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

Buy Now Report ID: 596 | Published Date: Feb 13, 2023

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.

blockchain market overview image
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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.


  • 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.

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

blockchain market impact graph
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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


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 Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Author Credits:  Abhishek Verma, Hetal Singh

Key Questions Answered in the Report

1) What are the major factors driving the growth of the blockchain market?

Ans: Worldwide surge in the expenditure of digital transformation, remarkable adoption of bitcoin across the globe, and major surge in identity and data theft activities are some major factors driving the growth of the market.

2) What would be the CAGR of blockchain market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~60% over the forecast period, i.e., 2023 – 2035.

3) What are the challenges affecting the blockchain market growth?

Ans: Surge in cyber-attacks, huge lack of highly skilled professionals, and lack of awareness regarding the risks of data protection in emerging nations are estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of blockchain market in future?

Ans: The market in North America is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

5) Who are the major players dominating the blockchain market?

Ans: The major players in the market are Microsoft Corporation, Amazon Web Services, Inc., Oracle Corporation, Intel Corporation, Applied Blockchain Ltd, R3 HoldCo LLC, Tata Consultancy Services Limited, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company

7) What are the segments in the blockchain market?

Ans: The market is segmented by type, component, deployment, application, end-user, and by region.

8) Which segment captures the largest market size in application segment in the blockchain market?

Ans: The payments segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

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