Blockchain Technology Industry Overview
The global blockchain technology market size was valued at USD 5.92 billion in 2021 and is expected to reach USD 1,431.54 billion by 2030 with a compound annual growth rate (CAGR) of 85.9% during the forecast year.
The market growth can be attributed to the increasing venture capital funding in blockchain technology companies. For instance, in May 2021, Circle Internet Financial Ltd., a blockchain technology provider, announced that it raised USD 440 million in funding from strategic and institutional investors. The company used this funding for organizational development and market expansion. The legalization of cryptocurrency in countries, such as Ukraine and El Salvador, is expected to create new opportunities for market growth.
Gather more insights about the market drivers, restrains and growth of the Global Blockchain Technology Market
The legalization of cryptocurrency encourages businesses and investors to invest more in blockchain technology. Furthermore, it also encourages the market players to make more efforts to improve their services to gain a competitive edge. These efforts made by the companies are expected to make blockchain technology more effective and efficient in the near future. DeFi is an emerging financial technology based on blockchain, which reduces the control banks have on financial services and money. The growing strategic initiatives in the decentralized finance space are expected to drive market growth over the forecast period. For instance, in July 2021, Square, a payment company, announced that it is launching a business dedicated to DeFi using bitcoin.
This initiative is expected to help the company strengthen its market position. The acceptance of cryptocurrency as a payment by companies, such as PayPal and Xbox, is expected to drive market growth. Various restaurants are entering into partnerships with cryptocurrency solution providers to provide cryptocurrency-based payments to their customers. For instance, in August 2021, Bakkt Holdings, LLC, a digital asset marketplace, announced its partnership with Quiznos, a Quick-service Restaurant (QSR), to launch its physical location pilot. This pilot enabled the customers of Quiznos to pay with bitcoin at select locations.
Various companies are making efforts to integrate Artificial Intelligence (AI) capabilities with blockchain to enhance their offerings, creating new opportunities for market growth. For instance, in September 2019, Signzy Technologies Private Ltd., a RegTech startup, announced its partnership with Primechain Technologies, a blockchain technology provider. The partnership was aimed toward developing AI-enabled smart banking solutions for financial institutions and banks. This smart banking solution integrated AI and blockchain technologies to digitalize and automate back-office operations.
Blockchain Technology Market Segmentation
Based on the Type Insights, the market is segmented into Public Cloud, Private Cloud, and Hybrid Cloud
Based on the Components Insights, the market is segmented into Application & Solution, Infrastructure & Protocols and Middleware.
Based on Application Insights, the market is segmented into Digital Identity, Exchanges, Payments, Smart Contracts, Supply Chain Management, and Others
Based on Enterprise Size Insights, the market is segmented into Large Enterprises and Small & Medium Enterprises.
Based on the End-use Insights, the market is segmented into Financial Services, Government, Healthcare, Media & Entertainment, Retail, Transportation & Logistics and Travel.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Market Share Insights:
Key Companies Profile:
The competitive landscape of the market is highly fragmented in nature. The market players are focused on strategies, such as mergers and acquisitions, to strengthen their market position.
Some prominent players in the global blockchain technology market include
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