Blockchain Technology Market size to grow by USD 11,047.61 million from 2022 to 2027

• 01 Nov 2023
• TM Team
• 0 Comments

The blockchain technology market size is set to grow by USD 11,047.61 million between 2022 and 2027 and register a CAGR of 32.72%, according to Technavio's latest market research report estimates. The rising venture capital investments in blockchain technology are driving the blockchain technology market growth. One of the key elements for the development and expansion of blockchain technology is venture capital funding. Most SMEs use these investments to expand their businesses. Besides the funding, one of the main advantages for startups working with venture capitalists is that they can access key networks and crucial resources. Hence, such factors are expected to drive global blockchain technology growth during the forecast period. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by way of synthesis and summation of data from multiple sources. 

Blockchain Technology Market 2023-2027: Segmentation

The blockchain technology market is segmented as follows:

• End-user 
• BFSI
• Government
• Healthcare
• Others
• Type 
• Private
• Public
• Hybrid
• Geography 
• North America
• Europe
• APAC
• South America
• Middle East And Africa

The market share growth by the BFSI segment will be significant during the forecast period. Some of the main applications of blockchain in BFSI segments include reducing fraud, executing smart contracts, processing payments, and performing know-your-customer (KYC) due diligence. There is an increase in the adoption of blockchain technology across enterprises for post-trade settlement, payments, reference data, and trade finance. Hence, such applications are expected to drive the growth of this segment which in turn drives the global blockchain technology market during the forecast period.

Blockchain Technology Market 2023-2027: Vendor Analysis and Scope

Some of the major vendors of the blockchain technology market include Accenture Plc, Amazon.com Inc., Amcon Soft, Ara Soft Group LLC, Capgemini Service SAS, Cargoledger, ConsenSys Software Inc., Deloitte Touche Tohmatsu Ltd., HCL Technologies Ltd., Hewlett Packard Enterprise Co., Huawei Technologies Co. Ltd., Infosys Ltd., Intel Corp., International Business Machines Corp., OpenLedger, Oracle Corp., PixelPlex Ltd, SAP SE, Tata Sons Pvt. Ltd., and Wipro Ltd.. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 15+ vendors operating in the market.
Vendor Offerings

• Accenture Plc: The company offers blockchain technology such as The red string.
•  Amazon.com Inc: The company offers blockchain technology such as Amazon quantum ledger database.
• Capgemini Service SAS: The company offers blockchain technology such as service integration and agile prototyping.

Blockchain Technology Market 2023-2026: Market Dynamics

Major Trend

The emergence of artificial intelligence is a major trend shaping the global blockchain technology market. Due to the emergence of artificial intelligence and its implementation in blockchain technology, there has been a significant shift in how users interact with these networks. There is increasing implementation of artificial intelligence with smart contracts across organizations as it helps to resolve highly complex business operations and decision-making. Hence, such applications are expected to drive global blockchain technology growth during the forecast period.

Significant Challenge

The growing concern for security, privacy, and blockchain transactions may hinder the blockchain technology market growth. As the transactions on the blockchain are verified and validated by a network of nodes, it is impossible for any one group to take control of the blockchain ecosystem. Thus, blockchain technology offers decentralized control and a transparent platform, which can be prone to severe cyber security attacks. Hence, such concerns are expected to hinder global blockchain technology growth during the forecast period.