Rockville, Dec. 16, 2022 (GLOBE NEWSWIRE) — The global market for blockchain technology is likely to be valued at USD 7.36 billion in FY 2022. From 2022 to 2032, blockchain technology is expected to grow at an astronomical CAGR of 84% to reach a of 3,273.83 billion US dollars by the end of 2032. Acceptance of cryptocurrency as a payment by companies, such as PayPal and Xbox, is expected to stimulate the market growth. Various restaurants are partnering with cryptocurrency solution providers to offer cryptocurrency-based payments to their customers.
For example, in August 2021, Bakkt Holdings, LLC, a digital asset marketplace, announced its partnership with Quiznos, a Quick-service Restaurant (QSR), to launch its brick-and-mortar location pilot. This pilot allowed Quiznos customers to pay with bitcoin at select locations. The legalization of cryptocurrency makes it easier for businesses and investors to invest more in blockchain technology. Furthermore, it also facilitates the market players to make more efforts to improve their services in order to gain a competitive advantage. These efforts by the companies are expected to make blockchain technology more effective and efficient in the near future.
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DeFi is a developing financial technology based on blockchain, which reduces the control banks have over financial services and money. The increasing strategic initiatives in the decentralized finance area are expected to drive market growth during the forecast period. For example, in July 2021 Square, a payment company, announced that it is launching a business model dedicated to Defi using bitcoin.
Key Takeaways-
- The blockchain technology market is expected to expand annually at a CAGR of nearly 84% over the forecast period.
- By 2032, the blockchain technology market is likely to be valued at $3,273.83 billion
- According to type segmentation, the public cloud is expected to hold the largest market share during the forecast period.
- The public cloud segment accounted for the maximum share of 60% in 2021.
- The infrastructure and protocol sectors were the top revenue generating category in 2022, according to component segmentation.
- North America dominated the blockchain technology market with a market share of 37.1%
- By 2032, the US market for Blockchain technology is expected to register a CAGR of 68.1%.
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Recent developments
- In May 2021, Circle Internet Financial Ltd., a blockchain technology provider, announced that it raised US$440 million in funding from strategic and institutional investors. The company used these funds for organizational development and market expansion.
- in August 2021, Bakkt Holdings, LLC, a digital asset marketplace, announced its partnership with Quiznos, a Quick-service Restaurant (QSR), to launch its brick-and-mortar location pilot. This pilot enabled Quiznos customers to pay with bitcoin at select locations.
- in September 2019, Signzy Technologies Private Ltd., a RegTech startup, announced its partnership with Primechain Technologies, a blockchain technology provider. The collaboration was aimed at developing AI-enabled smart banking solutions for financial institutions and banks. This smart banking solution integrated AI and blockchain technologies to digitize and automate back office operations.
- March 2021 – The general release of Ethereum, a well-known decentralized blockchain technology that created a peer-to-peer network that enabled members to transact without a trusted central authority on the Amazon Managed Blockchain, was announced by Amazon Web Services (AWS) in March 2021. Decentralized finance (DeFi), a network of financial apps based on blockchain networks, is one of the better-known use cases it allowed
Market competition
The competitive landscape in the market is highly fragmented. The market players are focused on strategies, such as mergers and acquisitions, to strengthen their market position. some large companies operating in the market are-
- IBM Corp.
- Microsoft Corp.
- The Linux Foundation
- BTL Group Ltd.
- Chain, Inc.
- Circle Internet Financial Ltd.
- Deloitte Touche Tohmatsu Ltd.
- Digital Asset Holdings, LLC
- Global Arena Holding, Inc. (GAHI)
- Monaco
- Ripple
Some important developments in this market are-
- In March 2019, Circle Internet Financial Limited completed the acquisition of SeedInvest, an equity crowdfunding platform. The acquisition was aimed at delivering a token marketplace that would allow individuals and businesses to raise capital and interact with investors through the open crypto infrastructure.
- In August 2021, Bakkt Holdings, LLC, a digital asset marketplace, announced its partnership with Quiznos, a Quick-service Restaurant (QSR), to launch its brick-and-mortar location pilot. This pilot enabled Quiznos customers to pay with bitcoin at select locations.
- In September 2019, Signzy Technologies Private Ltd., a RegTech startup, announced its partnership with Primechain Technologies, a blockchain technology provider. The partnership was aimed at developing AI-enabled smart banking solutions for financial institutions and banks. This smart banking solution integrated AI and blockchain technologies to digitize and automate back office operations.
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Key Segments Covered in the Blockchain Technology Industry Survey
- Of Component:
- Application and solution
- Infrastructure and protocols
- Middleware
- Of Type :
- Public cloud
- Private cloud
- Hybrid cloud
- Of Application :
- Digital identity
- Exchanges
- Payments
- Smart contracts
- Supply Chain Management
- Second
- By Enterprise Size:
- Large companies
- Small and medium-sized enterprises
- At the end Usage:
- Financial services
- The authorities
- Health Service
- Media and entertainment
- Retail
- Transportation and logistics
- Travel
- Second
- Of Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
More insight available
Fact.MR, in its new offering, presents an objective analysis of the blockchain technology market, presenting historical demand data (2015-2021) and forecast statistics for the period 2022-2032.
The study provides essential insights into the market on the basis of component (application & solution, infrastructure & protocols and middleware), company size (large enterprises, small and medium enterprises), type (public cloud, private cloud and hybrid cloud), application (digital identity, exchanges, payments, smart contracts, supply chain management and others) and end-uses (financial services, government, healthcare, media and entertainment, retail, transportation and logistics, travel, others) across five major regions (North America, Latin America, Europe, Asia Pacific and the Middle East and Africa).
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