Global Blockchain Market – Size, Share, Opportunity, Trend, Forecast, Analysis 2020 – 2030

Market Overview:
The global Blockchain market was valued at USD 9.2 billion in 2021 and it is anticipated to reach USD 415.8 billion by the end of 2030, registering a CAGR of 72.3% during the forecast period of 2022-2030. The Blockchain is the collection of data and records, known as the technological database which is linked together using cryptography. The block is composed of digital pieces of information, which stores the details regarding the date, time, transaction participants and others. Each block is given the unique code known as hash. If the block is assigned with the code hash it is ready to add to the blockchain. The blockchain technology is widely applicable in a variety of industries such as BFSI, agriculture, healthcare, retail, and supply chain, media and advertising, many others.

Market Dynamics and Growth Impacting Factors:
The market growth can be attributed to 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 legalization of cryptocurrency in countries, such as Ukraine and El Salvador, is expected to create new opportunities for market growth.
Overall global outlook for investment in blockchian technology is very much positive in response to the fact that cryptocurries are on their of ways legalization in few countries. This may result in heavy investment in overall blockchain related business in near future driving overall market growth. In addition to this, emergence of technologies like DeFi in blockchain eco-system expected to bring efficiency as compared existing financial system. Other aspect of DeFi is it minimizes the control of banks on financial services and transactions with greater benefits and reducing fractional cost charged by banks. With timely adoption of DeFi and introduction such technologies likely complement the growth of this market.
Companies like PayPal and Xbox have also started accepting cryptocurrency as a payment gateway. Apart from this, various restaurants and local shops in Ukraine, El Salvador, and Norway have also started using cryptocurrency for payment exchange. This indicated that adoption of cryptocurrencies is increasing at a rapid pace thereby adoption as well as growth for blockchain technology.

Geographic Analysis:
The North America regional market dominated the global market in 2021 and accounted for over ~40.0% share of the global revenue. The increasing adoption of blockchain technology by organizations in the region is driving the regional market growth. Industries, such as government, retail, and BFSI, are implementing payment and wallet solutions, smart contracts, and digital identity detection solutions, which is creating the need for blockchain technologies. Furthermore, the increase in the use of cryptocurrency among the people in North America is also one of the major factors accentuating the regional market growth.
On the other hand, the market in Asia Pacific is expected to grow at the fastest CAGR over the forecast period. The governments of countries, such as China, Japan, and India, have been promoting the use of blockchain technology. This is mainly due to the benefits, such as high transparency and increased efficiency, offered by this technology to multiple industries. For instance, in 2019, the government of South Korea announced an investment of USD 880 million in blockchain development projects.

Competitive Scenario:
This research study outlines the market potential, market dynamics, and Key and innovative vendors in Blockchain market include IBM (US), AWS (US), SAP (Germany, Intel (US), Oracle (US), Huawei (China), Accenture (Ireland), Wipro (India), Bitfury (Amsterdam), Chain (US), Blockcypher (US), Guardtime (Estonia), Cegeka (Netherlands), Symbiont (US), BigchainDB (Germany), Applied Blockchain (UK), Auxesis Group (India), Spinsys (US), Infosys (India), NTT Data (Japan), Factom (US), R3 (US),Consensys(US), RecordsKeeper(Spain), Stratis (UK), Blockchain Foundry (Canada), Blockpoint (US), Leewayhertz (US), and Dragonchain (US).

Market Segmentation
• By Component
◦ Small Cell
◦ Macro Cell

• By Application
◦ Digital Identity
◦ Exchanges
◦ Payments
◦ Smart Contracts
◦ Supply Chain Management
◦ Others

• By End User
◦ Financial Services
◦ Government
◦ Healthcare
◦ Media & Entertainment
◦ Retail
◦ Education
◦ Transportation & Logistics
◦ Travel
◦ Others

• By Enterprise Size
◦ Large Enterprises
◦ Small & Medium Enterprises

• By Outlook
◦ Public Cloud
◦ Private Cloud
◦ Hybrid Cloud

• Market Segmentation Based on Region covers following sub segments
◦ North America (U.S. | Canada | Mexico)
◦ Europe (Germany | France | Italy | Spain| UK| Rest of Europe)
◦ Asia-Pacific (China | India | Japan | Australia| South Korea| Rest of Asia-Pacific)
◦ Latin America (Brazil | Argentina | Rest of Latin America)
◦ Middle East & Africa (Saudi Arabia | UAE | Bahrain| South Africa | Rest of MEA)