Blockchain technology market size to exceed USD 469.49 billion by 2030, with a CAGR of 59.9%

According to Fortune Business Insights report, the global blockchain technology market size is estimated to reach USD 469.49 billion by 2030, with a CAGR of 59.9% during the forecast period, 2023-2030

Pune, India, May 25, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, the 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 USD by 2030, showing a CAGR of 59.9% during the forecast period. Increasing identity and data theft incidents to increase demand for cryptographic ledger solutions. Fortune Business Insights provide this information in the report titled Global Blockchain Technology Market Forecast, 2023-2030.

The digital environment is growing at a rapid pace every year as more industries move to digitization. This scenario is expected to stimulate demand for blockchain technology solutions in these sectors as they can help them improve efficiency. The use of digital payment systems has grown exponentially in recent years, which will accelerate the adoption of this technology, thereby increasing the growth of the blockchain technology market.

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Important industrial developments:

March 2021 – IBM Corporation partnered with Moderna to create a smart supply chain for covid-19 vaccines. This will help individuals, healthcare professionals and governments to securely share covid-19 vaccine-related information using blockchain applications such as Digital Health Pass.

Important takeaways

• The Blockchain Technology market size in North America was USD 5.25 billion in 2022

• Increasing preference for cloud solutions to improve the use of BaaS solutions

• Increasing use of digitization in various industries during COVID-19 increased the demand for digital ledger solutions

• The payment segment is expected to hold a large market share during the forecast period

The story continues

Discover the leading players featured in the report:

“Companies leading the global blockchain technology market are Accenture PLC (Ireland), Amazon Web Services, Inc. (USA), Wipro Limited (India), IBM Corporation (USA), Intel Corporation (US), LeewayHeartz (US), Microsoft Corporation ( USA), Oracle Corporation (USA), R3 (USA), Tata Consultancy Services Limited (India)”

Report scope and segmentation

Drivers and limitations:

Increasing identity and data theft to increase the use of cryptographic Ledger solutions

BFSI companies are adopting digital ledger technology to keep end-user financial data and identity safe. Technology applications, such as clearing and settlement, cross-border transactions, digital identity verification, trade finance platforms and credit reporting, are gaining popularity in the BFSI industry. This will promote the market’s expansion.

However, lack of availability of skilled professionals may hinder the growth of the market.

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Segmentation:

By component

By type

• Public

• Private

• Hybrid

• Consortium

Upon application

• Digital identity

• Payments

• Smart contracts

• Supply Chain Management

• Internet of things

• Others

Upon deployment

• Proof of Concept

• pilot

• Production

By industry

• BFSI

• Energy and utilities

• The authorities

• Health and life sciences

• Production

• Telecom, media and entertainment

• Retail and consumer goods

• Travel and transport

• Others

By region

• North America

• Europe

• Asia Pacific

• Middle East and Africa

• South America

Regional insights:

Large 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 growing presence of key players in the US 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 businesses in many countries across the region invest heavily in digital currencies.

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Challenging landscape:

Upgrading existing product ranges and launching new products using blockchain to stimulate market growth

Key blockchain technology companies are developing a wide range of digital ledger solutions to meet the growing needs of companies and consumers. The introduction of advanced solutions will help these market players to consolidate their market position. They are also trying to improve the security of their digital ledgers to help small businesses overcome everyday challenges.

Common questions

How big is the market for blockchain technology?

The 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.

Related reports:

The FinTech Blockchain Market Size, share, revenue forecast and opportunities

Blockchain in BFSI Market Overview, industry share and forecast

Blockchain in the retail market Size, share, capabilities and analysis

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