Global Blockchain Technology Market Report and Forecast 2024-2032

Global Blockchain Technology Market Outlook

The global blockchain technology market stood at a value of USD 19.03 billion in 2023 and expected to grow at a CAGR of 82.8% in the forecast period of 2024-2032 to attain USD 4337.39 billion by 2032.             

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Rising Application of Blockchain Technology in the Payments Sector to Bolster the Growth of the Blockchain Technology Industry

Based on application, the payments segment is likely to account for a significant share in the market. Payments and transactions are an integral and one of the most important aspects of any enterprise. A company can bear a huge financial loss if payment transactions are faulty or unreliable. Therefore, in order to eradicate the risk of any financial loss, blockchain technology is used to make the payment system more efficient. It also minimises operational costs and offers transparency. Over the forecast period, the demand for blockchain technology is likely to be significant, owing to the fact that there is no middleman required in the payment process initiated by blockchain.

Furthermore, the payment processes initiated with the help of blockchain technology are quick and secure and can be made while sitting in the office or at home. Meanwhile, the smart contract blockchain segment is likely to account for a considerable share in the market. In a smart contract, a network of computers executes the actions when predetermined conditions have been met and verified. These statements cannot be altered, tampered or manipulated by any third party, which is a great advantage for any company. Furthermore, the contract agreements are stored in systems involving blockchain and cannot be hacked, which is expected to provide an impetus to the market growth in the forecast period.

Rising Demand from Major End Use Sectors to Bolster the Market Growth

On the basis of end use, the financial segment accounted for a significant share in the market and is likely to grow significantly in the forecast period. The growth can be attributed to the growing trend of cryptocurrencies, initial coin offerings (ICOs), and reduced total cost of ownership. The blockchain technology in financial systems initiated rapid transactions and is reliable. Meanwhile, the healthcare segment is likely to grow at a rapid pace in the forecast period. The COVID-19 pandemic was the most challenging phase for the healthcare sector, especially in developing economies. This fostered the need for enhancing the healthcare infrastructure and making the payment system more efficient. In developed economies of the world, data protection laws are being incorporated in the healthcare system in order to prevent data theft and breach. This is expected to aid the market growth in the forecast period.

North America to Dominate the Blockchain Technology Industry Globally

The significant growth of the healthcare industry, growing investments in small and medium enterprises, and the rapid technological advancements are likely to be the key factors propelling the market growth in North America. The adoption of blockchain technology in the banking and financial services sector is anticipated to guide the growth of the market in the forecast period. In addition, the market is expected to be aided by the growing efforts by various institutions in the United States and Canada to enhance the customer experience and deploy advanced technology. Furthermore, the growing adoption of blockchain in various end use industries, including healthcare, government, media and entertainment, transportation and logistics, and retail, among others, is likely to propel the market growth in the forecast period.

Blockchain Technology: Market Segmentation

Blockchain technology is defined as the system of recording information or data in a way that is impossible to manipulate or hack. Blockchain technology uses a shared and immutable ledger that can only be accessed by members with permission.

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Following are the types of blockchain technology:

• Public 
• Private
• Hybrid

On the basis of component, the market can be segmented into:

• Application and Solution
• Infrastructure and Protocols
• Middleware 
• Others

The significant applications of blockchain technology include:

• Digital Identity
• Exchanges
• Payments
• Smart Contract
• Supply Chain Management
• Others

Based of enterprise size, the market is divided into

• Large Enterprises
• Small and Medium Enterprises

The different end uses of the technology include:

• Financial Services
• Government
• Healthcare
• Media and Entertainment
• Retail
• Transport and Logistics
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Growing Digitalisation in the Payment Systems to Boost the Growth of the Blockchain Technology Industry

The global blockchain technology industry is driven by the growing demand for digital payment systems by various institutions in order to secure their transactions. The transactions made through systems involving blockchain are rapid and improve performance by reducing the redundancy of information during transactions. The demand for this technology has also been triggered by the need for businesses to save time and money. Over the forecast period, the rising demand for smart contracts, security requirements in cross-border payments, and the necessity to stop third-party interference are some of the factors which are likely to provide an impetus to the market growth.

Key Industry Players in the Global Blockchain Technology Market

The report gives a detailed analysis of the following key players in the global blockchain technology market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• BTL Group Ltd.
• Circle Internet Financial Limited
• Digital Asset Holdings, LLC
• Global Arena Holding, Inc.
• IBM Corporation
• Microsoft Corporation
• Oracle Corporation
• Huawei Services (Hong Kong) Co., Limited.
• Accenture plc
• Bitfury Group Limited.
• SpinSys
• Infosys Limited
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report