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A Global Blockchain or also referred to as distributed ledger technology (DLT) is a growing list of records called blocks that are linked to cryptography. Each block is comprised of a cryptographic hash of the previous block, which is a timestamp and transaction data. Blockchain is faster, more secure, and more economical technology used to carry out online transactions across financial services and nonfinancial sectors. Decentralization in this technology removes the need for any third party or intermediaries to verify online transactions. The application of blockchain has been extended in a variety of areas including mobile payment and factoring. There has been immense growth in the number of startups developing blockchain technology solutions during the period from 2018 to 2022. Blockchain has been deemed as a revolutionary technology since it aids in reducing risk, stamps out fraud, and brings transparency to a variety of applications.

The global blockchain technology market accounted for US$ 3.76 Bn in terms of value in 2022 and is expected to grow at a CAGR of 54.7% for the period 2023-2030

 Global Blockchain Technology Market: Regional Insights

North America held a dominant position in the Global Blockchain Technology market in 2022, accounting for a 40.7% share in terms of value, followed by Europe and Asia Pacific.

Figure 1: Global Blockchain Technology Market Share (%), By Region, 2022

BLOCKCHAIN TECHNOLOGY MARKET

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Europe's blockchain technology market holds the second-largest market share, supported by government initiatives aimed at fostering growth in the healthcare sector. Additionally, the Germany market dominates with the largest share, while the U.K. market demonstrates the highest growth rate within Europe.

In the Asia-Pacific region, the blockchain technology market is projected to experience the fastest compound annual growth rate (CAGR) between 2023 and 2030. This growth can be attributed to the increasing adoption of blockchain technology by banks for efficient management of know-your-customer (KYC) documents. Furthermore, China leads the market with the largest share, and the Indian market exhibits the highest growth rate within the Asia-Pacific region.

Global Blockchain Technology Market - Impact of Coronavirus (COVID-19) Pandemic

The majority of production facilities were forced to shut down due to the COVID-19 pandemic, resulting in widespread disruption to the economy and investments in digital technology. Moreover, the outbreak had a notable effect on digital ledger technology. Major market players have made substantial investments and revamped their digital strategies, which are expected to drive the demand for digital ledger technology in the post-pandemic period. Additionally, the pandemic expedited the adoption of digital technologies across various sectors, including government and retail.

Global Blockchain Technology Market- Drivers:

Rising incidents of identity and data theft are fueling the demand for cryptographic ledger solutions.

The BFSI (Banking, Finance, Service, Insurance) sector is increasingly embracing digital ledger technology to fortify the security of financial data and safeguard the identities of end-users. This technology is gaining traction in the industry and finding diverse applications, including facilitating cross-border transactions, streamlining clearing and settlements, empowering trade finance platforms, verifying digital identities, and enhancing credit reporting. The extensive adoption of these technologies is anticipated to drive the growth of the market.

For instance, in June 2021, Leading Indian banks, including the State Bank of India (SBI), HDFC, ICICI Bank, and others, joined hands to create Indian Banks' Blockchain Infrastructure Co (IBBIC), a private limited company aimed at establishing India's digital ledger infrastructure. The primary objectives of IBBIC are to ensure secure transactions, minimize transaction processing time, and expedite the letter of credit process.

Availability of secured medium to carry out truncations is expected to propel the global blockchain technology market growth over the forecast period

Online payments through blockchain technology are secure since there are no intermediaries and the data is decentralized. The chain of transition is completely automated from beginning to end and requires no documentation, thereby reducing the errors caused by duplication. Moreover, the availability of real-time tracking of transactions averts fraud caused by errors during online payment. This has enabled online transactions with large-scale payment. Hence, these factors are expected to propel the global blockchain technology market growth in the near future.

In April 2023 Coinflow Labs, a provider of web3 payment solutions, completed its pre-seed round, securing US$1.45 million in funding. The round was led by Jump Crypto and Reciprocal Ventures and included contributions from CMT Digital, Digital Currency Group, Gumi Cryptos, Builder Capital, Prompt Ventures, Blocktech Ventures, as well as several angel investors. Coinflow's involvement in the Pit, Jump Crypto's innovation hub, garnered interest from these investors.

Blockchain Technology Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2022: US$ 3.76  Bn
Historical Data for: 2018 to 2021 Forecast Period: 2023 to 2030
Forecast Period 2023 to 2030 CAGR: 54.7% 2030 Value Projection: US$ 123.66 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East and AfricaAfrica
Segments covered:
  • By Type:  Public blockchain, Private blockchain 
  • By Application:  Financial Services and Non-Financial Services
Companies covered:

Accenture, Coinbase, Chain Inc., Deloitte Touche Tohmatsu Limited, Digital Asset Holdings, LLC, IBM Corporation, JP Morgan Chase & CO, Microsoft Corporation, Ripple, and R3

Growth Drivers:
  • The increasing number of incidents related to identity and data theft is expected to drive the demand for cryptographic ledger solutions
  • Availability of secured medium to carry out transactions.
Restraints & Challenges:
  • Shortage of skilled professionals

Global Blockchain Technology Market- Opportunities:              

Government initiatives are on the rise, contributing to the increased demand for blockchain platforms and services.

In recent years, blockchain technology has garnered significant attention from stakeholders across various industries. As interest in this technology grows, governments worldwide are investing in research endeavors to develop blockchain solutions. Given the high volume of transactions and information exchanges within the government sector, ranging from disbursements and procurements to sales, fees, fines, certifications, and approvals, blockchain solutions are being adopted by government entities to enhance transparency, efficiency, and the overall delivery of public services. By leveraging distributed ledgers, blockchain technology offers numerous potential applications that can improve transparency, prevent fraud, and enhance operational efficiency for government agencies. Notably, the Estonian government stands as an early adopter of blockchain technology within the European region. China's notable efforts to establish dominance in blockchain technology are evidenced by the substantial number of blockchain-related patents filed, with approximately 33,000 filed by China and over 10,000 filed by the U.S. China is actively accelerating its applications of blockchain to secure a lasting, first-mover advantage.

On April 8, 2023, in an effort to advance the blockchain technology system, the Indian Union government initiated a research project. The project's main objective is to enhance the blockchain technology stack to facilitate comprehensive end-to-end development of blockchain applications. According to official sources, the project, titled "Design and Development of Unified Blockchain Framework for Offering National Blockchain Service and Creation of Blockchain Ecosystem," will also enable the integration of Open Application Programming Interfaces (Open APIs) to ensure seamless connectivity and enable the provision of blockchain-as-a-service (BaaS) over distributed infrastructure.

Automating loans

Smart contracts have the potential to enhance the efficiency of loan servicing and offer customers a smoother experience. One significant benefit is their enhanced capacity to streamline data and payment flows with greater efficiency through automation. For instance, a borrower could electronically submit a utilization request, and a smart contract-based facility agreement could verify the request's compliance with specific terms. One significant benefit is their enhanced capacity to streamline data and payment flows with greater efficiency through automation. Upon satisfying the conditions, the smart contract could execute instructions. This involves deducting participation from the open credit lines of lenders and initiating the corresponding payments accordingly.

On June 2, 2021, to fulfill a specific task, a smart contract may need to obtain information or data from an external source referred to as an "oracle." For instance, when calculating an interest payment, the smart contract may request a reference rate from an external entity, such as the sterling overnight index average (SONIA) displayed on the designated screen that provides access to that particular rate.

Global Blockchain Technology Market- Trends:

The increasing adoption of digital identity is expected to drive market growth.

Blockchain technology-based identity platforms have found extensive applications in both regulated and unregulated nations, including countries with inadequate identification laws. To facilitate secure and transparent transactions between the public and private sectors, numerous governments have implemented national-level identification platforms driven by the demand for blockchain technology. The adoption of secure digital IDs by governments has enabled the digitization of various public transactions. Furthermore, the increasing capitalization of market-related cryptocurrencies has spurred governments to invest in blockchain technology ventures. These cryptocurrencies have stimulated innovation in payment environments and offer lower transaction fees compared to traditional payment methods. As a result, the combination of reduced transaction costs and other factors is propelling the growth of the blockchain technology market and the capitalization of cryptocurrencies.

On April 3, 2023, The World Economic Forum's (WEF) Digital Identity Initiative has been engaged in discussions regarding the potential establishment of an international policy and standards framework. This framework aims to facilitate the widespread adoption of digital ID systems with a strong emphasis on prioritizing privacy. The panel is convinced that blockchain technology can play a crucial role in constructing a secure and privacy-preserving digital ID infrastructure. By leveraging blockchain, organizations, and governments can effectively implement projects with significant financial, health, and social impact.

Government funding for blockchain technology is on the rise.

Government authorities in numerous countries are actively promoting blockchain networks due to the wide-ranging benefits they offer to businesses, including enhanced transparency and efficiency. Additionally, government initiatives and collaborations with commercial organizations to integrate blockchain networks into existing systems are further fueling the demand for blockchain solutions. Consequently, the market is projected to present highly lucrative opportunities for revenue generation throughout the forecast period.

On August 03, 2021, the Department for Promotion of Industry and internal trade developed a certificate verification platform leveraging blockchain technology. This platform will not only enable the verification of certificates but also provide aspiring entrepreneurs with access to the US$ 1213042 Million Fund of Funds for Startups.

Global Blockchain Technology Market- Restraints:

Market growth is expected to be hindered due to a shortage of skilled professionals.

The escalating digital transformation across industries has heightened the occurrence of threats and cyber attacks. However, organizations are confronted with a shortage of skilled professionals to effectively mitigate these risk factors. As a result, the adoption of advanced technological solutions is progressing slowly, impacting the market's growth prospects in the coming years. Additionally, developing countries like India, Peru, and Mexico face a lack of awareness regarding the risks associated with data protection. Consequently, the adoption of such technology is expected to remain stagnant in these regions for a few years.

Government Regulations Hindering the Market

The existence of an unpredictable regulatory and compliance landscape poses a substantial barrier to the expansion of the market. In certain instances, governments have taken steps to prohibit the utilization of initial coin offerings (ICOs). One of the key challenges in modernizing transaction systems lies in achieving regulatory acceptance, which acts as a hindrance to market expansion. As technology rapidly advances, regulatory agencies need to assess any gaps in existing regulations and their impact on overall technological applications. Financial institutions worldwide are collaborating to establish blockchain technology standards, aiming to address these challenges and foster market development.

Figure 2: Global Blockchain Technology Market Share (%), By Application , 2022

BLOCKCHAIN TECHNOLOGY MARKET

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Global Blockchain Technology Market- Segmentation:

Blockchain Technology Market, by Type (Public blockchain and Private blockchain) by Application (Financial Services and Non-Financial Services), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa).

Global Blockchain Technology Market: Key Developments

In April 2023, Under the Future Finance Act, the German government intends to implement regulations targeting startups involved in financial innovation. The primary objective of this legislation is to enhance the digitalization of capital markets by enabling the issuance of e-securities on a blockchain platform.

In April 2023, Ava Labs, the creator of the Avalanche blockchain platform, has recently introduced new institutional deployments aimed at advancing and enriching the blockchain technology ecosystem.

In March 2021, Amazon Web Services introduced Ethereum on its managed distributed ledger service, providing developers with the convenience of accessing Ethereum nodes without the challenges and intricacies associated with infrastructure setup and operation.

In June 2021, Blockchain Foundry Inc. and BIGG Digital Asset Inc. formed a strategic partnership to deliver forensic and risk-scoring solutions to creators of stablecoins and fractional NFTs. Through this collaboration, the companies aim to enhance the capabilities of stablecoin and fractional NFT creators in addressing forensic and risk-related challenges.

Global Blockchain Technology Market: Key Companies Insights

Global Blockchain Technology market is highly competitive, owing to the rising launch of new technologies due to ongoing R&D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on a regional as well as global basis. Some of the key players in the Global Blockchain Technology market are: Accenture, Coinbase, Chain Inc., Deloitte Touche Tohmatsu Limited, Digital Asset Holdings, LLC, IBM Corporation, JP Morgan Chase & CO, Microsoft Corporation, Ripple, and R3

*Definition: Blockchain technology is a decentralized and distributed digital ledger system that records and stores data across multiple computers or nodes.

Frequently Asked Questions

Global Blockchain Technology market size is estimated to be valued at US$ 3.76 Bn in 2022 and is expected to exhibit a CAGR of 54.7% between 2023 and 2030.

Major factor driving the growth of the market during the forecast period is the increasing incidents of identity and data theft are projected to accelerate the adoption of cryptographic ledger solutions.

Major factor hampering the growth of the market during the forecast period is expected to be hindered due to a shortage of skilled professionals.

North America Blockchain Technology market is expected to generate the highest revenue during the forecast period.

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