Blockchain Technology Market to See Stunning Growth: $797.1 Billion by 2032
According to the report, the blockchain technology market was valued at $12.5 Billion in 2023 and is
estimated to reach $797.1 Billion by 2032, growing at a CAGR of 57.7% from 2024
to 2032.
Blockchain technology is an advanced database
method that facilitates transparent data exchange within a network. It stores
data in interconnected blocks, ensuring technical consistency as users cannot
alter or remove links without network consensus. This makes blockchain ideal
for creating an immutable ledger to track orders, payments, accounts, and other
transactions. Built-in safeguards prevent unauthorized transactions and ensure
consistency across the shared view of these transactions.
Growing demand for decentralized financial
solutions and the integration of blockchain technology into a variety of
industries are expected to provide ample opportunities for market growth during
the forecast period. However, lack of a skilled workforce and clarity about
regulations act as restraints for the blockchain technology market.
Recent Industry Development:
1. In May 2023, Goldman Sachs Group Inc, Microsoft
Corp, and Deloitte collaborated with Cboe Global Markets Inc., for development
of a new blockchain system aimed at linking disparate institutional
applications, potentially encouraging broader adoption of distributed ledger
technology in financial markets.
2. In July 2022, SAP APJ launched a pilot of
GreenToken, using blockchain technology to boost sustainable outcomes and
increase circularity in the chemicals industry by better-recovering waste
plastics.
By enterprise size, the large enterprises segment
held the highest market share in 2023. Large enterprises operating in
industries such as insurance, financial services, healthcare, and supply chain
are increasingly making attempts to digitalize their offerings, which is
creating a need for blockchain technology among them.
By type, the public cloud segment held the highest
market share in 2023, as public cloud providers offer a scalable and
cost-effective infrastructure for deploying blockchain solutions. This
scalability and cost efficiency is vital as blockchain networks grow and
require additional resources to support increasing transaction volumes.
By end-use, the BFSI segment held the highest
market share in 2023. Blockchain technology in BFSI is used to manage financial
transactions in enterprises. The need for blockchain technology in financial
services is driven by its ability to deliver safe and efficient transactions.
By component, the platform/component segment held
the highest market share in 2023 as it enables the creation and operation of
decentralized applications (DApps) and smart contracts. Several companies
provide blockchain solutions that are specifically designed for enterprise use
cases, addressing requirements such as permissioned networks, regulatory
compliance, and interaction with current enterprise systems.
By application, the payments segment held the
highest market share in 2023. Blockchain technology increases payment system
efficiency, lowers operational costs, and provides transparency. These
advantages of blockchain technology are expanding its application in payment
systems, hence driving segment development.
Based on region, North America held the highest market share
in terms of revenue in 2023 and is expected to dominate in terms of revenue
during the forecast period. With rise in adoption of digital technologies in
several sectors, the market is expected to expand significantly in the coming
years.
Major Industry Players are Microsoft Corporation,
IBM Corporation, Oracle Corporation,
Intel Corporation, R3, Accenture, NTT DATA, Infosys, SAP
SE and AWS
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