Industrial Blockchain Technology Market Size Worth $1.3 Trn by 2031, TMR Study

• Steady increase in funding and more deals in blockchain startups are likely to help companies develop blockchain services and solutions that are expected to drive the global market
• Demand for private blockchain technology is expected to increase as more companies implement private blockchain technologies to protect and speed up the transfer of sensitive data

WILMINGTON, Del., 29 September 2022 /PRNewswire/ — In 2021, the value of the global market for industrial blockchain technology stood at USD 3.80 billion. The global market is expected to rise at a CAGR of 80.3% during the forecast period, from 2022 to 2031. By 2031, the global industrial blockchain technology market is likely to touch USD 1.3 trillion. The many benefits offered by blockchain technology have a beneficial influence on the global industrial blockchain technology market. Industry-specific deployment of blockchain technology is expected to overcome typical constraints, including distribution channel access and product differentiation, which is expected to provide growth opportunities for the leading companies in blockchain technology.

In addition, blockchain industry applications in the supply chain, industry 4.0, the energy industry, and the automotive industry are expected to be driven by the growing trend of digital transformation across industries. There has been an increasing use of blockchain technology solutions for industries, including the financial industry. It is mostly driven by the increasing use of cloud services in transaction and payment processes globally.

Because of their well-established financial and bancassurance industries, nations such as the UK and the US have a disproportionate share of the global market. In addition, using the enterprise blockchain platform guarantees data reliability and offers undeniable security to improve internal procedures. In addition, recent developments in blockchain technology, such as the rise of blockchain-as-a-service and metaverse, as well as the increasing acceptance of non-fungible tokens (NFTs), are expected to drive the global market.

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Key Findings in the Market Report

• Investors are more likely to put money into blockchain technology now that cryptocurrencies are legalized. Additionally, this is expected to motivate market players to work harder to improve their services to stand out from the competition. The industry is also growing as blockchain technology is increasingly being used in commercial applications, including digital identification, payments, smart contracts and exchanges. Blockchain technology in the manufacturing industry is also expected to gain traction in the near future.
• Over the past three to four years, blockchain technology has gained popularity in a variety of applications. The use of blockchain technology is also driven by increasing consumer and institutional demand for cryptocurrency. As a result, a number of startups have emerged and are working to develop blockchain technology solutions.
• The increase in projects is mostly due to the benefits that platforms and blockchain-as-a-service bring, such as improved efficiency, greater transparency and a diversified offering of technology across many end-user sectors. This is expected to accelerate the adoption of the blockchain industry at a high rate in developing countries in the coming years.

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Global Industrial Blockchain Technology Market: Growth Drivers

• Due to the increasing use of blockchain technologies by various companies in the region, North America is predicted to hold a significant market share for industrial blockchain technology in the coming years.

Global Industrial Blockchain Technology Market: Key Players

Some of the most important market players are

• Hewlett Packard Enterprise Development LP
• Digital Asset Holdings, LLC
• Amazon Web Services, Inc.
• IBM Corporation
• Oracle Corporation
• Ernst & Young Global Limited

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Global Industrial Blockchain Technology Market: Segmentation

Component

Company size

Type

• Public
• Private
• Consortium

application

• Payments
• Smart contracts
• Digital identity
• Supply Chain Management
• Second

End user

• BFSI
• Health Service
• The authorities
• Travel, transport and logistics
• Retail
• Media and entertainment
• Production
• Second

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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company that provides custom research and consulting services. TMR provides in-depth insight into factors that control demand in the market. It reveals opportunities across various segments based on source, application, sales channel and end-use that will favor growth in the market over the next 9 years.

Our database is constantly updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research uses rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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