Blockchain Technology Market: Global Upcoming Demand & Growth Analysis 2022-2032

The global blockchain technology market is likely to be valued at US$ 7.36 billion in FY 2022. From 2022 to 2032, Blockchain technology is anticipated to flourish at a CAGR of 84% to reach a value of USD 3,273.83 Billion by the end of 2032.

In the near future, it is projected that the companies’ efforts will increase the effectiveness and efficiency of blockchain technology. DeFi is an emerging blockchain-based financial system that lessens the influence banks have over financial services and money. During the forecast period, market growth is anticipated to be driven by the rising strategic initiatives in the decentralized financial sector. For instance, the payment company Square stated in July 2021 that it is establishing a business model specifically for Defi using bitcoin.

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Key Takeaways from the Market Study

  • Global market for blockchain technology to reach US$ 7.36 Bn by 2022-end.
  • Financial services to account for 39% of global blockchain technology market revenue
  • By enterprise size, over 3/5th of global revenue to be contributed by large enterprises
  • By application, payments to account for over 42% revenue share in 2022 and beyond
  • Based on cloud, public cloud to dominate the market, accumulating over 60% revenue

Market Drivers and Trends

Several key drivers have contributed to the rapid expansion of the blockchain technology market. One of the primary drivers is the quest for enhanced security and transparency. Traditional centralized systems are vulnerable to hacking and data breaches, prompting industries to seek more secure alternatives. Blockchain's inherent cryptographic features make it highly secure, ensuring that data remains tamper-proof and transparent, which is particularly important for sectors like finance and healthcare.

Another driving force is the growing demand for efficient and streamlined processes. Blockchain's decentralized nature eliminates intermediaries, reducing the need for intermediaries, and accelerating transactions. In supply chain management, for instance, it enables real-time tracking of goods and secure sharing of information across multiple parties, enhancing efficiency and reducing fraud.

Moreover, the increasing trend toward digitization and the Internet of Things (IoT) has created a need for robust data management systems. Blockchain's ability to store and manage data securely across interconnected devices makes it a fitting solution for IoT applications. This convergence is likely to further drive the adoption of blockchain in various industries.

Competitive landscape:

The competitive landscape of the market is highly fragmented in nature. The market players are focused on strategies, such as mergers and acquisitions, to strengthen their market position. some major companies operating in the market are-

  • IBM Corp.
  • Microsoft Corp.
  • The Linux Foundation
  • BTL Group Ltd.
  • Chain, Inc.
  • Circle Internet Financial Ltd.
  • Deloitte Touche Tohmatsu Ltd.
  • Digital Asset Holdings, LLC
  • Global Arena Holding, Inc. (GAHI)
  • Monax
  • Ripple

Some key developments in this market are-

  • In March 2019, Circle Internet Financial Limited completed the acquisition of SeedInvest, an equity crowdfunding platform. The acquisition was aimed at delivering a token marketplace that would allow individuals and businesses to raise capital and interact with investors through the open crypto infrastructure.
  • In August 2021, Bakkt Holdings, LLC, a digital asset marketplace, announced its partnership with Quiznos, a Quick-service Restaurant (QSR), to launch its physical location pilot. This pilot enabled the customers of Quiznos to pay with bitcoin at select locations.
  • In September 2019, Signzy Technologies Private Ltd., a RegTech startup, announced its partnership with Primechain Technologies, a blockchain technology provider. The partnership was aimed toward developing AI-enabled smart banking solutions for financial institutions and banks. This smart banking solution integrated AI and blockchain technologies to digitalize and automate back-office operations.

Key Segments Covered in the Blockchain technology Industry Survey:

·         By Component :

  • Application & Solution
  • Infrastructure & Protocols
  • Middleware

·         By Type :

  • Public cloud
  • Private Cloud
  • Hybrid Cloud

·         By Application :

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

·         By Enterprise Size :

  • Large Enterprises
  • Small and Medium Enterprises

·         By End Use :

  • Financial Services
  • Government
  • Healthcare
  • Media & Entertainment
  • Retail
  • Transportation & Logistics
  • Travel
  • Others

·         By Region :

  • North America
  • Latin America
  • Europe
  • Asia Pacific

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Questionnaire answered in the Market outlook Report of Blockchain Technology include:

  • What is the key strategy deployed by large players to maximize Blockchain Technology Market growth?
  • What are the main challenges faced by players in the Blockchain Technology market Demand?
  • With the advent of technological advancement, how will the Blockchain Technology market landscape change over the forecast period?
  • What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Blockchain Technology market size?

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