The blockchain technology market is poised for explosive growth, projected to surge from USD 4.6 billion in 2023 to an estimated USD 181.1 billion by 2033. This substantial expansion reflects an exceptional Compound Annual Growth Rate (CAGR) of 44.3%, driven by increasing adoption across industries and transformative applications.
Blockchain technology, renowned for its decentralized and secure transactional capabilities, accounted for approximately 5% of the global digital transformation market in 2022. Key opportunities include data decentralization, enhanced data usage control, and robust encryption, which are pivotal in addressing evolving cybersecurity challenges.
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Again, the need for safe and secure transactions will propel the target market growth. The distinctive feature of ‘append only’ has made blockchain immutable and tamper-proof. This makes the technology a safe and secure way to record transactions. The retail sector, particularly brands dealing in the trade of luxury goods, will likely adopt this technology to transform into an effective business model. Thus, the target market is expected to prosper over the upcoming years
“High demand for safe and secure transactions will supplement the global growth of the blockchain technology market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Regulatory uncertainty may impede the global blockchain technology market growth.
- The blockchain technology market in Asia Pacific will present significant growth by the end of 2030.
- Massive government investments in blockchain network development projects drive the target market growth in China.
- By industry, the BFSI segment is expected to account for major share portion due to the adoption of digital ledgers
- On the basis of use case, the supply chain management will register heightened demand.
Competitive Landscape
IBM, Amazon Web Services, SAP, Microsoft, Bitfury Group Limited, Cegeka, Guardtime, CONSENSYS, PixelPlex, LimeChain, Accubits Technologies, SoluLab and Oracle, among others are some of the major players in the blockchain technology market profiled in the full version of the report.
Leading market players are capitalizing on the opportunities available in the current market scenario. These organizations are adopting tactics like product innovation, strategic partnerships, and collaborations to strengthen their market position.
Key Segments of Blockchain Technology Industry Survey
By Solution:
- Applications
- Middleware
- Blockchain Platforms
By Use Case:
- Supply Chain Management
- Digital Identity
- Payments and Money
- Trading, Commerce and Exchange
- Smart Contracts
- Decentralized Finance
- Others (Voting, Property Records, etc.)
By Enterprise Size:
- Large Enterprises
- SMEs
By Industry:
- BFSI
- Healthcare
- Retail and e-commerce
- Hospitality and Travel
- Government
- Media and Entertainment
- Transportation and Logistics
- Others (Food and Beverages, Real Estate, etc.)
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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