DUBLIN--(BUSINESS WIRE)--The "Blockchain Market by Type, Platform, Organization, End User, and Geography - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global blockchain market is projected to reach $403.36 billion by 2030, at a CAGR of 67.7% from 2023 to 2030.
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. It stores data in blocks known as chains in the network connected through peer-to-peer nodes. Every transaction in this ledger is authorized by the digital signature of the owner, which authenticates the transaction and safeguards it from tampering.
Further, it helps reduce compliance costs and speeds up data transfer processing. One of the most well-known applications of blockchain technology is Bitcoin, a decentralized digital currency that operates on a blockchain network. However, blockchain technology has many other potential uses beyond cryptocurrency, including supply chain management, voting systems, and digital identity verification.
The growth of this market is attributed to the rising demand for secure and transparent payments in the BFSI sector, the increasing need to prevent data tampering in the healthcare sector, and the growing popularity of cryptocurrency. Furthermore, the increasing adoption of blockchain among SMEs and retailers is expected to create significant opportunities for this market.
However, the high implementation costs hamper the growth of this market. In addition, regulatory uncertainty and lack of interoperability between blockchain ecosystems are major challenges to the growth of this market.
Based on type, the global blockchain market is segmented into public, private, hybrid, and consortium. The private segment is projected to register the highest CAGR during the forecast period. Private blockchains enable enterprises to efficiently handle confidential information, trade secrets, business records, and intellectual property areas. The rising demand for robust network structures in enterprises drives the adoption of private blockchains due to their stability and scalability. These benefits contribute to the growth of this segment.
Based on platform, the global blockchain market is segmented into Ethereum, Hyperledger, R3 Corda, Polygon, Solana, BSC, Terra, and other platforms. The Hyperledger segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the benefits offered by this platform, including flexibility, scalability, and interoperability, making it well-suited for a wide range of use cases.
Based on organization size, the global blockchain market is segmented into large enterprises and small & medium-sized enterprises. The small & medium-sized enterprises segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing need to address specific business problems and enhance operational efficiency and the increasing demand for reliable blockchain solutions from SMEs.
Based on application, the global blockchain market is segmented into digital currency, asset protection & transfer, identity protection, payments, data reconciliation & sharing, track & trace, certification, and other applications. The payments segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the growing demand for secure and reliable transactions, the increasing demand for secure and effective payment processing platforms, and the need to reduce the role of intermediaries.
Based on sector, the global blockchain market is segmented into BFSI, government organizations, healthcare & life sciences, retail & e-commerce, energy & utility, professional services, media & entertainment, manufacturing, and other sectors. The healthcare & life sciences segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising need to secure the integrity of individuals' information, reduce the duration of the pre-authorization process, and enable patients to receive the necessary and informed care more efficiently.
Asia-Pacific is slated to register the highest CAGR during the forecast period. The growth of this regional market is attributed to growing customer demand for effective digital payment services, the presence of well-established presence fintech companies, and the growing popularity of cryptocurrency in the region.
Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of type, platform, organization size, application, sector, and geography?
- What is the historical market size for the blockchain market across the globe?
- What are the market forecasts and estimates for the period 2023-2030?
- What are the major drivers, restraints, opportunities, and challenges in the global blockchain market?
- Who are the major players in the market, and what are their market shares?
- How is the competitive landscape for the global blockchain market?
- What are the recent developments in the global blockchain market?
- What are the different strategies adopted by the major players in the market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global blockchain market, and how do they compete with other players?
Blockchain Market Drivers: Impact Analysis (2023-2030)
- Rising Demand for Secure and Transparent Payments in BFSI Sector
- Surge in Need to Prevent Data Tampering in Healthcare Sector
- Growing Popularity of Cryptocurrency
Blockchain Market Restraints: Impact Analysis (2023-2030)
- High Implementation Cost
Blockchain Market Opportunities: Impact Analysis (2023-2030)
- Leveraging Blockchain Solutions among SMEs
- Increasing Adoption of Blockchain by Online Retailers
Blockchain Market Challenges: Impact Analysis (2023-2030)
- Regulatory Uncertainty
- Lack of Interoperability between Blockchain Ecosystems
- Technology Trends
- Market Trends
Value Chain Analysis
Porter's Five Forces Analysis
- International Business Machines Corporation (U.S.)
- Microsoft Corporation (U.S.)
- Oracle Corporation (U.S.)
- Amazon Web Services Inc. (U.S.)
- Infosys Limited (India)
- Accenture plc (Ireland)
- Wipro Limited (India)
- Blockchain.com (U.K.)
- Circle Internet Financial Limited (U.S.)
- Ripple (U.S.)
- Tata Consultancy Services Limited (India)
- Intel Corporation (U.S.)
- Chainalysis Inc. (U.S.)
- Coinbase (U.S.)
- BitGo (U.S.).
Scope of the Report:
Blockchain Market Assessment - by Type
Blockchain Market Assessment - by Platform
- R3 Corda
- Other Platforms
Blockchain Market Assessment - by Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Blockchain Market Assessment - by Application
- Digital currency
- Asset Protection & Transfer
- Identity Protection
- Data Reconciliation & Sharing
- Track and Trace
- Other Applications
Blockchain Market Assessment - by Sector
- Government Organizations
- Healthcare & Life Sciences
- Retail & E-commerce
- Energy & Utility
- Professional Services
- Media & Entertainment
- Other Sectors
Blockchain Market Assessment - by Geography
- North America
- South Korea
- Australia & New Zealand
- Rest of Asia-Pacific
- Rest of Europe
- Latin America
- Rest of Latin America
- Middle East & Africa
- Rest of Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/ufzx6c
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