Blockchain Technology Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Component, by Application, by Enterprise Size, by End Use : Global Opportunity Analysis and Industry Forecast, 2024-2032

Market Introduction and Definition

Blockchain technology is an enhanced database technique that enables transparent information exchange within a corporate network. A blockchain database stores data in blocks that are linked together in a chain.  The data is technically consistent, as a user cannot remove or modify the connection without network consensus. As a result, users are expected to utilize blockchain technology to establish an unchanging or immutable ledger for monitoring orders, payments, accounts, and other transactions. The system has built-in measures to prevent illegal transaction inputs and maintain consistency in the shared view of these transactions.

Key Takeaways 

• The blockchain technology market size study covers 20 countries. The research includes a segment analysis of each country in terms of value for the projected period. 

• More than 1,500 product literatures, industry releases, annual reports, and other such documents of major blockchain technology industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights. 

• The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions in order to achieve their most ambitious growth objectives. 

Industry Trends: 

• In September 2023, UK CBT launched UK Centre for Blockchain Technologies (UK CBT) , this new hub signifies a monumental stride in positioning the UK as a global nucleus for blockchain innovation and wisdom. 

• In June 2023, the Canadian House of Commons Parliamentary Standing Committee on Industry and Technology (INDU) published a comprehensive report that delves into the intricacies of blockchain technology and crypto use cases in Canada. Through the release of 16 different recommendations, INDU is pleased to see that the committee recognizes the benefits, utility, and value of blockchain technology. 

• In April 2023, the German government, under the future finance art, is planning to introduce regulations for startups associated with financial innovations. The main aim of the legislation is to improve digitalization of capital markets through the issuance of e-securities on a blockchain.   

Key market dynamics 

The global blockchain technology market growth is significantly increasing due to several factors such as rise in popularity of cryptocurrencies, government support and initiatives, and increase in adoption of digital solutions. However, lack of skilled workforce and clarity about regulations act as restraints for the blockchain technology market. Businesses such as digital identification, gambling, and supply chain management are taking advantage of blockchain’s potential to increase security and transparency. In addition, growing demand for decentralized financial solutions and the integration of blockchain technology into a variety of industries are anticipated to provide ample opportunities for the blockchain technology market forecast growth during the forecast period. 

Blockchain offers secure and transparent transactions by design, making it attractive for industries such as finance, healthcare, and supply chain management. The unchanging feature of blockchain ensures data integrity and reduces the risk of fraud. Moreover, blockchain can streamline processes by removing intermediaries, reducing transaction fees, and automating tasks through smart contracts, leading to significant cost savings for businesses.  

Blockchain Technology Adoption by Region 

The blockchain technology industry is growing globally, as software developers are learning blockchain development technologies and gaining experience on projects. The demand for blockchain developers continues to rise, with its distribution property and use cases driving a number for businesses to integrate blockchain into their operations. According to Krusche & Company GmbH, in March 2024, there are around 27 million active traditional software developers globally. Nearly 70% of blockchain developers have only been actively exploiting the technology since 2021. Nearly 20% of new blockchain developers chose the Ethereum platform as their ecosystem. In addition, at a regional level, North America (NA) and East Asia (EA) , excluding Greater China, are the regions with the most blockchain development activity. 

Market Segmentation 

The blockchain technology market share is segmented into type, component, application, enterprise size, end use, and region. On the basis of type, the market is divided into public cloud, private cloud, and hybrid cloud. By component, the market is segregated into platform/solution and blockchain as a service. On the basis of application, the market is divided into digital identity, exchanges, payments, smart contracts, supply chain management, and others. On the basis of enterprise size, the market is divided into large enterprises and small & medium enterprises. On the basis of end use, the market is segmented into BFSI, transport and logistics, energy and utility, retail, healthcare, and government. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.  

Regional/Country Market Outlook 

Blockchain technology is widely implemented by U.S. Customs and Border Protection (CBP) and provides recommendations for future government involvement in the implementation of blockchain technology in the U.S. customs environment. Moreover, the blockchain technology adoption is also growing in the several countries such as the UK, China, and others.  In 2022, nearly 90% of the businesses surveyed reported deploying blockchain technology in some capacity, with 87% planning to invest in blockchain in the 2023 in the U.S., the UK, and China. 

• In December 2021, the government of India raised the crypto funding and blockchain investments worth $638 million across 48 funding rounds. The India crypto market grew 641% from July 2020 to June 2021, helping turn a region spanning central and southern Asia and Oceania into one of the world’s fastest-growing cryptocurrency markets,  

• In April 2021, the U.S. government launched the Franklin OnChain U.S. Government Money Fund, which is the first U.S.-registered fund to use a public blockchain to process transactions and record share ownership. One share of the Fund is represented by one BENJI token and the Fund’s transfer agent maintains the official record of share ownership via a proprietary blockchain-integrated system that utilizes blockchain technology for transaction activity. 

Competitive Landscape 

The major players operating in the blockchain technology market include Microsoft Corporation, IBM Corporation, Oracle Corporation, Intel Corporation, R3, Accenture, NTT DATA, Infosys, SAP SE, and AWS. 

Recent Key Strategies and Developments 

• In June 2023, Fujitsu launched ConnectionChain blockchain technology with The Asian Development Bank, blockchain vendor, ConsenSys Software Inc., R3, and SORAMITSU, LTD., demonstrating its effectiveness in streamlining and enhancing the safety of cross-border transactions of financial securities. 

• In April 2022, Intel launched details for its new Intel Blockscale ASIC. This application-specific integrated circuit (ASIC) is expected to provide customers with energy-efficient hashing for proof-of-work consensus networks. 

Key Sources Referred 

1. Blockchain Council 

2. World Economic Forum 

3. Technology.org 

4. Harvard Business Review 

5. UNICEF 

6. Organization for Economic Co-operation and Development 

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the blockchain technology market forecast segments, current trends, estimations, and dynamics of the market analysis to identify the prevailing market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the blockchain technology market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global blockchain technology market trends, key players, market segments, application areas, and market growth strategies.