.S. Government Accountability Office (GAO): Blockchain-related financial products and services have grown substantially in recent years, with crypto assets reaching a peak market capitalization of nearly $3 trillion in November 2021.

Market Dynamics:

Driver: 

Increasing demand for transparency and traceability

The growing need for transparency and traceability in various industries is a significant driver for the blockchain market. Blockchain technology provides an immutable and tamper-proof ledger, ensuring that all transactions are transparent and traceable. This capability is particularly valuable in supply chain management, where it helps in verifying product authenticity, reducing fraud, and ensuring compliance with regulations. As businesses and consumers increasingly prioritize transparency, the adoption of blockchain technology is expected to rise, driving market growth.

Restraint:

Cyber security risks

Despite blockchain's inherent security features, such as cryptographic hashing and decentralized consensus mechanisms, it is not immune to cyber threats. Issues like theft of private keys, 51% attacks, and vulnerabilities in smart contracts can compromise the security of blockchain networks. These risks can deter organizations from adopting blockchain technology, as they may fear potential data breaches and financial losses.

Opportunity:

Rising adoption of blockchain in financial services

Blockchain's ability to provide secure, transparent, and efficient transaction processing makes it ideal for applications such as cross-border payments, identity verification, and smart contracts. Financial institutions are increasingly exploring blockchain to enhance operational efficiency, reduce costs, and improve customer trust. As regulatory clarity improves and technological advancements continue, the adoption of blockchain in financial services is expected to accelerate, driving market growth.

Threat:

High energy consumption

High energy consumption is a significant threat to the blockchain market, particularly for networks using Proof-of-Work (PoW) consensus mechanisms. PoW requires substantial computational power, leading to high electricity usage and environmental concerns. This issue is especially prominent in cryptocurrencies like Bitcoin, which consume energy comparable to that of entire countries. The environmental impact and associated costs can hinder the adoption of blockchain technology, prompting the need for more energy-efficient consensus mechanisms.

Covid-19 Impact: 

The Covid-19 pandemic had a mixed impact on the blockchain market. While it disrupted global supply chains and economic activities, it also accelerated digital transformation and the adoption of blockchain technology. The need for secure, transparent, and efficient digital solutions became more apparent, driving interest in blockchain for applications such as supply chain management, digital identity, and financial services. As a result, the pandemic highlighted blockchain's potential and spurred its adoption across various sectors.

The platforms segment is expected to be the largest during the forecast period

The platforms segment is anticipated to dominate the blockchain market due to the increasing demand for blockchain solutions like R3 Corda, Hyperledger Fabric, and Ethereum. These platforms provide the necessary infrastructure for developing and deploying blockchain applications across various industries. Their ability to offer customizable and scalable solutions makes them attractive to businesses looking to leverage blockchain technology for enhanced security, transparency, and efficiency. As more organizations adopt blockchain platforms, this segment is expected to maintain its leading position.

The hybrid blockchain segment is expected to have the highest CAGR during the forecast period

The hybrid blockchain segment is projected to experience the highest CAGR due to its ability to combine the benefits of both public and private blockchains. Hybrid blockchains offer greater flexibility, allowing organizations to control access to certain data while maintaining transparency for other information. This makes them suitable for industries like healthcare, finance, and supply chain management, where data privacy and security are critical. The growing need for versatile and secure blockchain solutions is expected to drive the rapid growth of the hybrid blockchain segment.

Region with largest share:

North America is expected to dominate the blockchain market, driven by the extensive adoption of blockchain solutions across various industries, including financial services, healthcare, and supply chain management. The presence of major technology companies and a favorable regulatory environment further support market growth. Additionally, significant investments in blockchain research and development, along with government initiatives to promote blockchain adoption, contribute to North America's leading position in the market.

Region with highest CAGR:

North America is expected to dominate the blockchain market, driven by the extensive adoption of blockchain solutions across various industries, including financial services, healthcare, and supply chain management. The presence of major technology companies and a favorable regulatory environment further support market growth. Additionally, significant investments in blockchain research and development, along with government initiatives to promote blockchain adoption, contribute to North America's leading position in the market.

Key players in the market

Some of the key players in Blockchain Market include IBM, Consensys, EvaCodes, Infuy, PixelPlex, Ripple, ScienceSoft, Block, Inc., Coinbase, Hyperlink InfoSystem, Peiko, Tezos, Applied Blockchain, Aptos Labs, Ava Labs, Binance, Chainlink Labs, EOS.IO, Hyperledger Fabric, Kraken, SoluLab and HashCash Consultants.

Key Developments:

In January 2024, Casper Labs, the enterprise blockchain software and services provider, and IBM Consulting announced they will work to help clients leverage blockchain to gain greater transparency and auditability in their AI systems. Together, Casper Labs and IBM Consulting plan to develop a new Casper Labs solution designed with blockchain and built leveraging IBM watsonx.governance that establishes an additional analytics and policy enforcement layer for governing AI training data across organizations.

In January 2023, Amazon Web Services (AWS) has partnered with Ava Labs, the company building out layer-1 blockchain Avalanche, to help scale blockchain adoption across enterprises, institutions and governments. The partnership intends to make it easier for individuals to launch and manage nodes on Avalanche while also aiming to give the network more strength and flexibility for developers.

Components Covered:
• Platforms
• Services

Types Covered:
• Public Blockchain
• Private Blockchain
• Hybrid Blockchain
• Consortium Blockchain

Organization Sizes Covered:
• Small and Medium-sized Enterprises (SMEs)
• Large Enterprise

Applications Covered:
• Supply Chain Management
• Cross-Border Payments and Settlements
• Lot Lineage/Provenance
• Trade Finance & Post-Trade Settlements
• Identity Management
• Property Ownership Management
• Energy Settlements
• Smart Contracts
• Internet of Things (IoT)
• Digital Identity
• Documentation
• Exchanges
• Payments
• Other Applications

End Users Covered:
• Banking, Financial Services, and Insurance (BFSI)
• Government
• Healthcare and Life Sciences
• Media and Entertainment
• Retail and e-Commerce
• Transportation and Logistics
• Travel and Hospitality
• Real Estate
• Energy & Utilities
• Manufacturing
• Telecom
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary     
      
2 Preface     
 2.1 Abstract    
 2.2 Stake Holders    
 2.3 Research Scope    
 2.4 Research Methodology    
  2.4.1 Data Mining   
  2.4.2 Data Analysis   
  2.4.3 Data Validation   
  2.4.4 Research Approach   
 2.5 Research Sources    
  2.5.1 Primary Research Sources   
  2.5.2 Secondary Research Sources   
  2.5.3 Assumptions   
      
3 Market Trend Analysis     
 3.1 Introduction    
 3.2 Drivers    
 3.3 Restraints    
 3.4 Opportunities    
 3.5 Threats    
 3.6 Application Analysis    
 3.7 End User Analysis    
 3.8 Emerging Markets    
 3.9 Impact of Covid-19    
      
4 Porters Five Force Analysis     
 4.1 Bargaining power of suppliers    
 4.2 Bargaining power of buyers    
 4.3 Threat of substitutes    
 4.4 Threat of new entrants    
 4.5 Competitive rivalry    
      
5 Global Blockchain Market, By Component     
 5.1 Introduction    
 5.2 Platforms    
  5.2.1 Application Providers   
  5.2.2 Middleware Providers   
  5.2.3 Infrastructure Providers   
 5.3 Services    
  5.3.1 Consulting Services   
  5.3.2 Development and Integration Services   
  5.3.3 Support and Maintenance Services   
      
6 Global Blockchain Market, By Type     
 6.1 Introduction    
 6.2 Public Blockchain    
 6.3 Private Blockchain    
 6.4 Hybrid Blockchain    
 6.5 Consortium Blockchain     
      
7 Global Blockchain Market, By Organization Size     
 7.1 Introduction    
 7.2 Small and Medium-sized Enterprises (SMEs)    
 7.3 Large Enterprises    
      
8 Global Blockchain Market, By Application     
 8.1 Introduction    
 8.2 Supply Chain Management    
 8.3 Cross-Border Payments and Settlements    
 8.4 Lot Lineage/Provenance    
 8.5 Trade Finance & Post-Trade Settlements    
 8.6 Identity Management    
 8.7 Property Ownership Management    
 8.8 Energy Settlements    
 8.9 Smart Contracts    
 8.10 Internet of Things (IoT)    
 8.11 Digital Identity    
 8.12 Documentation    
 8.13 Exchanges    
 8.14 Payments    
 8.15 Other Applications    
      
9 Global Blockchain Market, By End User     
 9.1 Introduction    
 9.2 Banking, Financial Services, and Insurance (BFSI)    
 9.3 Government    
 9.4 Healthcare and Life Sciences    
 9.5 Media and Entertainment    
 9.6 Retail and e-Commerce    
 9.7 Transportation and Logistics    
 9.8 Travel and Hospitality    
 9.9 Real Estate    
 9.10 Energy & Utilities    
 9.11 Manufacturing    
 9.12 Telecom    
 9.13 Other End Users    
      
10 Global Blockchain Market, By Geography     
 10.1 Introduction    
 10.2 North America    
  10.2.1 US   
  10.2.2 Canada   
  10.2.3 Mexico   
 10.3 Europe    
  10.3.1 Germany   
  10.3.2 UK   
  10.3.3 Italy   
  10.3.4 France   
  10.3.5 Spain   
  10.3.6 Rest of Europe   
 10.4 Asia Pacific    
  10.4.1 Japan   
  10.4.2 China   
  10.4.3 India   
  10.4.4 Australia   
  10.4.5 New Zealand   
  10.4.6 South Korea   
  10.4.7 Rest of Asia Pacific   
 10.5 South America    
  10.5.1 Argentina   
  10.5.2 Brazil   
  10.5.3 Chile   
  10.5.4 Rest of South America   
 10.6 Middle East & Africa    
  10.6.1 Saudi Arabia   
  10.6.2 UAE   
  10.6.3 Qatar   
  10.6.4 South Africa   
  10.6.5 Rest of Middle East & Africa   
      
11 Key Developments     
 11.1 Agreements, Partnerships, Collaborations and Joint Ventures    
 11.2 Acquisitions & Mergers    
 11.3 New Product Launch    
 11.4 Expansions    
 11.5 Other Key Strategies    
      
12 Company Profiling     
 12.1 IBM    
 12.2 Consensys    
 12.3 EvaCodes    
 12.4 Infuy    
 12.5 PixelPlex    
 12.6 Ripple    
 12.7 ScienceSoft    
 12.8 Block, Inc.    
 12.9 Coinbase    
 12.10 Hyperlink InfoSystem    
 12.11 Peiko    
 12.12 Tezos    
 12.13 Applied Blockchain    
 12.14 Aptos Labs    
 12.15 Ava Labs    
 12.16 Binance    
 12.17 Chainlink Labs    
 12.18 EOS.IO    
 12.19 Hyperledger Fabric    
 12.20 Kraken    
 12.21 SoluLab    
 12.22 HashCash Consultants    
      
List of Tables      
1 Global Blockchain Market Outlook, By Region (2022-2030) ($MN)     
2 Global Blockchain Market Outlook, By Component (2022-2030) ($MN)     
3 Global Blockchain Market Outlook, By Platforms (2022-2030) ($MN)     
4 Global Blockchain Market Outlook, By Application Providers (2022-2030) ($MN)     
5 Global Blockchain Market Outlook, By Middleware Providers (2022-2030) ($MN)     
6 Global Blockchain Market Outlook, By Infrastructure Providers (2022-2030) ($MN)     
7 Global Blockchain Market Outlook, By Services (2022-2030) ($MN)     
8 Global Blockchain Market Outlook, By Consulting Services (2022-2030) ($MN)     
9 Global Blockchain Market Outlook, By Development and Integration Services (2022-2030) ($MN)     
10 Global Blockchain Market Outlook, By Support and Maintenance Services (2022-2030) ($MN)     
11 Global Blockchain Market Outlook, By Type (2022-2030) ($MN)     
12 Global Blockchain Market Outlook, By Public Blockchain (2022-2030) ($MN)     
13 Global Blockchain Market Outlook, By Private Blockchain (2022-2030) ($MN)     
14 Global Blockchain Market Outlook, By Hybrid Blockchain (2022-2030) ($MN)     
15 Global Blockchain Market Outlook, By Consortium Blockchain  (2022-2030) ($MN)     
16 Global Blockchain Market Outlook, By Organization Size (2022-2030) ($MN)     
17 Global Blockchain Market Outlook, By Small and Medium-sized Enterprises (SMEs) (2022-2030) ($MN)     
18 Global Blockchain Market Outlook, By Large Enterprises (2022-2030) ($MN)     
19 Global Blockchain Market Outlook, By Application (2022-2030) ($MN)     
20 Global Blockchain Market Outlook, By Supply Chain Management (2022-2030) ($MN)     
21 Global Blockchain Market Outlook, By Cross-Border Payments and Settlements (2022-2030) ($MN)     
22 Global Blockchain Market Outlook, By Lot Lineage/Provenance (2022-2030) ($MN)     
23 Global Blockchain Market Outlook, By Trade Finance & Post-Trade Settlements (2022-2030) ($MN)     
24 Global Blockchain Market Outlook, By Identity Management (2022-2030) ($MN)     
25 Global Blockchain Market Outlook, By Property Ownership Management (2022-2030) ($MN)     
26 Global Blockchain Market Outlook, By Energy Settlements (2022-2030) ($MN)     
27 Global Blockchain Market Outlook, By Smart Contracts (2022-2030) ($MN)     
28 Global Blockchain Market Outlook, By Internet of Things (IoT) (2022-2030) ($MN)     
29 Global Blockchain Market Outlook, By Digital Identity (2022-2030) ($MN)     
30 Global Blockchain Market Outlook, By Documentation (2022-2030) ($MN)     
31 Global Blockchain Market Outlook, By Exchanges (2022-2030) ($MN)     
32 Global Blockchain Market Outlook, By Payments (2022-2030) ($MN)     
33 Global Blockchain Market Outlook, By Other Applications (2022-2030) ($MN)     
34 Global Blockchain Market Outlook, By End User (2022-2030) ($MN)     
35 Global Blockchain Market Outlook, By Banking, Financial Services, and Insurance (BFSI) (2022-2030) ($MN)     
36 Global Blockchain Market Outlook, By Government (2022-2030) ($MN)     
37 Global Blockchain Market Outlook, By Healthcare and Life Sciences (2022-2030) ($MN)     
38 Global Blockchain Market Outlook, By Media and Entertainment (2022-2030) ($MN)     
39 Global Blockchain Market Outlook, By Retail and e-Commerce (2022-2030) ($MN)     
40 Global Blockchain Market Outlook, By Transportation and Logistics (2022-2030) ($MN)     
41 Global Blockchain Market Outlook, By Travel and Hospitality (2022-2030) ($MN)     
42 Global Blockchain Market Outlook, By Real Estate (2022-2030) ($MN)     
43 Global Blockchain Market Outlook, By Energy & Utilities (2022-2030) ($MN)     
44 Global Blockchain Market Outlook, By Manufacturing (2022-2030) ($MN)     
45 Global Blockchain Market Outlook, By Telecom (2022-2030) ($MN)     
46 Global Blockchain Market Outlook, By Other End Users (2022-2030) ($MN)     
      
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.      

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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