SAN FRANCISCO, Feb. 9, 2022 /PRNewswire/ -- The global blockchain technology market size is expected to reach USD 1,431.54 billion by 2030, growing at a CAGR of 85.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing digitalization across the BFSI sector. Furthermore, the growing use of contactless blockchain digital ticketing at various events is expected to drive the market.
Key Insights & Findings from the report:
- In terms of type, the public cloud segment is expected to retain its dominance over the forecast period. The growing preference of governments for efficient and open transactions is driving the segment growth
- In terms of components, the infrastructure & protocol segment dominated the market in 2021 and is expected to witness significant growth over the forecast period. The demand for the infrastructure & protocol is high among network developers as it helps them in developing customized networks for their clients
- In terms of application, the payments segment dominated the market in 2021. The segment growth can be attributed to the capability of blockchain technology to facilitate payments by reducing the number of intermediaries, which helps reduce transaction costs
- In terms of enterprise size, the large enterprise segment dominated the market in 2021. The rapid adoption of blockchain technology by large enterprises to enable digital services across different business channels accentuated the segment growth in 2021
- In terms of end use, the financial services segment dominated the market in 2021. The increasing investment in this technology by finance service providers propelled the segment growth in 2021
- The increasing adoption of the technology in emerging economies, such as China and India, is expected to create growth opportunities for the market players in the Asia Pacific region over the forecast period
Read 150 page market research report, "Blockchain Technology Market Size, Share & Trends Analysis Report By Type (Private Cloud, Public Cloud), By Application (Digital Identity, Payments), By Enterprise Size, By Component, By End Use, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
The growing use of cryptocurrency worldwide is also anticipated to drive market growth. This is because cryptocurrencies, such as Ethereum and bitcoin, operate on blockchain technology. The demand for cryptocurrency is increasing due to benefits, such as easy transactions, inflation hedge, and enhanced security.
According to the statistics provided by TripleA, a cryptocurrency solution provider, more than 300 million people worldwide used or owned cryptocurrency in 2021. The growing demand for blockchain across the government sector due to benefits, such as protection of sensitive data, reduced cost, and improved efficiency is driving the market growth. Various government agencies, such as the Department of Homeland Security (DHS) in the U.S. are demanding blockchain technology-based applications to enhance their data security.
The DHS is funding startups to conduct research and development to explore new approaches to cyber security using blockchain technology. The COVID-19 pandemic is expected to positively impact the market growth over the forecast period. The growing online sales due to the COVID-19 pandemic are expected to create the demand for blockchain technology among e-commerce companies. E-commerce companies use this technology for supply chain management.
Market Segmentation:
Grand View Research has segmented the global blockchain technology market on the basis of type, component, application, enterprise size, end use, and region:
- Blockchain Technology Type Outlook (Revenue, USD Million, 2017 - 2030)
- Public Cloud
- Private Cloud
- Hybrid Cloud
- Blockchain Technology Component Outlook (Revenue, USD Million, 2017 - 2030)
- Application & Solution
- Infrastructure & Protocols
- Middleware
- Blockchain Technology Application Outlook (Revenue, USD Million, 2017 - 2030)
- Digital Identity
- Exchanges
- Payments
- Smart Contracts
- Supply Chain Management
- Others
- Blockchain Technology Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)
- Large Enterprises
- Small & Medium Enterprises
- Blockchain Technology End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Financial Services
- Government
- Healthcare
- Media & Entertainment
- Retail
- Transportation & Logistics
- Travel
- Others
- Blockchain Technology Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- Japan
- Australia
- India
- South America
- Brazil
- Middle East & Africa
- Saudi Arabia
- UAE
List of Key Players of Blockchain Technology Market
- 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
Check out more studies related to blockchain, published by Grand View Research:
- Blockchain Technology in Healthcare Market - The global blockchain in technology healthcare market is anticipated to expand at a double-digit CAGR of 63.9% till 2026. Increasing incidence of information leaks and data breach coupled with the rising requirement to curb these issues are attributed to the market growth.
- Blockchain In Retail Banking Market - The global blockchain in retail banking market is expected to witness significant growth over the forecast period. Continued digitalization, the increasing internet penetration rate, and subsequently, the growing adoption of blockchain technology for KYC/ID fraud prevention and risk scoring are expected to drive the growth of the market.
Browse through Grand View Research's coverage of the Global Next Generation Technologies Industry.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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