Blockchain Market Size, Share, Trends and Analysis by Region, Application, Vertical and Segment Forecast to 2030
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Accessing the in-depth insight from the ‘Blockchain Market Analysis’ report can help you:
- Make informed decisions regarding investments, partnerships, and product development by providing detailed market analysis and segmentation.
- Stay ahead of the competition by identifying competitors’ positioning within the market.
- Identify major blockchain applications and their use cases, giving buyers a deeper understanding of the technology’s potential and how it can be applied.
- Anticipate changes in demand and adjust business development strategies accordingly, based on market trends and insights provided by the report.
- Identify potential regions and countries for growth opportunities within the blockchain market.
How is our ‘Blockchain Market’ report different from other reports in the market?
- Detailed market sizing information for over 20 countries, along with historical and forecast analysis for 2020-2030 to gain a comprehensive understanding of the global blockchain market
- Detailed segmentation by application and key vertical segments to identify potential growth opportunities and understand use cases in industries such as BFSI, Transport and Logistics, Retail, Healthcare, Government, and Others.
- Unique vendor growth innovation matrix comparing competitive positioning of key players in the blockchain market.
- Understand the various stakeholders across the entire blockchain value chain, including segments, helping buyers identify opportunities for collaboration and growth
- Latest trends and dynamics shaping the blockchain market, including M&A/venture financing deals, hiring trends, patent filings, and social media trends to stay ahead of the curve and anticipate and spot opportunities
- Competitive profiling and benchmarking of key players to gain deeper insights into industry competition and evaluate existing competition in the market making the report a valuable tool for technology start-ups and leaders
We recommend this valuable source of information to anyone involved in:
- Technology Startups and Leaders
- IT Hardware and Software Companies
- BFSIs
- Logistics Companies
- Distributed Ledger Technology Providers
- Healthcare Companies
- Automotive OEMS
- VC and Investment Companies
- Consultancy Firms
Blockchain Market Report Overview
The blockchain market size will be valued at $18.42 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 62.4% over the forecast period. Blockchain as a Service (BaaS) will drive enterprise adoption. BaaS holds the key to driving mainstream adoption of this technology. It allows companies to experiment with the said technology applications without worrying about developing expensive in-house resources. Integrating DLT into core technologies facilitates ease of use, making it a more attractive option for digital transformation efforts.
Blockchain Market Outlook, 2020-2030 ($ Billion)
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According to GlobalData estimates, the blockchain market will grow from US$18.42 billion in 2023 to US$508.1 billion in 2030 at a CAGR of 62.4% over the forecast period. Blockchain as a service, acceptance of cryptocurrency, cost and timesaving, and acceptance in retail are the major blockchain market drivers.
Blockchain Market Segmentation by Application
The application categories include supply chain management, cross-border payments and settlements, lot lineage/provenance, trade finance & post-trade settlements, identity management, property ownership management, and energy settlements
As of 2023, supply chain management and cross-border payments were the most prominent application markets. Many of the leading players in the logistics sector, including FedEx and UPS, are investing in this technology. With blockchain, companies can trace products through supply chains to flag potentially damaging in-transit events, such as signs of tampering, extreme environmental conditions, or careless handling.
Blockchain Market Share by Application, 2023 (%)
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While blockchain applications are found across industries today, the payments and settlements industry is the focus of much of the hype that attracted people to the technology. The technology is increasingly used to speed up payments, improve transparency, eliminate intermediaries, and reduce costs.
Blockchain Market Segmentation by Vertical
Vertical categories include BFSI, transport and logistics, cross-sector, retail, healthcare, and government. In 2022, BFSI was the largest adopter contributing to over 40% of the overall revenue. Companies such as IBM, Digital Asset Management, and Ripple are working via open-source DLT platforms such as Ethereum and Hyperledger to develop use cases and applications for innovative banks – notably Goldman Sachs, Citi, Santander, and Ping An – and for stock exchanges ranging from the LSE to the ASX.
Blockchain Market Share by Vertical, 2023 (%)
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Blockchain can modernize the fragmented and efficient logistic industry. The technology is predicted to have a massive impact throughout many industries including transport and logistics, while best known for its role behind the various cryptocurrencies such as bitcoin. The technology is widely applicable to many problems in numerous industries. Supply chains are becoming increasingly complex with many players requiring a large number of contracts, payment tracking, and communications.
Blockchain Market Analysis by Region
North America, particularly the US, remains the dominant region in developing the technologies, accounting for more than 35% of its revenues in 2023, according to GlobalData forecasts. The US is the home of most of this technology-related M&A deals, venture financing, and patents. Early adoption of the technology and the presence of major players like IBM, Microsoft, and Amazon have given the US a competitive advantage. In addition, governments in North America focus on investing in the technology solutions for use in the public sector.
Blockchain Market Share by Region, 2023 (%)
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Europe is the second largest blockchain market, and the technology resonates well with Europe’s citizen-centric, sustainable, and transparent policy efforts. The EU has taken a coordinated approach to the technology. The European Blockchain Partnership decides on common principles for developing these technologies and building pan-European infrastructure for cross-border public services. Blockchain adoption varies across regions. In Europe, the EU Blockchain Observatory and Forum grouped the 27 EU member states, Switzerland, and the UK, based on regulatory and ecosystem maturity. The blockchain market in Europe is expected to cross US$140 billion by 2030.
Blockchain Market ¬- Competitive Landscape
The blockchain industry is highly fragmented. However, with the growth of blockchain start-ups and new venture launches the competition is gradually intensifying. Key players in this market include Accenture Plc, Alibaba Group Holding Ltd, Amazon.com Inc, International Business Machines Corp, Infosys Ltd, Microsoft Corp, Oracle Corp, Salesforce Inc, Tencent Holdings Ltd, Wipro Ltd, among others.
Accenture’s focus on using the technology for improving underlying business processes has proven successful. Accenture has released several solutions that support use cases focused on its key focus areas: supply chain, digital identity, and financial services.
Amazon made its Amazon Managed Blockchain Platform (AMB) and Amazon Quantum Ledger Database (QLDB) services available in 2019, supporting Hyperledger Fabric and Ethereum.
Leading Players in the Blockchain Ecosystem
- Accenture Plc
- Alibaba Group Holding Ltd
- com Inc
- International Business Machines Corp
- Infosys Ltd
- Microsoft Corp
- Oracle Corp
- Salesforce Inc
- Tencent Holdings Ltd
- Wipro Ltd
Other Key Players Mentioned
Ping An Insurance, JPMorgan Chase & Co., ING Vysya Bank, HSBC, AXONI, Consensys Inc, Figure Technologies, R3, Ripple Labs Inc, SAP SE, Intel Corp, Huawei Technologies Co Ltd, BitFury Holding BV, Chain Inc, and BlockCypher
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Blockchain Market Research Overview
| Market size in 2023 | US$ 18.42 billion |
| Market size in 2030 | US$ 508.1 billion |
| CAGR (2022-2030) | 62.4% |
| Forecast Period | 2022-2030 |
| Historic Period | 2020-2021 |
| Report Scope & Coverage | Revenue Forecast, Competitive Index, Company Market Share, Growth Trends |
| Application Segment | Supply Chain Management, Cross-Border Payments and Settlements, Lot Lineage/Provenance, Trade Finance & Post-Trade Settlements, Identity Management, Property Ownership Management, Energy Settlements, Others |
| Vertical Segment | BFSI, Transport and Logistics, Cross-Sector, Retail, Healthcare, Government, Others |
| Key Companies | Accenture Plc, Alibaba Group Holding Ltd, Amazon.com Inc, International Business Machines Corp, Infosys Ltd, Microsoft Corp, Oracle Corp, Salesforce Inc, Tencent Holdings Ltd, Wipro Ltd |
Blockchain Market Scope
GlobalData Plc has segmented the overall blockchain market report by application, vertical, and region:
Blockchain Application Outlook (Revenue, USD Million, 2020-2030)
- Supply Chain Management
- Cross-Border Payments and Settlements
- Lot lineage/provenance
- Trade Finance & Post-Trade Settlements
- Identity management
- Property Ownership Management
- Energy Settlements
- Others
Blockchain Vertical Outlook (Revenue, USD Million, 2020-2030)
- BFSI
- Transport and Logistics
- Cross-sector
- Retail
- Healthcare
- Government
- Others
Blockchain Regional Outlook (Revenue, USD Million, 2020-2030)
- North America
- US
- Canada
- Europe
- Germany
- UK
- Italy
- France
- Spain
- The Netherlands
- Rest of Europe
- Asia Pacific
- South Korea
- Japan
- Singapore
- China
- Australia
- India
- Rest of APAC
- South & Central America
- Brazil
- Mexico
- Argentina
- Rest of South & Central America
- Middle East & Africa
- South Africa
- UAE
- Saudi Arabia
- Rest of Middle East & Africa
Blockchain Market Scope
GlobalData Plc has segmented the overall blockchain market report by application, vertical, and region:
Blockchain Application Outlook (Revenue, USD Million, 2020-2030)
- Supply Chain Management
- Cross-Border Payments and Settlements
- Lot lineage/provenance
- Trade Finance & Post-Trade Settlements
- Identity management
- Property Ownership Management
- Energy Settlements
- Others
Blockchain Vertical Outlook (Revenue, USD Million, 2020-2030)
- BFSI
- Transport and Logistics
- Cross-sector
- Retail
- Healthcare
- Government
- Others
Blockchain Regional Outlook (Revenue, USD Million, 2020-2030)
- North America
- US
- Canada
- Europe
- Germany
- UK
- Italy
- France
- Spain
- The Netherlands
- Rest of Europe
- Asia Pacific
- South Korea
- Japan
- Singapore
- China
- Australia
- India
- Rest of APAC
- South & Central America
- Brazil
- Mexico
- Argentina
- Rest of South & Central America
- Middle East & Africa
- South Africa
- UAE
- Saudi Arabia
- Rest of Middle East & Africa
The market intelligence report provides an in-depth analysis of the following –
- The market outlook: analysis as well as historical figures and forecasts of revenue opportunities from the application, vertical, and regional segments.
- The competitive landscape: an examination of the positioning of leading players in this market.
- Company snapshots: analysis of the market position of leading service providers in this market.
- Underlying assumptions behind our published base-case forecasts, as well as potential market developments that would alter, either positively or negatively, our base-case outlook.
Reasons to Buy
- This market intelligence report offers a thorough, forward-looking analysis of the global blockchain market by application, vertical, region, and key opportunities in a concise format to help executives build proactive and profitable growth strategies.
- Accompanying GlobalData’s Forecast products, the report examines the assumptions and drivers behind ongoing and upcoming trends in this market.
- The report also highlights key applications (supply chain management, cross-border payments and settlements, lot lineage/provenance, trade finance & post-trade settlements, identity management, property ownership management, energy settlements, and others)
- The report also highlights key vertical segments (BFSI, transport and logistics, cross-sector, retail, healthcare, government, and others)
- With more than 90 charts and tables, the report is designed for an executive-level audience, boasting presentation quality.
- The report provides an easily digestible market assessment for decision-makers built around in-depth information gathered from local market players, which enables executives to quickly get up to speed with the current and emerging trends in this market.
- The broad perspective of the report coupled with comprehensive, actionable detail will help the technology stakeholders, service providers, and other players succeed in growing the market globally.
Key Players
AccentureAlibaba
Amazon
IBM
Infosys
Microsoft
Oracle
Salesforce
Tencent
Wipro
Ping An Insurance
JPMorgan Chase & Co.
Table of Contents
Table
Figures
Frequently asked questions
-
What was the blockchain market size in 2023?
The blockchain market globally will be valued at US$18.42 billion in 2023.
-
What will be the blockchain market size in 2030?
The blockchain market size is expected to reach US$508.10 billion by 2030.
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What is the blockchain market growth rate?
The blockchain market is expected to grow at a CAGR of 62.4% during the forecast period (2022-2030).
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What are the key blockchain technology market drivers?
Blockchain as a service, acceptance of cryptocurrency, cost & time savings, and adoption of the technology in retail, are stimulating the blockchain market growth worldwide
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What are the key blockchain market segmentation?
Application Segments: Supply Chain Management, Cross-Border Payments and Settlements, Lot Lineage/Provenance, Trade Finance & Post-Trade Settlements, Identity Management, Property Ownership Management, Energy Settlements, and Others
Vertical Segments: (BFSI, transport and logistics, cross-sector, retail, healthcare, government, and others)
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Which are the leading blockchain solution provider companies?
The leading companies in the blockchain market are Accenture Plc, Alibaba Group Holding Ltd, Amazon.com Inc, International Business Machines Corp, Infosys Ltd, Microsoft Corp, Oracle Corp, Salesforce Inc, Tencent Holdings Ltd, and Wipro Ltd.
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What is blockchain?
GlobalData defines blockchain as a type of distributed ledger, comprised of unchangeable, digitally recorded data in packages called blocks. Each block is then “chained” to the next block, using a cryptographic signature. This allows blockchains to be used like a ledger, which can be shared and accessed by anyone with the appropriate permissions.
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Is there a third level of segmentation in the report?
GlobalData’s focus is on providing reliable and accurate data that is supported by robust research methodology. Our reports undergo rigorous quality checks and are based on primary and secondary research sources, ensuring that the numbers and insights provided are trustworthy. However, despite the best efforts to gather comprehensive data, there could be instances where the available data is limited, making it challenging to provide third level segmentation. In such cases, GlobalData may choose to provide high-level insights and general trends rather than forcing segmentation that may not be backed by sufficient data. This approach ensures that the report’s overall quality and credibility are maintained.
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