Increased demand from the banking and finance sectors is driving the Blockchain technology market at an astonishing CAGR of 43.5%
Supply chain management is estimated to have a 28.4% share in the Blockchain technology market. Increased merchant acceptance of cryptocurrencies and growing interest in blockchain among financial institutions are two key aspects driving the growth of the blockchain technology market
DUBAI, United Arab Emirates, Nov. 13, 2022 (GLOBE NEWSWIRE) — The global blockchain the technology market is predicted to reach a value of USD 59.5 billion by 2030, with demand growing at a staggering CAGR of 43.5% from 2022 to 2030. By the end of 2022, the target market is set to reach an estimated USD 3.31 billion. The increasing use of blockchain solutions for digital identity, payment and smart contracts is increasing the demand for blockchain technology. Increased emphasis from BFSI and retail further contributes to the growth of the blockchain technology market during the forecast period.
Factors such as increased venture capital funding and investment in blockchain technology, widespread implementation of blockchain solutions in banking and cyber security, large-scale use of blockchain solutions for payment, smart contracts and digital identities, and increasing government initiatives contribute to the exceptional growth rate of the blockchain market.
During this decade, Blockchain demand opportunities are likely to proliferate due to the limited physical transactions of the past two years and increasing virtual transactions. The increased demand from sectors such as BFSI and retail will further supplement the demand for blockchain. In addition, the deep penetration of smartphones and affordable internet prices will boost the global sales of the blockchain technology market over the next few years.
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Again, the need for safe and secure transactions will drive target market growth. The peculiarity of “add only” has made the blockchain immutable and tamper-proof. This makes the technology a safe and secure way of recording transactions. Retail, especially luxury brands, are likely to adopt this technology to transform into an efficient business model. The target market is therefore expected to flourish in the coming years
“High demand for safe and secure transactions will supplement the global growth of the blockchain technology market over the forecast period,” says an FMI analyst.
Key takeaways:
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Regulatory uncertainty may hinder the global blockchain technology market growth.
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Blockchain technology market in Asia Pacific will present significant growth by the end of 2030.
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Massive government investment in blockchain network development projects is driving target market growth in China.
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By industry, the BFSI segment is expected to account for a large share due to the adoption of digital ledgers
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On the basis of the use case, supply chain management will register increased demand.
Challenging landscape
IBM, Amazon Web Services, SAP, Microsoft, Bitfury Group Limited, Cegeka, Guardtime, CONSENSYS, PixelPlex, LimeChain, Accubits Technologies, SoluLab and Oracle, among others, are some of the major players in the blockchain technology market profiled in the full version of the report.
Leading market players are exploiting the opportunities available in today’s market scenario. These organizations adopt tactics such as product innovation, strategic partnerships and collaborations to strengthen their market position.
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Key segments etcf Blockchain Survey of the technology industry
After solution:
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applications
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Middleware
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Blockchain platforms
By use case:
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Supply Chain Management
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Digital identity
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Payments and money
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Trade, commerce and exchange
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Smart contracts
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Decentralized economy
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Others (voting, property register, etc.)
By company size:
By industry:
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BFSI
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Health Service
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Retail and e-commerce
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Hospitality and travel
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The authorities
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Media and entertainment
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Transportation and logistics
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Others (food and drink, property, etc.)
More insight into Blockchain Technology Market Report
In its latest report, FMI offers an objective analysis of the global blockchain technology market, providing historical data from 2015 to 2021 and forecast statistics for 2022 to 2030. To understand the global market potential, growth and scope, the market is segmented on the basis of solution (application , middleware, blockchain platform), enterprise size (large enterprise, small and medium-sized enterprises (SMEs)), use case (supply chain management, digital identity, payments and money, commerce, trade and exchange, smart contracts , decentralized finance, others (voting, property registry, etc .)), Industry (Transport & Logistics, BFSI, Healthcare, Media & Entertainment, Hospitality & Travel, Retail & E-Commerce, Government, Others (Food & Beverage, Real Estate) etc)), and Region.
According to the latest FMI reports, based on segmentation, the supply chain management use case will contribute significantly to the overall market growth. This segment will hold around 28.4% of the total market share in 2022 and will continue to perform well during the forecast period due to the clarity, decentralization and immutability features of blockchain technology. Industry-wise, the BFSI sector will account for the largest market share due to increasing use of digital ledger solutions.
On the basis of region, the blockchain technology market in the United States will present significant market growth during 2022-2030. The presence of several key market players, high investment in research and development activities and a thriving IT sector supplement the demand for digital ledger technology in this country. Increased demand from the healthcare, BFSI and transport sectors further contributes to target market growth in this region. Apart from the US, China is likely to show the most growth in the blockchain technology market during the forecast period.
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