Pune, India, May 25, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global blockchain technology market size was valued at USD 11.14 billion in 2022 and is projected to grow from USD 17.57 billion in 2023 to USD 469.49 billion by 2030, exhibiting a CAGR of 59.9% during the forecast period. Rising Identity and Data Theft Incidents to Surge Demand for Cryptographic Ledger Solutions. Fortune Business Insights, provide this information in its report titled, Global Blockchain Technology Market Forecast, 2023-2030.
The digital environment is growing at a rapid pace every year as more industries are switching to digitization. This scenario is expected to fuel the demand for blockchain technology solutions in these sectors as they can help them improve their efficiency. The usage of digital payment systems has grown exponentially in recent years, which will accelerate the adoption of this technology, thereby boosting the blockchain technology market growth.
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Key Industry Development:
March 2021 – IBM Corporation partnered with Moderna to create a smart supply chain for COVID-19 vaccines. This would help individuals, healthcare providers, and governments securely share COVID-19 vaccine-related information by using blockchain applications such as Digital Health Pass.
Key Takeaways
- Blockchain Technology market size in North America was USD 5.25 Billion in 2022
- Growing Preference for Cloud Solutions to Improve Adoption of BaaS Solutions
- Growing Adoption of Digitization in Various Industries During COVID-19 Boosted Demand for Digital Ledger Solutions
- The payments segment is expected to hold a major market share during the projected period
Discover the Leading Players Featured in the Report:
“Companies leading the global blockchain technology market are Accenture PLC (Ireland), Amazon Web Services, Inc. (U.S.), Wipro Limited (India), IBM Corporation (U.S.), Intel Corporation (U.S.), LeewayHeartz (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), R3 (U.S.), Tata Consultancy Services Limited (India)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 59.9% |
| 2030 Value Projection | USD 469.49 Billion |
| Base Year | 2022 |
| Blockchain Technology Market Size in 2022 | USD 11.14 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Component, Type, Application, Deployment, Industry and Geography |
Drivers and Restraints:
Growing Identity & Data Thefts to Boost Adoption of Cryptographic Ledger Solutions
BFSI companies are adopting digital ledger technologies to keep end-user’s financial data and identity safe. Technology applications, such as clearing & settlements, cross-border transactions, digital identity verification, trade finance platforms, and credit reporting, are gaining popularity in the BFSI industry. This will foster the market’s expansion.
However, lack of availability of skilled professionals may hinder the market’s growth.
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Segmentation:
By Component
- Platform/Solution
- Blockchain as a Service (BaaS)
By Type
- Public
- Private
- Hybrid
- Consortium
By Application
- Digital Identity
- Payments
- Smart Contracts
- Supply Chain Management
- Internet of Things
- Others
By Deployment
- Proof of Concept
- Pilot
- Production
By Industry
- BFSI
- Energy & Utilities
- Government
- Healthcare and Life Sciences
- Manufacturing
- Telecom, Media & Entertainment
- Retail & Consumer Goods
- Travel and Transportation
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
Vast Presence of Key Companies to Boost Market Growth in North America
North America held a dominant position in the market in 2020 due to the rising presence of key players in the U.S. such as IBM Corporation, Microsoft Corporation, Oracle Corporation, AWS, and Digital Asset Holdings LLC.
Europe held the second position in the market as governments and business in many countries across the region are heavily investing in digital currencies.
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Competitive Landscape:
Upgrading Existing Product Ranges and Launch of New Products Using Blockchain to Spur Market Growth
Key blockchain technology companies are developing a wide range of digital ledger solutions to cater to the growing needs of companies and consumers. The introduction of advanced solutions will help these market players solidify their market position. They are also trying to improve the security of their digital ledgers to help small businesses overcome daily challenges.
FAQs
How big is the blockchain technology market?
Blockchain technology market size was USD 11.14 billion in 2022. It is expected to reach USD 469.49 billion by 2030.
How fast is the blockchain technology market growing?
The blockchain technology market will exhibit a CAGR of 59.9% during the forecast period, 2023-2030.
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