Global demand for Blockchain is expected to rise at a yearly growth rate of 34.1% Y-o-Y to USD 155 Billion in 2032, supported by:
During the period ranging from 2020 to 2022, Blockchain demand prospects amplified during the prevalence of covid lockdown when physical transactions were limited. Increasing emphasis by BFSI and the retail sector has augmented the demand for blockchain. With the increasing penetration of smartphones and cheaper internet prices to boost sales over the coming years.
Another factor boosting market growth is the increasing venture capital funding in blockchain technology companies. For instance, in May 2021, Circle Internet Financial Ltd., a blockchain technology provider, announced that it raised USD 440 million in funding from strategic and institutional investors.
The company used this funding for organizational development and market expansion. The authorization of cryptocurrency in countries, such as Ukraine and El Salvador, is anticipated to create novel growth prospects for blockchain market growth. As per this report, demand for blockchain in the banking and finance sector is expected to surge at over 34.1% CAGR.
| Data Points | Key Statistics |
|---|---|
| Estimated Value of Global Blockchain Market by 2032 | USD 155 Billion |
| Documented Market Value of the Blockchain Market in 2022 | USD 8.3 Billion |
| Estimated CAGR from 2022 to 2032 | 34.1% |
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The Asia Pacific is anticipated to yield immense growth opportunities, backed by favorable regulatory policies by several countries like China, Japan & India. By 2032-end, an annual growth rate of 32% has been projected for the region.
Within the Asia Pacific, China is likely to emerge as the strongest country owing to its robust financial infrastructure and the arrival of new entrants in the market. These aspects are likely to augment the acceptance rate of blockchain and help improve the challenges like online fraud, transactional security, etc.
Likewise, India is expected to experience stellar growth, attributed to the rising adoption of online payments and increasing awareness about its benefits, such as high transparency and increased efficiency, offered by this technology to multiple industries. Consequently, Blockchain manufacturers are seizing this opportunity to expand their clientele base in the regional market.
In terms of company size, the large enterprise segment is projected to grasp the highest growth over the forecast period. The segment accounted for nearly 55% share in 2022 and is estimated to maintain its governance in the coming years.
Large enterprises operating in segments, such as insurance, financial services, healthcare, and supply chain, are gradually making efforts to digitalize their offerings, which is generating the demand for blockchain technology among them.
Large enterprises, such as BBVA, Intesa Sanpaolo, Barclays, and HSBC, are adopting blockchain technology to streamline their KYC and fund processes. They have access to passable capital and different assets to implement novel technologies presented in the market.
A blockchain is a digital ledger of transactions that is replicated and distributed across the complete network of computer systems on the blockchain. With the increasing penetration of smartphones in countries like China, India, etc., there has been an amplified acceptance of digital transactions and digital identity detection. Key players Like IBM and Amazon Web Services are investing in the development of a more secure system for implementing their services
Startup culture and an increase in blockchain venture capital along with government initiatives all are contributing to the growth of the blockchain market.
Increased venture capital funding and investment in blockchain technology, widespread implementation of blockchain solutions in banking and cybersecurity, widespread adoption of blockchain solutions for payment, smart contracts, and digital identities, and rising government initiatives are all contributing to the high growth rate of the blockchain market.
Principal Consultant
Following the launch of Bitcoin, blockchain technology blossomed, and it is currently being used to execute transactions by a range of financial institutions.
In the last two-three years, blockchain technology solutions have exploded in popularity for a variety of commercial applications, including payments, exchanges, smart contracts, documentation, and digital identification.
Many startups have entered the market and begun developing blockchain-based solutions, which results in the adoption of blockchain technology.
The enthusiasm and capital investments of venture capitalists were at an all-time high, resulting in the development of specialized blockchain ventures capital firms such as Boost VC and Node Capital.
Regulatory uncertainty is still a problem in the blockchain market. At the moment, one of the most significant impediments to blockchain adoption in most verticals is the lack of rules and the resulting ambiguity. Initial coin offerings have been forbidden by some governments (ICOs).
Regulatory acceptance is one of the most difficult components of modernizing transaction systems.
With the rapid advancement of technology, regulatory agencies must evaluate what gaps exist in current regulations and how they affect total technological applications. Financial institutions from all across the world are collaborating to develop blockchain technology standards.
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Blockchain technology offers enormous potential in a variety of fields, including banking, cybersecurity, and the Internet of Things. In numerous application areas, such as smart city projects, smart transportation, smart grids, vehicular networking, autonomous vehicles, and smart homes, IoT devices are widely used.
Several pioneers are constructing a decentralized network of IoT devices utilizing blockchain solutions, removing the need for a central site to oversee device connectivity.
Blockchain technology has the potential to disrupt and revolutionize transactions but to reap the benefits, businesses must overcome key security, privacy, and control challenges.
Hackers can profit from a bigger attack surface to obtain access to crucial and sensitive information since blockchain transactions are recorded in a distributed public ledger.
If a blockchain solution is used to hold sensitive contract or payment data, copying the file could provide hackers more access. In both a hub-and-spoke and a distributed database, if a key is compromised, it can be used to access the database.
The blockchain market can be segmented into components, providers, type, organizational sizes, application areas, and regions. On the basis of components, the platform segment holds the largest market share with an expected CAGR of 33.4%.
On the basis of type, the Private segment is anticipated to have significant growth in the forecast period, with an expected CAGR of 30.4%.
| Regions | CAGR (2022 to 2032) |
|---|---|
| USA | 33.9% |
| United Kingdom | 33% |
| China | 33.4% |
| Japan | 32.9% |
| South Korea | 32.2% |
With a projected CAGR of 33.9%, the North American regional market topped the global market in 2032, accounting for USD 55 Billion in revenue. The regional market is growing due to the increased usage of blockchain technology by businesses in the region.
Payment and wallet solutions, smart contracts, and digital identity detection solutions are being implemented in industries like government, retail, and BFSI, necessitating the use of blockchain technologies. Furthermore, one of the primary factors boosting regional market growth is the increased use of cryptocurrency among consumers in North America.
With a projected CAGR of 33.9%, the North American regional market topped the global market in 2032, accounting for USD 55 Billion in revenue. The regional market is growing due to the increased usage of blockchain technology by businesses in the region.
Payment and wallet solutions, smart contracts, and digital identity detection solutions are being implemented in industries like government, retail, and BFSI, necessitating the use of blockchain technologies. Furthermore, one of the primary factors boosting regional market growth is the increased use of cryptocurrency among consumers in North America.
Research shows how the competitors are taking advantage of the opportunities present in the blockchain market. Some of the recent developments in the blockchain market are:
The blockchain market is projected to have a CAGR of 34.1% by 2032.
North America is the leading region with an anticipated CAGR of 33.9% by 2032.
Private blockchains lead the market with a projected CAGR of 30.4% by 2032.
The blockchain market is predicted to grow to USD 155 Billion by 2032.
The platform segment leads the market with a projected CAGR of 33.4% by 2032.
1. Executive Summary | Blockchain Market 2. Market Overview 3. Market Risks and Trends Assessment 4. Market Background 5. Key Success Factors 6. Global Market Demand Analysis 2015 to 2021 and Forecast, 2022 to 2032 7. Global Market Value Analysis 2015 to 2021 and Forecast, 2022 to 2032 8. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Component 8.1. Platform 8.2. Services 8.2.1. Technology Advisory and Consulting Services 8.2.2. Development and Integration Services 8.2.3. Support and Maintenance Services 9. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Organization Size 9.1. Large Enterprises 9.2. Small and Medium-Sized Enterprises 10. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Provider 10.1. Application 10.2. Middleware 10.3. Infrastructure 11. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Type 11.1. Public 11.2. Private 11.3. Hybrid 12. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Application Area 12.1. Transportation and Logistics 12.2. Agriculture and Food 12.3. Manufacturing 12.4. Energy and Utilities 12.5. Healthcare and Life Science 12.6. Media, Advertising, and Entertainment 12.7. Banking and Financial Services 12.8. Insurance 12.9. IT and Telecom 12.10. Retail and E-commerce 12.11. Government 12.12. Others 13. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Region 13.1. North America 13.2. Latin America 13.3. Europe 13.4. Asia Pacific 13.5. Middle East and Africa (MEA) 14. North America Market Analysis 2015 to 2021 and Forecast 2022 to 2032 15. Latin America Market Analysis 2015 to 2021 and Forecast 2022 to 2032 16. Europe Market Analysis 2015 to 2021 and Forecast 2022 to 2032 17. Asia Pacific Market Analysis 2015 to 2021 and Forecast 2022 to 2032 18. Middle East and Africa Market Analysis 2015 to 2021 and Forecast 2022 to 2032 19. Key Countries Market Analysis 2015 to 2021 and Forecast 2022 to 2032 20. Market Structure Analysis 21. Competition Analysis 21.1. Competition Dashboard 21.2. Competition Benchmarking 21.3. Competition Deep Dive 21.3.1. IBM 21.3.2. AMAZON WEB SERVICES 21.3.3. SAP 21.3.4. INTEL 21.3.5. ORACLE 21.3.6. HUAWEI 21.3.7. ACCENTURE 21.3.8. WIPRO 21.3.9. BITFURY 21.3.10. BLOCKCYPHER 22. Assumptions and Acronyms Used 23. Research Methodology
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