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Blockchain Market Analysis by Type (Public, Private, and Hybrid); by Component (Platform, and Service); by Deployment (Pilot, Proof of Concept, and Production); by Application (Payments, Digital Identity, Smart Contracts, Supply Chain Management, and Others); and by End-User (Healthcare, BFSI, Transportation & Logistics, Manufacturing, IT & Telecom, Retail & E-Commerce, Government & Public Sectors, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035

  • Report ID: 596
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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  •  Tata Consultancy Services Limited, launched Quartz, which is estimated to enable banks and investment firms to facilitate their clients to invest in cryptocurrencies and digital assets.

  • Amazon Web Services, Inc. announced the Amazon Managed Blockchain service, a fully managed service that enables the creation and management of scalable blockchain networks. It allows for the scaling to handle millions of transactions and thousands of applications using popular open-source frameworks such as Hyperledger Fabric.

 

Global Blockchain Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Base Year

2023

Forecast Year

2023-2035

CAGR

~60%

Base Year Market Size (2023)

 ~ USD 6 Billion

Forecast Year Market Size (2035)

~ USD 169 Billion

 

The global blockchain market is estimated to garner a revenue of ~USD 169 Billion by the end of 2035 by growing at a CAGR of ~60% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 6 Billion in the year 2023. The growth of the market is primarily attributed to the massively escalating venture capital (VC) funding in blockchain technology. For instance, in 2021, venture capital (VC) funding for blockchain and cryptocurrency businesses reached nearly USD 28 billion.

blockchain market overview image

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Blockchain refers to continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. A blockchain is inherently resistant to modification of the data. Moreover, block chain is the digital and decentralized ledger technology that records all transactions without the need for a financial intermediary such as a bank. If a code hash has been assigned to the block, it is able to be added to the blockchain. This technology has a wide range of applications, including agriculture, healthcare, retail, finance, and others. Its instant traceability and transparency makes the blockchain technology most versatile and useful for financial services too. For instance, by embracing blockchain, financial institutions are estimated to save up to USD 15 billion annually.

Global Blockchain Market: Growth Drivers and Challenges

Growth Drivers

  • Worldwide Surge in the Expenditure of Digital Transformation - Technology is a key component of corporate strategy owing to digital transformation. This method reduces operating costs and inefficiencies. The rising popularity of converting non-digital business processes to fully digital systems by transferring data to cloud-based databases and collaborating with various technological devices is predicted to drive the use of blockchain technology in a broad range of industries. For instance, by 2022, nearly USD 1.15 trillion are anticipated to be spent on worldwide digital transformation, with the same amount expected to reach approximately USD 3 trillion by 2025.

  • Remarkable Adoption of Bitcoin Across the Globe – For instance, the count of worldwide bitcoin owners is expected to touch approximately 2 billion by the end of 2022. Furthermore, in 2021, the worldwide crypto population surged by +180%, from 110 million in January to 290 million in December.

  • Escalating Trend of IoT – For instance, globally, more than 11 billion IoT devices were in use in 2021, and the count of active IoT device is anticipated to exceed around 26 billion by the end of 2030.

  • Major Surge in Identity and Data Theft Activities – For instance, every year, over 400,000 people in the United States fall victims of phishing/vishing/smishing attacks.

  • Growing Adoption of Digital Banking – For instance, in 2018, over 60% people in the United States utilized digital banking, and this ratio is expected to surge around 66% by 2022.

Challenges

  • Surge in Cyber Attacks
  • Huge Lack of Highly Skilled Professionals
  • Lack of Awareness Regarding the Risks of Data Protection in Emerging Nations

The global blockchain market is segmented and analyzed for demand and supply by application into payments, digital identity, smart contracts, supply chain management, and others. Out of these, the payments segment is projected to grasp the largest market share over the forecast period backed by the growing online transactions and payments procedures via using varied cloud services. For instance, globally, the value of all transactions in the digital payments sector is anticipated to reach nearly USD 7.80 trillion in 2022.

Major Macro-Economic Indicators Impacting the Market Growth

blockchain market impact graph

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

Global Blockchain Market Regional Synopsis

Regionally, the global blockchain market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2035 backed by the growing use of cryptocurrency in the region, along with the adoption of blockchain technology, and presence of major vendors who have been providing blockchain solutions. For instance, in the United States, around 25% of individuals that represents nearly 58 million individuals owned at least one cryptocurrency in the year 2021. Furthermore, the acceptance ratio of bitcoin is also shooting up in business sector as well, which is also fueling up the growth of blockchain market. Currently, numerous enterprises have been accepting the cryptocurrency in North America region. For instance, by the end of 2020, more than 2,400 US companies had accepted bitcoin.

blockchain market share image

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The global blockchain market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global blockchain market includes the following segments:

       By Type

  • Public
  • Private
  • Hybrid

        By Component

  • Platform
  • Service

        By Deployment

  • Pilot
  • Proof of Concept
  • Production

 

        By Application

  • Payments
  • Digital Identity
  • Smart Contracts
  • Supply Chain Management
  • Others

         By End-User

  • Healthcare
  • BFSI
  • Transportation & Logistics
  • Manufacturing
  • IT & Telecom
  • Retail & E-Commerce
  • Government & Public Sectors
  • Others

Top Featured Companies Dominating the Global Blockchain Market

  • Microsoft Corporation
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Amazon Web Services, Inc.
  • Oracle Corporation
  • Intel Corporation
  • Applied Blockchain Ltd
  • R3 HoldCo LLC
  • Tata Consultancy Services Limited
  • Digital Asset Holdings, LLC
  • Global Arena Holding, Inc.
  • Cegeka NV

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