Blockchain Technology Market Segmentation by Component (Platform and Services); by Type (Public, Private, and Hybrid); by Application (Smart Contracts and Digital Identity Payments); by Provider (Application, Middleware, and Infrastructure); by Industry (BFSI, Energy & Power, Healthcare, Manufacturing, and Others)-Global Demand Analysis and Opportunity Outlook 2031

Global Blockchain Technology Market Highlights over 2022-2031

The global blockchain technology market was valued at approximately USD 6 billion in 2021 and is projected to further expand at a CAGR of nearly 68% over the forecast period, i.e., 2022-2031. The growth of the market can be attributed to the growing adoption of blockchain solutions by organisations in order to safeguard data, and various other applications, such as smart contracts, digital identity payments, and many more.

These days, organizations are relying on cloud-based technology for the storage of important information and data to protect them against cyber-attacks and data breaching. Blockchain is a decentralized ledger that helps in storing data in a secured way, making it difficult for hackers to hack the system, or change or manipulate the data. The rise in investments in blockchain technology is further driving the growth of the market.

CLICK TO DOWNLOAD SAMPLE REPORT

However, lack of awareness regarding blockchain technology, along with uncertain rules and regulations, and a skilled workforce are the key factors restraining the market growth. Furthermore, slow adoption of new technological advancements are also hindering the growth of the market.

While COVID-19 acted as a hindrance to the growth of many sectors, it acted as an accelerator for blockchain technology. Owing to lockdowns and strict restrictions by governments across the globe, many organizations shifted their working modes from physical to virtual. The rise in the adoption of cloud-based technology and the internet for work has increased the concern for the protection of data. To safeguard the data against cyber threats, organizations have increasingly adopted blockchain technology during the pandemic and will continue doing so in the future.

The market is segmented by component into platforms and services, out of which, the services segment is anticipated to hold the largest share of the market over the forecast period owing to the rapid increase in the organizational usage of cloud-based services.

Based on the type, the market is segmented into public, private, and hybrid, out of which, the public segment is expected to witness the highest growth during the forecast period. The growth of the segment can be attributed to the growing need of many organizations and government on building up a structured, safe, and well-organized transaction base. As of 2019, nearly 45% organizations were focusing on a public blockchain model.

Global Blockchain Technology Market Regional Synopsis

Regionally, the global blockchain technology market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Asia-Pacific region is expected to grow at a CAGR of nearly 50% and hold the largest share of the market during the forecast period on the back of a rapid rise in the adoption of blockchain technology by the organizations in the region to protect their data against cyber-attacks and ensure full safety to their clients. Furthermore, an increase in the investments by major companies in the region, especially in China, South Korea, and Japan is also driving the growth of the market in the region.

Market Segmentation

Our in-depth analysis of the global blockchain technology market includes the following segments:

By Component

• Platform

• Services

By Type

• Public

• Private

• Hybrid

By Application

• Smart Contracts

• Digital Identity Payment

By Provider

• Application

• Middleware

• Infrastructure

By Industry

• BFSI

• Energy and Power

• Healthcare

• Manufacturing

• Others

Growth Drivers and Challenges Impacting the Growth of the Global Blockchain Technology Market

Growth Drivers

• Growing adoption of blockchain solutions by organisations in order to safeguard data, and various other applications

• Rise in investments in blockchain technology

Challenges

• Lack of awareness regarding blockchain technology, along with uncertain rules and regulations, and a skilled workforce

• Slow adoption of new technological advancements

Key Companies Dominating the Global Blockchain Technology Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global blockchain technology market that are included in our report are Intel Corporation, Microsoft, IBM, Oracle, Tata Consultancy Services Limited, Wipro Limited, Infosys Limited, LeewayHertz, Dragonchain, R3, and others.

Latest Developments in the Global Blockchain Technology Market

October 2020: Tata Consultancy Services Limited launched a composite quality engineering service for blockchain applications. This service will integrate smart contracting auditing with API audit, cloud deployment design, and usability testing to assist organizations to protect themselves against privacy and safety threats.

August 2017: Intel Corporation, Microsoft, and other blockchain technology leaders collaborated to develop a new enterprise-targeted blockchain framework – Coco Framework to provide improved transaction speed, scale, and data confidentiality to organizations.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact the market growth.

•  The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessments for overall growth.

•  We provide customized reports as per the client's requirements helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goals.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

.